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Lab-on-a-Chip (LOC) Market size was over USD 6.54 billion in 2023 and is set to cross USD 26 billion by 2036, growing at more than 11.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of Lab-on-a-Chip is estimated at USD 7.13 billion. Over the last two decades, as a result of the growing prevalence of chronic diseases, and rising demand for point of care testing globally, the demand for LOC based systems is also expected to increase. In 2019, there were more than 15 million deaths from all types of cardiovascular diseases across the globe. In addition, cancer and respiratory diseases caused about 9 million and 4 million deaths in that same year. This can be credited to the fact that lab-on-a-chip-based point-of-care (POC) diagnostic devices have shown to improve test speed, throughput, and cost-efficiency. Along with these, growing utilization of biochips in cancer treatment and diagnosis, and upsurge in demand for personalized medicine are also expected to drive market growth in the upcoming years. In 2020, the total number of personalized medicines available in the United States alone were 286. Also, the investments in these medicines grew by 53% between 2011-2015 in the country. Furthermore, increasing number of R&D activities in the field of biotechnology is projected to offer lucrative opportunities to the lab-on-a-chip (LOC) market in the near future.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
11.2% |
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Base Year Market Size (2023) |
USD 6.54 billion |
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Forecast Year Market Size (2036) |
USD 26 billion |
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Regional Scope |
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The market is segmented by application into proteomics, genomics, drug discovery, and diagnostics, out of which, the genomics segment is anticipated to occupy the largest share in the global lab-on-a-chip (LOC) market. This can be accounted to the growing utilization of LOC for integrating array of DNA probes, as it is able to sequence genomes at a thousand times faster rate. Additionally, on the basis of technology, the microfluidics segment is predicted to occupy the largest share during the forecast period owing to the high usage of this technology for manufacturing a wide range of consumer products. Apart from this, microfluidics reduces errors in cost management and provides good return on investment, which is also assessed to boost the market segment growth in the future.
Our in-depth analysis of the global market includes the following segments:
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By Product Type |
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By Technology |
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By Application |
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Regionally, the global lab-on-a-chip (LOC) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is predicted to hold largest revenue share by 2036, impelled by growing occurrence of cardiovascular and renal diseases, and rising developments in healthcare infrastructure in the region. More than 20 million people aged 65 years or older in China suffered from kidney damage, and about 14 million from decreased renal function in the year 2019.
Moreover, the market in North America is projected to occupy the largest share during the forecast period ascribing to the escalating investments for drug discovery by pharmaceutical companies in the region. In addition, rapid adoption of advanced medical technologies is also expected to fuel the lab-on-a-chip (LOC) market growth in the region in the coming years.
October 2021- Siemens EDA tools received certifications for cloud-enabled chip design at leading process nodes and 3D silicon stacking with foundry TSMC.
May 2020- Roche acquired Stratos Genomics to further the development of DNA based sequencing for diagnostic use.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
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