by Lab-on-a-chip and microarrays (biochips) are miniaturized devices that are capable of performing biological reactions or chemical reactions on a single integrated circuit. They are capable of analyzing deoxyribonucleic acid (DNA), ribonucleic acid (RNA), proteins, peptides, and antibodies. The rising demand for early disease detection and diagnosis is driving the growth of the global lab-on-a-chip and microarrays market. Biochips offer portable, inexpensive, and accurate testing for various diseases, and also reduce diagnosis time significantly.
The global Lab-on-a-chip and Microarrays (Biochip) market is estimated to be valued at US$ 31.91 billion in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Biochips allow detection of diseases like cancer at a very early stage by identifying biomarkers present in blood or other body fluids. This enables timely intervention and better prognosis. For instance, researchers have developed biochip assays for detection of protein biomarkers associated with lung cancer in patient’s blood or sputum samples. Early detection translates to higher survival rates and improved outcomes for cancer patients. As per various studies, the 5-year survival rate of cancers detected at an early localized stage is above 70%, whereas late stage detection reduces survival to below 30%. Thus, the ability of biochips to facilitate affordable, faster and convenient early screening programs will continue driving their increased adoption.
SWOT Analysis
Strength: Lab-on-a-chip and Microarrays (Biochip) provide advantages of miniaturization, portability, cost-effectiveness and integration of complex assays on a single platform. They reduce testing time and are highly sensitive.
Weakness: High initial development cost and limited standardization of protocols hinder widespread adoption. Lack of expertise required for chip designs and assays pose implementation challenges.
Opportunity: Rising demand for POC testing and personalized medicine offer growth prospects. Increasing R&D funding and investments in precision medicine and healthcare modernizationpresent opportunities.
Threats: Alternative emerging technologies present competition. stringent regulations and ethical issues in clinical research pose threats.
Key Takeaways
The Global Lab-On-A-Chip And Microarrays (Biochip) Market is expected to witness high growth in the forecast period of 2023 to 2030. The global Lab-on-a-chip and Microarrays (Biochip) Market is estimated to be valued at US$ 31.91 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. .
Regionally, North America is expected to dominate the market during the forecast period owing rapid technological advancements and high adoption of precision diagnostics across healthcare organizations in the US and Canada. Asia Pacific region is anticipated to grow at the fastest pace due to rising healthcare expenditures, increasing incidence of chronic diseases, developing R&D capabilities and evolving diagnostic technologies in countries like China, India and Japan.
Key players operating in the Lab-on-a-chip and Microarrays (Biochip) include Merck KgaA, QIAGEN NV, Illumina Inc., Micronit BV, PerkinElmer Inc., Thermo Fisher Scientific, Fluidigm Corporation, Bio-Rad Laboratories Inc., Agilent Technologies Inc., Abbott Laboratories, Phalanx Biotech Group, and Danaher Corporation (Cepheid), among others. Merck KgaA, QIAGEN NV and Illumina Inc. hold a significant share in the diagnostics segment owing to their extensive product portfolio and global presence. The players are focused on expanding their presence and product offerings in Asian markets to leverage growth opportunities.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
