Lab-on-a-Chip Market Size

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.