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| Global Lab-On-A-Chip And Microarrays (Biochip) Market Size |
Lab-on-a-chip and microarrays are miniaturized diagnostic technologies that
enable parallel processing and analysis of biochemical reactions like DNA
sequencing, immunoassays and proteomics studies on a single integrated circuit.
These biochips offer numerous advantages like reduced sample and reagent
consumption, portability, minimal space requirements and ability to quickly
screen biomarkers associated with various diseases.
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.
Market key trends:
The increased adoption of precision diagnostics and personalized medicine has
accelerated the demand for lab-on-a-chip and microarrays technologies over the
recent years. These technologies enable diagnosis of diseases based on an
individual's genetic makeup and molecular profile, which allows healthcare
providers to customize treatment regimens. The high-throughput screening and
ability to analyze multiple biomarkers simultaneously using minute sample
volumes make lab-on-a-chip and microarray devices ideal for precision
diagnostics applications. This has driven their increased uptake in healthcare
settings as well as their integration into point-of-care testing devices for
bedside diagnostics and disease monitoring.
Segment
Analysis
The global lab-on-a-chip and microarrays market is segmented based on product
type and application. Based on product type, the market is segmented into
lab-on-a-chip and microarrays. Lab-on-a-chip segment dominates the market due
to the advantage of low cost and flexibility of microfluidic systems. By
application, the market is segmented into genomics, proteomics, point-of-care
diagnostics and drug discovery. The point-of-care diagnostics segment dominates
the market as lab-on-a-chip assays have high sensitivity and specificity to
detect diseases at point-of-care settings.
Key Takeaways
The Global
Lab-On-A-Chip And Microarrays (Biochip) Market Size is expected to
witness high growth. 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.
Regional
analysis revealed North America dominates the market currently due to higher
product adoption and presence of key players. Europe is also expanding steadily
due to increase in research funding and advancement of healthcare
infrastructure. Asia Pacific market is expected to grow at fastest pace due to
rising healthcare expenditure, growing population and increasing government
focus on strengthening healthcare systems.
Key players operating in the lab-on-a-chip and microarrays market are Merck
KgaA, QIAGEN NV, BioMérieux, 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.
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