LAB-ON-A-CHIP AND MICROARRAYS (BIOCHIP) MARKET ANALYSIS

Market Challenges And Opportunities

• Availability of alternative technologies
• Design constraints of lab-on-chip technology

Global Lab-on-a-chip and Microarrays (Biochip) Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to augment the growth of the global lab-on-a-chip and microarrays (biochip) market over the forecast period is the increasing incidence of chronic diseases across the world. Chronic diseases, such as heart disease, cancer, diabetes and chronic respiratory disease, are the leading cause of death worldwide, an emerging global health threat. According to the World Health Organization (WHO), cardiovascular diseases account for most NCD (noncommunicable diseases) deaths, or about 17.9 million people annually, followed by cancers (9.3 million), chronic respiratory diseases (4.1 million), and diabetes (2.0 million).

Rise in demand for point-of-care testing to propel market growth

Another factor which is driving the growth of the global lab-on-a-chip and microarrays (biochip) market is the increasing demand for point-of-care testing. For instance, point of Care (POC) testing has the potential to deliver rapid test results in close proximity to the patient. POC can translate to faster therapeutic intervention, reduced preanalytical errors, and improved patient care. According to article published in January 2021 by the journal Frontiers of Bioengineering and Biotechnology, Lateral Flow Assays (LFAs) were widely being used in POC testing and can be used for diagnosis and prognosis of diseases like cancer by identifying specific biomarkers.

Global Lab-on-a-chip and Microarrays (Biochip) Market Opportunities:

Rise in application of proteomics and genomics in cancer research is expected to offer significant growth opportunities for players in the global lab-on-a-chip and microarrays (biochip) market. For instance, according to world Health Organization (WHO), cancer is a leading cause of death across the world, accounting for nearly ten million deaths in 2020, or nearly one in six deaths. The most common cancers are breast, lung, colon and rectum and prostate cancers. Biochips are increasingly being used in the development of personalized and targeted drugs to treat various cancer. With the technological advancements, there has been a rise in the adoption of biochips in proteomics.

Rise in demand for microfluidics and technological advances in microfluidics materials worldwide is expected to offer lucrative growth opportunities for players in the lab-on-a-chip and microarrays (biochip) market. For instance, the need for microfluidics to identify cardiovascular diseases is rise in due to the effectiveness of microfluidics devices in multiplexing the capture of several cardiac biomarkers at clinically significant concentrations. According to WHO, cardiovascular diseases (CVDs) are the leading cause of death worldwide, taking an estimated 17.9 million lives each year. Around 4 out of 5 CVD deaths are due to heart attacks and strokes.

Global Lab-on-a-chip and Microarrays (Biochip) Market Restraints:

Availability of alternative technologies to hinder market growth

One of the key factors expected to hamper the growth of the global lab-on-a-chip and microarrays (biochip) market is the availability of alternative technologies. Although lab-on-a-chip (LOC) and microarrays (biochip) technology has its own advantages, such as being economical and less labor-intensive, the availability of alternative technologies and their benefits over biochip and bio-array techniques are restraining the growth of the market. The availability of alternative technologies is expected to hamper the growth of the market.

Design constraints to hamper the market growth

Another factor which is hampering growth of the global lab-on-a-chip and microarrays (biochip) market is the design constraints of lab-on-chip technology. Lab-on-a-chip (biochip) is a device that can scale single or multiple laboratory functions down to chip format. High throughput screening and automation also became possible by the introduction of the biochip and bio-array technology. However, complex design of the LOC technology or design constraints of lab-on-chip technology continues to restrain the growth of the market.