Increasing adoption of biochips in the field of genomics, proteomics and drug discovery is expected to drive the growth of global biochip market.
According to TechSci Research report, “Global Biochip Market By Technology (Microarray v/s Microfluidics), By Type (DNA Chips, Lab-On-a-Chips, Protein Chips, Others), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Others), By End User (Hospitals & Diagnostics Centers, Academic & Research Institutes, Biotechnology & Pharmaceutical Companies, Others), By Region, Competition Forecast & Opportunities, 2026”, the biochip market was valued at USD11694.24 million in 2020 and is expected to reach USD23890.58 million by registering a CAGR of 12.52%. The increasing prevalence of various chronic diseases like cancer, immunological disorders and other infectious diseases, especially among the geriatric population is acting as a major growth factor for the global biochip market. Moreover, the rising demand for targeted therapies and personalized medicines, extensive R&D activities and supportive government policies are some other key factors supporting the global biochip market growth. Furthermore, ongoing technological innovations and new product launches by major players operating in the market are expected to create lucrative growth opportunities for the market over the next five years. Additionally, biochips are also finding applications in the field of genomics, genotyping and proteomics. This in turn is likely to positively influence the market growth through 2026. Apart from that, various economies are increasing spending on clinical research which is further augmenting the growth of the global biochip market. However, problems with individual privacy can restrict the market growth. The biochips can be fixed inside the body of an individual even without their consent. This can cause serious threat to individual privacy. It can also be used to track any human being, their personal medical and financial information. Also, lack of reproducibility and standardization in biochips especially those based on microfluidic technology has reduced the growth of global biochip market. Companies and research organizations are unable to cite reproducibility statistics and quantify chip-to-chip variability within a given prototype. As a result of the lack of standardization across the industry, microfluidic technology-based biochips are often not compatible with existing technologies in the market.
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The global biochip market is segmented based on, technology, type, application, end user and region. Based on type, the market can be categorized into DNA Chips, Lab-On-a-Chips, Protein Chips and others. The DNA chips segment is expected to dominate the market during the forecast period. This can be ascribed to the widespread adoption of DNA chips. Additionally, growing expenditure related to genomics and next-generation sequencing along with rising demand for detection and diagnosis of genetic disorders is further expected to support the market growth. Based on application, the global biochip market can be segmented into drug discovery & development, disease diagnostics, genomics, proteomics, among others. The drug discovery & development segment dominated the market in 2020 with an overall market share of around 33.32% owing to the extensive use of biochip technology in various stages of drug discovery & development including putative drug target identification, clinical trials, among others. The disease diagnostics segment will witness significant growth during the forecast period owing to the growing prevalence of chronic and infectious diseases requiring diagnosis and treatment. In terms of end user, the market can be fragmented into hospitals & diagnostic centers, academic & research institutes, biotechnology & pharmaceutical companies and others. The hospitals & diagnostic centers segment is expected to dominate the market over the next few years owing to the growing use of biochips in hospitals & diagnostic centers on account of the associated advantages such as reduction of time and cost, ability to deliver high throughput without the need for heavy instrumentation, among others.
Major players operating in the global biochip market are Abbott Laboratories Inc., Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, HORIBA, Ltd., QIAGEN N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Cepheid (Danaher Corporation), among others. Companies are investing in developing advanced technologies and launching new services in order to enhance their product portfolio and are also undergoing inorganic growth strategies such as mergers & acquisitions, strategic partnerships, collaborations and joint ventures.
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“Asia Pacific region is expected to register the highest growth during the forecast period in the global biochip market. Asia Pacific has become a hotspot for research & development, especially in the countries like China, India, among others. These countries are carrying out research & development activities related to cancer research, genomics, proteomics, next generation sequencing, among others. Moreover, flourishing life science industry coupled with increasing healthcare expenditure by countries in the region can create lucrative opportunities for the market growth.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Biochip Market By Technology (Microarray v/s Microfluidics), By Type (DNA Chips, Lab-On-a-Chips, Protein Chips, Others), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Others), By End User (Hospitals & Diagnostics Centers, Academic & Research Institutes, Biotechnology & Pharmaceutical Companies, Others), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of biochip market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global biochip market.
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