The North America lab-on-a-chip and microarrays (biochip) market is expected to register a healthy CAGR of 16.1% during the forecast period.
A profound impact on the market studied was observed due to the -emergence of COVID-19. Microfluidics has the potential to offer rapid and affordable point-of-care diagnostic tools to help in the diagnosis of COVID – 19. This technology allows researchers to handle fewer amounts of samples and reagents with higher efficiencies and generate results faster as compared to the conventional methods. Thus, microarrays are expected to play a pivotal role in the same.
Furthermore, increasing application of proteomics and genomics in cancer research, growth of personalized medicine, favorable regulatory approval for personalized medicine, increased commercial application of biochips are the major factors that are driving the North America lab-on-a-chip and microarrays (biochip) market. Microarrays (biochips) have been the technology of choice for large-scale studies of gene expression since their invention in the 1990s. Although microarray technology continues to advance, transcriptomics has expanded dramatically in the past few years, owing to the availability of new alternative technology, such as RNA-sequencing (RNA-seq) and Next Generation Sequencing (NGS).
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Also, the field of point-of-care (POC) diagnostics widely uses microfluidic technology for various applications, like molecular diagnostics, infectious diseases, and chronic diseases, in resource-limited settings. The latest advances in the researches in microfluidics aim to produce integrated devices, which are self-contained, automated, easy-to-use, and rapid.
In addition, the rising burden of chronic diseases is expected to thrive the market growth. For instance, as per the data provided by GLOBOCAN, in 2020, about 2.56 million new cases of cancer were reported in North American region and this number is expected to reach at 3.53 million in the year 2040. Thus, the increasing burden of chronic diseases is fueling the growth of the lab-on-chip market, as it can offer high-throughput screening of these diseases. However, factors such as low commercial acceptability due to the high costs and lack of skilled labor is also hindering the market.
Key Market Trends
Microarray are Anticipated to Hold Significant Share in the Studied Market
With the emergence of COVID-19, the microarrays are expected to observe a positive growth over the forecast period. Several of the companies are taking several measures such as product development, partnerships, etc. in order to grow their presence in the market which is expected to aid the market growth. For instance, in September 2020, Quotient Limited received the U.S. Food and Drug Administration (FDA) issued an Emergency Use Authorization (EUA) for its antibody test. The test is based upon the company’s patented MosaiQ blood testing microarray technology for detecting SARS-CoV-2 virus. Such developments are expected to positively impact market growth.
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