ALBANY, New York, February 28, 2017 /PRNewswire/ --
The presence of large players in most geographies has rendered
the vendor landscape of the Global Lap on Chips
Market highly competitive. However, the market exhibits a
high degree of consolidation with the top 8 players accounting for
nearly 80% of the overall market in 2016. Among these enterprises
Danaher Corporation, Thermo Fisher Scientific, F. Hoffmann-La-Roche
AG, and Abbott Laboratories enjoy dominance on account of extensive
geographical presence and diverse product portfolio, finds
Transparency Market Research (TMR) in a new study. Besides this,
several companies are aiming for strategic collaborations to
strengthen their market position.
TMR forecasts the global lap on chips market to exhibit a CAGR
of 10.7% between 2016 and 2024. At this pace, the market's
valuation is expected to reach US$8.7
bn by the end of 2024 from US$3.88
bn in 2016. Among the key segments based on product, the
instrument segment emerged dominant in 2016 with a share of 49.1%
in the market. Persisting gains are projected for the segment due
to the high acceptance of microfluidic products in industries and
laboratories. Regionally, North
America led the global lab on chips market with a share of
37.4% in 2016. Aided by early adoption of the latest technologies
and advent of new product portfolios, the region will continue
showcasing lucrative opportunities to the market players.
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Rising Incidence of Chronic Ailments to Boost Opportunities
Health growth is on cards for the global lab on chips market on
account of the rising incidence of peripheral vascular disorders.
Besides this, the spread of infectious diseases and high investment
for developments in healthcare infrastructure will remain the chief
drivers of the market. With the geriatric population worldwide
forecast to rise further, the demand for lab on chips is likely to
increase in the coming years. "According to the WHO, the geriatric
demography will double itself in the coming years," said a lead TMR
analyst. "Nations around the world will therefore face severe
challenges to ensure improvements in healthcare systems and
preparedness to capitalize the most on the demographic shift," he
added.
Furthermore, the availability of lab on chips technology at an
affordable price will aid its market's growth. In addition, primary
benefits encouraging use of these microfluidic systems include the
compact design and lightweight of these devices. Acceptance of
novel technologies will also bolster opportunities for the global
lab on chips market.
The two key applications of lab on chip techniques and devices
are life sciences research and diagnostics. As both these fields
are forecast to exhibit accelerated growth, the global lab on chips
market will get consequently benefitted.
Stringent Regulatory Approvals Considered as Major
Bottlenecks
On the downside, quality issues, taboos surrounding the
acceptance of novel technologies, high cost compared to their
traditional counterparts, and stringent regulations implemented by
governments are the key challenges restraining the market. For
instance, authorities such as FDA and EMA regulate approvals to
ensure quality, safety, and efficacy of drugs and medical devices
in the U.S. and Europe,
respectively. Obtaining pre-market approvals are lengthy and often
expensive processes. This could have a negative impact on the
overall lab on chips market.
Besides this, reliability issues have emerged as key
bottlenecks. Despite system components being dependable, poor
assembly of these devices often negatively impact their growth
trajectory. The market is also reeling under lack of awareness
about novel technologies across underdeveloped and developing
nations.
Prevalence of Unmet Medical Needs in Emerging Nations to Keep
Demand High in Future
Nevertheless, emerging economies in Asia Pacific and Latin America offer immense growth
opportunities to the market. The rising population and widespread
prevalence of unmet medical needs are expected to create lucrative
prospects for the lab on chips market across these regions.
According to TMR, Asia Pacific
accounts for nearly half of the global population. Healthcare
organizations in the region are therefore focusing on curbing the
incidence of chronic ailments such as AIDS, cancer, and other
infectious diseases. With authorities planning to establish novel
healthcare delivery models, the market is likely to witness robust
growth opportunities.
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This review is based on a TMR study, titled "Lab on Chips
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast, 2016-2024."
The report segments the global lab on chips market as:
Lab on Chips Market, by Product Type
- Instruments
- Reagents & Consumables
- Software & Services
Lab on Chips Market, by Application
- Genomics & Proteomics,
- Diagnostics,
- Drug Discovery,
- Others,
Lab on Chips Market, by End-user
- Hospitals
- Academic & Research Institute
- Diagnostic Lab
- Homecare settings
- Others
Lab on Chips Market, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East &
Africa
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