Global Lab-On-A-Chip and Microarrays Market to Grow at a CAGR of 13.6% by 2031.

Introduction

Due to its wide variety of distinctions and uses, microarrays are the most common lab-on-a-chip technology. The demand for microarrays in the lab-on-a-chip and microarrays market is primarily driven by the rising use of personal medical devices and the requirement for quick results from diagnostic testing.

The essential drivers driving the growth of the lab-on-a-chip and microarrays market are the rising need for point-of-care testing, the prevalence of chronic diseases, and the expanding uses of proteomics and genomics in cancer research.

Market Analytics

Increasing Demand for Point-of-care Testing to Drive the Global Lab-On-A-Chip and Microarrays Market

Point-of-care (POC) testing enables healthcare professionals to diagnose a patient in the doctor's office, in an ambulance, at home, on the field, or in the hospital. Lab-on-a-chip-assisted devices are used for point-of-care testing since they require minimal sample quantities and utilize microfabricated channels to evaluate these samples. Microfluidics is a technology enabling point-of-care diagnostic equipment. Microfluidics and lab-on-a-chip technologies are possible options for the POCT since they can miniaturize and integrate most functional modules utilized in central laboratories onto a small chip. The results of a diagnostic can be communicated promptly to aid professionals in making sound medical decisions.

In addition, using point-of-care diagnostics in primary care yields accurate results. It is more cost-effective than other approaches, which could increase its demand in disease diagnostics. For instance, a January 2021 study titled "Cost-Effectiveness of Point-of-Care A1C Tests in a Primary Care Setting" concluded that the use of POC-A1c devices in primary care settings can monitor glycated hemoglobin A1c as a marker in people living with type 2 diabetes and is a cost-effective alternative, which will fuel the growth of the studied lab-on-a-chip and microarray market. Due to its convenience of use, capacity to deliver quick results, and ease of procurement, the use of point-of-care (POC) diagnostics is expanding rapidly, contributing to the industry's growth as a whole.

Increasing Application of Proteomics and Genomics in Cancer Research to Provide Opportunities for theGlobal Lab-On-A-Chip and Microarrays Market

Over the past decade, life science research has advanced significantly. Researchers can obtain more results with fewer reagents if new technologies are implemented. Understanding hereditary mutations can lead to developing preventative measures that reduce the likelihood of cancer. These mutations can be analyzed using various methods, including sequencing and others. However, microarray studies are the most cost-effective method. Arrays allow the simultaneous examination of hundreds of thousands of SNPs across large sample sets. Several researchers are currently utilizing microarrays as a screening tool to improve their understanding of cancer cytogenetics.

In addition, according to a September 2021 research article titled "Application of Proteomics in Cancer: Recent Trends and Approaches to Biomarkers Discovery," the proteomics method has gained popularity in cancer research. Technologies based on proteomics have made it possible to identify potential biomarkers and protein expression patterns that can be used to assess tumor prognosis, prediction, and classification and identify potential responders to specific therapies. According to these studies, the increasing emphasis on cancer research is increasing demand for microarray and lab-on-a-chip technology products, thereby driving market expansion. Consequently, these factors are anticipated to drive the market as a whole.

Key Highlights

• The global lab-on-a-chip and microarrays (biochip) market was valued at USD 15815 million in 2022 and is estimated to reach an expected value of USD 49828 million by 2031, registering a CAGR of 13.6% during the forecast period (2022-2031).
• By type, the global lab-on-a-chip and microarrays (biochip) market is segmented into lab-on-a-chip and microarray. The lab-on-a-chip segment accounted for the largest market share and is estimated to grow at a CAGR of 13.4% during the forecast period. 
• By product, the global lab-on-a-chip and microarrays (biochip) market is segmented into instruments, reagents and consumables, software, and services. The reagents and consumables segment dominated the market and is estimated to grow at a CAGR of 13.6% during the forecast period. 
• By application, the global lab-on-a-chip and microarrays (biochip) market is segmented into clinical diagnostics, drug discovery, genomics and proteomics, and other applications. The clinical diagnostics segment dominated the market and is estimated to grow at a CAGR of 14.5% during the forecast period. 
• By end user, the global lab-on-a-chip and microarrays (biochip) market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostics centers, and academic, and research institutes The biotechnology and pharmaceutical companies segment dominated the market and is estimated to grow at a CAGR of 13.7% during the forecast period. 

Regional Insights

By region, the global lab-on-a-chip and microarrays (biochip) market is segmented into North America, Europe, Asia Pacific, South America, and MEA.

 North America accounted for the largest market share and is estimated to grow at a CAGR of 13.7% during the forecast period. The interest in high throughput screening (HTS) technology in academic research has expanded dramatically in the United States in recent years. The Society for Bimolecular Sciences maintains a comprehensive database of academic screening centers in the United States. It not only provides the academic community with HTS tools but also aids in identifying probes and leads to drug discovery. Thus, these centers promote the exchange of small-molecule screening data using open-source platforms. As LOC has applications in high-throughput screening, it is anticipated that lab-on-a-chip (LOC) technology will be widely adopted in the country as interest in HTS increases. In addition, the Department of Health and Human Services (HHS) announced the distribution of funds for developing microfluidic platforms for neonatal and pediatric blood testing. Microfluidics is a significant and expanding field in the United States in terms of budget allocations for research and development of increasingly advanced microfluidic devices and income generation. Due to the considerations above, it is anticipated that the lab-on-a-chip and microarray markets in the United States will expand. 

Europe is the second largest region. It is estimated to reach an anticipated value of USD 13650 million by 2031, registering a CAGR of 13.5%. Germany is a very desirable location for R&D facilities. In Germany, numerous biotech businesses have and continue to construct R&D facilities. The nation's proteomics and genomics business is expanding, favorable for the investigated market. Germany spends a significant portion of its annual GDP on healthcare. According to the OECD, healthcare spending per capita accounts for approximately 11% of GDP. This vast expenditure reflects the extensive research that drives the market under study. Diverse colleges and businesses are conducting research to build solutions that can provide automation and high-throughput screening, operate with low numbers of consumables, and have a quick turnaround time. For example, in February 2021, BIORON and GENAPSYS began collaborating in Germany to offer a new DNA-sequencing technique to a wide range of academic and industrial clients. The rising need for biological surveillance and genetic data information in Germany presents a new potential for sequencing labs.

Asia Pacific is the third largest region. The expanding market for lab-on-chip and microarrays in China can be attributed to the government's efforts to strengthen the country's biotechnology sector. China allocated USD 18 billion to biotechnology research in its most recent five-year plan. In addition, 750 multinational corporations with R&D units in China and the regulatory framework in the country are collaborating to advance research in the country. China is also making enormous investments in scientific research to comprehend the biological makeup of humans, as well as analytical tools, cutting-edge data collection, and efficient computing capabilities to facilitate a large volume of research data. The nation is also a leader in technological innovation, particularly the lab-on-a-chip-based POC. Consequently, the increasing emphasis on clinical research, precision medicines, technological advancements, and new drug discovery is the dominant growth factor for the studied market.

Competitive Players

Competitive Landscape

Key companies in the global lab-on-a-chip and microarrays (biochip) market are Abbott Laboratories, Agilent Technologies Inc., Bio-Rad Laboratories Inc., Danaher Corporation (Cepheid), Fluidigm Corporation, Thermo Fisher Scientific, PerkinElmer Inc., Micronit BV, Illumina Inc., Phalanx Biotech Group, BioMérieux, QIAGEN NV, Merck KGaA.

Recent Developments

Market News

• November 2022 - Mike McMullen, president, and chief executive officer, and Bob McMahon, chief financial officer, will present at the 5th Annual Evercore ISI HealthCONx conference on November 30.
• November 2022 - Agilent Technologies Inc. (NYSE: A) today announced the release of the AssayMAP Bravo Protein Sample Prep Workbench 4.0 software. This release adds 21 CFR Part 11 compliance-enabling features that allow AssayMAP Bravo-based automated sample preparation in workflows across the biopharma drug development process.

Segmentation

Global Lab-On-A-Chip and Microarrays Market: Segmentation

By Type

• Lab-on-a-chip
• Microarray

By Product

• Instruments
• Reagents and Consumables
• Software and Services

By Application

• Clinical Diagnostics
• Drug Discovery
• Genomics and Proteomics
• Other Applications

By End User

• Biotechnology and Pharmaceutical Companies
• Hospitals and Diagnostics Centers
• Academic and Research Institutes

By Region

• North America
• Europe
• Asia Pacific
• South America
• MEA