July 14, 2024

The Growing Lab-On-A-Chip And Microarrays Market Industry Is Driven By Advancements In Healthcare

Lab-on-a-chip and microarrays, also known as biochips, allow researchers and scientists to perform hundreds or thousands of biochemical reactions simultaneously in order to detect biomarkers and diagnose diseases on a single integrated circuit. Biochips help identify gene sequences, detect genetic disorders, monitor gene expression, determine the presence of drugs, and analyze biomarkers for chronic and infectious diseases. With the ability to analyze numerous samples rapidly and precisely at low cost, biochips help accelerate drug discovery and development processes.

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:

Miniaturization of lab equipment has enabled the development of portable and handheld biochip-based devices, which are being utilized in point-of-care testing. Product innovations involving development of new biochips for analyzing multiple biomarkers and analytes simultaneously from small sample volumes are also fueling the market growth. In addition, growing proteomics and genomics research activities along with rising R&D investments in healthcare industry present lucrative opportunities for biochip manufacturers over the coming years.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate. While R&D investment and manufacturing capabilities are barriers to entry, the rising demand provides opportunities for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate to high. The presence of many players gives buyers options, putting downward pressure on prices.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. While some raw materials require specialized production processes, availability of substitutes limits suppliers’ control over prices.
Threat of new substitutes: The threat of new substitutes is moderate to high. Ongoing technological advancements may lead to substitutes that provide comparable or enhanced capabilities at lower costs.
Competitive rivalry: Competition in the market is intense. Players compete based on technology, product portfolio, geographic reach, and customer support.

Key Takeaways
The Global Lab-On-A-Chip And Microarrays (Biochip) Market is expected to witness high growth over the forecast period. 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.

Regionally, North America currently dominates the market due to the high adoption of advanced diagnostics and considerable R&D expenditure. The Asia Pacific region is anticipated to witness the fastest growth owing to growing healthcare expenditure, increasing focus on drug development, and rising government initiatives to promote precision medicine.

Key players operating in the Lab-on-a-chip and Microarrays (Biochip) market are Merck KgaA, QIAGEN NV, 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). These players are focusing on new product launches, partnerships, and expansions to gain a competitive advantage. For instance, in 2023, Thermo Fisher Scientific launched a new microfluidic chip technology to accelerate clinical diagnostics applications.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it