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January 2024
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Lab-on-a-chip and microarray (biochip) are microtechnology devices that integrate one or several laboratory functions on a single integrated circuit or chip of just millimeters to a few square centimeters in size. Lab-on-a-chip and microarray technologies enable biochemical testing and analysis of biological samples including blood, urine and saliva at the point of care. They offer significant advantages over conventional diagnostic methods in terms of portability, cost-effectiveness and rapidly producing results. With ongoing technological advances, lab-on-a-chip and microarrays have emerged as powerful miniaturized diagnostics tools for applications in genomics, proteomics, and pharmaceutical research.
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 Opportunity: The increasing adoption of point of care diagnostics presents a major growth opportunity for the lab-on-a-chip and microarrays market. Point of care testing enables laboratory testing and diagnosis to be performed nearer to the patient with rapid turnaround times compared to conventional diagnostic methods. This not only improves clinical outcomes but also enhances patient experience. Lab-on-a-chip and microarray technologies are highly suited for point of care applications due to their ability to analyze small sample volumes, produce quick results and miniaturized portable form factor. With the growing emphasis on decentralized healthcare delivery and home-based testing, demand for lab-on-a-chip and microarray enabled point of care diagnostic devices is expected to rise significantly over the forecast period. Developers are focusing on designing lab-on-a-chip and microarray based systems that can perform comprehensive tests from sample-in to result-out at the point of care. This will help further drive adoption especially in settings such as physician offices, emergency rooms, ICUs and even homes. Porter’s Analysis Threat of new entrants: The lab-on-a-chip and microarrays market require high initial investment for R&D, manufacturing facilities, and distribution network which creates entry barriers for new companies. Regulatory approvals also increase barriers. Bargaining power of buyers: The presence of many global players provides buyers with diverse choices. However, proprietary technologies and applications result in product differentiation giving companies pricing power. Bargaining power of suppliers: The availability of components and raw materials from multiple global suppliers limits their negotiation power. Established supply relationships also ensure supply security. Threat of new substitutes: No significantly cheaper or superior substitutes exist for lab-on-a-chip and microarrays in their target applications currently. Competitive rivalry: The market has few large multinational firms and several mid-sized regional players. Intense competition on performance, features and price maintains pressure on profit margins. SWOT Analysis Strength: Advanced technology, expanding applications, growing R&D focus. Weakness: High costs, heavy reliance on few industries, need for specialized workforce. Opportunity: Point of care, personalized medicine, developing regions. Threats: Alternate technologies, pricing pressures, reimbursement challenges. Key Takeaways The Global Lab-On-A-Chip And Microarrays (Biochip) Market is expected to witness high growth. The market is growing due to expanding applications of microarrays and point-of-care testing. North America dominates due to advanced research environment and growing healthcare expenditure. Regional analysis: North America holds the largest share due to favorable policies, healthcare infrastructure and awareness. Asia Pacific is growing at fastest pace led by countries like China and India expanding their biotechnology and pharmaceutical industries. Key players: Key players operating in the Lab-on-a-chip and Microarrays (Biochip) Market include 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), among others. These players focus on new product launches and acquisitions to strengthen their market presence. Get more insights on this topic: https://www.dailyprbulletin.com/the-lab-on-a-chip-and-microarrays-biochip-market-is-expected-to-be-flourished-by-the-rapid-adoption-of-point-of-care-diagnostics/
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