Market Research Report
Lab-on-a-chip and Microarrays (Biochip) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Lab-on-a-chip and Microarrays (Biochip) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 134 Pages
Delivery time: 2-3 business days
The lab on a chip and microarrays (biochip) market is projected to register a CAGR of 13.96% during the forecast period, with a revenue of approximately USD 13,360.69 million in 2020 and is expected to reach 28,831.7 million by 2026.
With the outbreak of COVID-19, the market is expected to have a net positive impact on the lab-on-a-chip and microarray market. The global pandemic has increased the focus on the development of less time-consuming diagnostic kits along with the increased use of lab-on-a-chip and microarray techniques in pharmaceutical R&D, which is likely to have a positive effect on the market.
Recently, one of the Singapore-based molecular diagnostics manufacturers, Veredus Laboratories in February 2020 has announced the commercial availability of their portable lab-on-chip diagnostic tool for the detection and differentiation 2019-nCoV, SARS-CoV, and MERS-CoV. This diagnostic test (VereCoV Detection Kit) combines both PCR and microarray technology, giving high specificity, sensitivity, and 2-hour turnaround time to result. Therefore the healthcare facilities are looking for more accurate and less time-consuming diagnostic tests. Thus, most of the market players are focusing on the development of new and technologically advanced diagnostic tests. The lab-on-a-chip and microarray technology is expected to play an important role in it.
The major factors that are found driving the overall market are the increasing demand for point of care testing, increasing incidences of chronic diseases, and increasing application of proteomics and genomics in cancer research.
Chronic diseases are the leading cause of death and disability across the globe. According to the World Health Organization (WHO), the prevalence of chronic disease is expected to rise by 57% by 2020, and 60% of this burden is expected to occur in emerging markets. The various types of chronic diseases (CD) are found to be the leading causes of disability and morbidity, worldwide. While those diseases are chronic in nature, accurate, and timely clinical decision-making is being critically required. Owing to miniaturization, the LoC-based systems has shown to improve test speed, throughput, and cost-efficiency. In this direction, research toward developing new lab-on-a-chip-based POC systems for chronic diseases diagnosis is also fast growing into an emerging area.
Hence, the advancements have led to the development of new technologies and assays capable of easy and early detection of pathogenicity and the enhancement of the drug discovery and development pipelines. Hence, microfluidics can delay or prevent many chronic diseases through early diagnosis. Therefore, the rise in chronic diseases is fueling the growth of the lab-on-chip market, as it can offer a high-throughput screening of these diseases.
Biochips are increasingly being used in the field of biomedical and biotechnological research. With the advancement of technology, there has been a rise in the adoption of biochips in proteomics, such as in microarrays. The advantages of protein biochips includes the low sample consumption and its inclination towards miniaturization. This characteristics of microarrays are important for proteome-wide analysis. Proteomics is being widely adopted for biomarker and drug discoveries. Moreover, there is a rise in the demand for personalized medicine that is contributing to the growth of the market. However, other factors, such as the increasing use of biochips in cancer treatment and diagnostics, demand for personalized medicine, and rapid technological advances in biochip technology are driving the lab-on-a-chip and microarrays (biochip) market.
The lab-on-a-chip segment is expected to have positive market growth due to the increasing global population and rising technological advancements. There is also a rise in the adoption of personalized medicine, and easy accessibility of lab-on-chip technology that will boost the demand for the same across the globe.
With the increasing COVID-19, there is an increasing number of research that has boosted the lab on chip demand. For instance, Powerhouse researchers at the University of Alberta have joined forces to develop a handheld LOC device for rapidly detecting COVID-19 antibodies. Also, a low-cost imaging platform utilizing the lab-on-a-chip technology created by the University of California by Irvine scientists may be available for rapid coronavirus diagnostic and antibody testing.
The lab-on-a-chip concept targets miniaturizing laboratory procedures to allow automation and parallelization through microfluidic chips, which are capable of handling minute sample volumes. These devices save a lot of time, and reagents, as samples, are analyzed where they are generated.
There are also various applications of LOC that are growing rapidly. Lab-on-a-chip devices equipped with electrodes for particle or cell detection, particle packing, sorting, electrophoresis, PCR, etc., are commercially available. Lab-on-a-chip devices are also excellent tools for cell research, such as cell sorting and cell growth, and fields, such as artificial disease models and toxicity studies. Some of the major applications of LOC include diagnosis of infectious disease, handheld diagnostics, and detection of analytes.
Furthermore, the market has witnessed frequent developments in lab-on-a-chip (LOC) platforms-based immunoassays. Such advanced LOC platforms are expanding and include microfluidic chips, paper, lateral flow, electrochemistry, and new biosensor concepts. The rapid increase in demand for point-of-care diagnosis has also been the most prominent driver, which is expected to propel the segment during the forecast period.
The United States lab-on-a-chip and microarrays (biochip) market hold a large market share in North America due to the presence of a high-quality healthcare system.
With the rising pandemic situation, there is a huge need for rapid testing kits in the market for COVID-19 testing, which is expected to supplement the growth of the market in the United States.
The field of point-of-care (POC) diagnostics also widely uses microfluidic technology for various applications, like molecular diagnostics, infectious diseases, and chronic diseases, in resource-limited settings. Therefore with the latest advances in the researches in microfluidics aim to produce integrated devices, which are self-contained, automated, easy-to-use, and rapid.
Over the past few years, the interest in high throughput screening (HTS) technologies within academic research have increased drastically in the United States. In the United States, a comprehensive database of academic screening centres, hosted by the Society for Biomolecular Sciences, is available. It not only provides HTS resources to the academic community but also helps in the identification of both probes and leads for drug discovery. Therefore with the rising interest in HTS, it is expected that lab-on-a-chip (LOC) technology will be widely used in the country, as LOC has applications in high throughput screening. Hence as the United States has been on the forefront of technological advancements, the lab-on-chip and microarrays market in the country is expected to grow at a fast rate.
In the Asia-Pacific sector, China is also found making huge investments in scientific research to understand the biological make-up of people, in addition to analytical tools, cutting-edge data collection, and efficient computing capabilities, in order to facilitate a large amount of research data. The country is also leading in technology development, specifically the lab-on-a-chip-based POC. Hence, the rising focus on clinical research, precision medicines, technological developments, and new drug discovery are the prevailing growth factor for the market studied.
The Lab-on-a-chip and Microarrays (Biochip) market are moderately competitive and many of the global players are in the market. For instance - Abbott Laboratories, Agilent Technologies, Bio-Rad Laboratories Inc., GE Healthcare, Roche Holding AG, Fluidigm Corporation, Thermo Fisher Scientific, etc. are providing these products across the globe. In order to enhance these companies presence, they are involved in strategic collaborations and mergers & acquisitions that help the overall market to grow. The report also covers different key strategic developments such as product development, acquisition, agreement, collaboration, and others undertaken by key players to improve their market position in the industry.