According to a new report published by MarkWide Research, titled, “Lab on Chips Market,” the global market for lab on chips is expected to exceed $12.4 billion by 2030, displaying a robust CAGR of 9.1% during the forecast period from 2023 to 2030.
Lab on chips, also known as microfluidic devices, are miniaturized platforms for conducting laboratory tests and experiments with small sample volumes. The market’s growth is driven by the increasing demand for point-of-care diagnostics, advancements in microfluidic technology, and the need for rapid and cost-effective testing solutions.
Key findings from the report:
- Point-of-Care Diagnostics: Lab on chips enable quick and accurate diagnostic tests, making them valuable in healthcare settings.
- Research and Drug Development: Pharmaceutical and biotechnology industries use lab on chips for drug screening and development.
- Miniaturization: The miniaturization of lab processes reduces sample and reagent requirements and lowers testing costs.
- Market Competitors: Leading players in the lab on chips market include Agilent Technologies, Inc., Danaher Corporation, and Fluidigm Corporation, who continually innovate to meet evolving industry demands.
The report predicts substantial growth in the global lab on chips market as healthcare providers, researchers, and industries recognize the efficiency and versatility of microfluidic devices. MarkWide Research’s comprehensive analysis provides insights into the market’s current landscape and future trends, empowering healthcare professionals, researchers, and industry stakeholders to make informed decisions and capitalize on opportunities in the lab on chips market.
MarkWide Research is a leading market research and consulting firm, providing in-depth analysis and strategic insights across various industries. With a team of experienced analysts, MarkWide Research is committed to delivering actionable intelligence, assisting clients in making informed business decisions and achieving sustainable growth.