SEATTLE, Nov. 23, 2017 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global lab-on-a-chip market was valued at US$ 4.09 billion in 2016 and is projected to witness a CAGR of 10.8% over the forecast period (2017-2025).
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Key Trends and Analysis of the Lab-on-a-chip Market:
Advances in the field of nanotechnology have led to the development of lab-on-a-chip devices. LoC is mainly the integration of electronics, fluidics, optics, and biosensors, with wide number of application. Microfluidic lab-on-a-chip can be used to improve efficiency of point-of-care diagnostic systems. PoC systems are categorized according to type of analyte such as cells, proteins metabolites, and nucleic acids, which are detected by using biomarkers that require different assays, diagnostic principles, and operating systems.
Integration of LoC in the point-of-care diagnostic systems are capable of providing quick diagnostic results in single test.
Furthermore, recent advancements in the lab-on-a-chip technology are resulting in the development of universal samples to result microfluidic devices, which are useful for efficient pathogen detection with high specificity and sensitivity. According to the International Journal of Bio-Science and Bio-technology 2016, scientists have described the emergence of LoC devices for biomarker-based identifications and early detection of the various types of cancers.
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Key Market Takeaways:
- North America accounted for the largest revenue share in the global lab-on-a-chip market in 2016. The major growth factor for lab-on-a-chip in North America is the increasing rate of diagnosis tests for various pathogenic or viral diseases.
- Asia Pacific is projected to be fastest growing region, witnessing a CAGR of 11.4% over the forecast period, owing to increasing prevalence of viral diseases and growing population in the region, which favors market growth.
- Leading players in lab-on-a-chip market are strategically investing in the local market through deeper understanding of lab-on-a-chip trends. For instance, Zansors partnered with Blauer Manufacturing Inc. to introduce wearable technology in defense textiles. Fabrics can be used to capture biometric data such as breathing, motion or ECG as well as external factors such as determining location or detecting chemical gases. Such devices could thus be used to improve safety and utility gear for first responders and the military. Zansors have a biotechnology platform, which includes micro-sensors and micro-fluidics, further increasing potential for lab-on-a-chip application.
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