According to a new market report published by Transparency Market Research entitled “Lab on Chips Market–Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,” the global lab on chips market is projected to expand at a CAGR of 10.8% during the forecast period 2018-2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors.
Diagnostics is expected to continue to be the leading segment globally during the forecast period due to growing demand for diagnostics with high speed, efficiency, and sensitivity of results. Diagnostics segment is projected to expand at the highest CAGR of 11.3% over the forecast period from 2018 to 2026.
Rise in the overall global population ultimately increases the number of patients with diseases and subsequently increases demand for microfluidic systems for diagnosis, treatment, and monitoring of these diseases. The use of lab on chips is increasing due to the rise in personalized medicine, drug discovery and life science research, and growing need for high speed diagnostics. These factors are set to drive the diagnostics segment across different regions of the world.
Genomics & Proteomics segment is projected to expand at a significant CAGR over the forecast period as researchers are increasingly using lab on chips for ultra-high-resolution studies of proteins and DNA.
North America accounted for the highest revenue share in 2017 due to increased demand for microfluidic products in the pharma, diagnostic, and clinical sectors for its cost-effectiveness and usage in a variety of applications.
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In North America, market players are continuously taking efforts to introduce advanced microfluidic products. In April 2018, Fluidigm Corporation introduced the high-parameter Maxpar Immune Monitoring Panel for comprehensive immune cell profiling in cancer and immune-mediated diseases.
Furthermore, presence of large number of market players and growing laboratory automation are helping the North America market to generate significant revenue. The market in the U.S. held the highest share in 2017 in North America and is estimated to expand at the highest CAGR during the forecast period.