The global lab-on-a-chip and microarrays market was valued at USD 8.28 billion in 2012 and is projected to reach USD 33.32 billion by 2021, at a CAGR of 32.07% during the forecast period from 2016 to 2021.
A biochip is a collection of miniaturized test sites (microarrays) that are arranged on a solid substrate, which permits many tests to be performed at the same time to achieve higher throughput and speed. Typically, the surface area of a biochip is no larger than a fingernail. Like a computer chip that can perform millions of mathematical operations in one second, a biochip can perform thousands of biological reactions, such as decoding genes, in the span of a few seconds.
Global Lab-on-a-Chip and Microarrays Market-Market Dynamics
The report details several driving and restraining factors for the global lab-on-a-chip and microarrays market. Some of them are listed below.
The global lab-on-a-chip and microarrays market is segmented by products, applications, and geography.
North America has the major chunk of the market share. In North America, the U.S. is the largest shareholder. Following North America is Europe, which has the next major market share. The global lab-on-a-chip and microarrays market has recently gained traction in emerging nations and has turned these nations into major investment opportunities, thereby increasing the growth of this market as well. In the Asia-Pacific region, China and South Korea have been identified as the potential emerging markets due to high R&D investments in the medical fields in these countries.
Some of the key players in the market are:
Key Deliverables in the Study