Lab-on-a-chip devices to grow at 31.2% a year

After two decades of development, and despite increased competition from alternative technologies and from more companies developing lab-on-a-chip products, lab-on-a-chip technology finally appears to be making its mark within the MicroElectroMechanical Systems (MEMS) industry, according to In-Stat. Revenues of lab-on-a-chip devices are forecast to increase at a Compound Annual Growth Rate (CAGR) of 31.2% through 2008, with unit shipments nearly quadrupling over the same period.