The Global Lab-On-A-Chip And Microarrays (Biochip) Market Growth Accelerated By Increased Demand For Point-Of-Care Diagnostics
Lab-on-a-chip and microarrays (biochip) provide key technological advancements in disease diagnosis and management. Biochips enable efficient, high-throughput analysis of biomolecular interactions and have emerged as affordable tools for point-of-care diagnostics and high-content screening. Equipped with micron-scale analytical devices, biochips facilitate rapid detection of DNA, proteins, viruses, and other biomarkers from minimal sample volumes.
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 enable immediate analysis of biomolecules without the need for expensive diagnostic instruments or specialized technicians. This has expanded use of microarrays and biosensors across ambulatory settings. Further, technological innovation has miniaturized biochip devices to develop portable diagnostic kits for conditions like infectious diseases, cardiac markers, and cancer biomarker detection. This rising availability of easy-to-use biochips for bedside monitoring and home care is driving the market growth over the forecast period.
Segment Analysis
The global lab-on-a-chip and microarrays market is dominated by the microarray segment. Microarrays allows researchers to investigate gene expressions across thousands of genes simultaneously using a microarray chip. These chips are spotted with thousands of DNA fragments called probes and allows researchers to determine the presence or absence of target DNA fragments through hybridization. This aids in high-throughput analysis in biology and drug discovery. The advantages of analyzing a large number of gene expressions simultaneously makes microarrays the dominating segment.
Key Takeaways
The Global Lab-On-A-Chip And Microarrays (Biochip) Market 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
The North American region currently has the largest share in the global lab-on-a-chip and microarrays market. This is due to the presence of major pharmaceutical and diagnostic players and rapid adoption of advanced technologies. Furthermore, large funding from government organizations to support drug discovery and development of POC diagnostics aids market growth in this region. Asia Pacific region is expected to witness fastest growth during the forecast period owing to rising investments by pharmaceutical companies, increasing research activities and growing focus on developing personalized medicine in countries like China and India.
Key players
Key players operating in the lab-on-a-chip and microarrays market are Merck KgaA, QIAGEN NV, Illumina Inc., Micronit BV, PerkinElmer Inc., Thermo Fisher Scientific, Fluidigm Corporation, Bio-Rad Laboratories Inc., and Agilent Technologies Inc. Merck KgaA dominates the market with their extensive product portfolio of microarrays, instruments and lab-on-a-chip devices for various applications including drug discovery, biomarker identification and molecular diagnostics.
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