Growing prevalence of chronic as well as infectious disease and increasing demand for personalized medicine are some major factors propelling the growth of global biochip market.
According to TechSci Research report, “Global Biochip Market By Type (DNA Chips, Lab-On-a-Chips, Protein Chips), By Technology (Microarray v/s Microfluidics), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Agriculture, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Region, Forecast & Opportunities, 2025”, the market is anticipated to witness a double digit CAGR during the forecast period. Increasing prevalence of various chronic dieses like cancer, immunological disorders and other infectious diseases, especially among geriatric population is acting as a major growth factor for global biochip market.
Moreover, 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 is expected to create lucrative growth opportunities for market over the next five years.
Additionally, biochips are also finding application in the field of genomics, genotyping and proteomics. This in turn is likely to positively influence the market growth through 2025. Apart from that, various economies are increasing spending on clinical research which is further augmenting the growth of global biochips market. However, high cost of biochips and lack of awareness especially in the developing and underdeveloped countries can hamper the market growth.
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The global biochip market is segmented based on type, technology, application, end user and region. Based on type, the market can be categorized into DNA chips, lab-on-a-chips and protein chips. Out of them, the DNA chips segment is expected to dominate the market during the forecast period on account of its widespread adoption and use.
Based on technology, global biochip market can be split into microarray and microfluidics. Among them, the microarray technology is expected to dominate the market during the forecast period on account of its extensive use in forensic analysis and identification of drug candidates in drug discovery process. Moreover, the microfluidics technology is also expected to grow significantly on account of the increasing use of point of care diagnostic devices such as pregnancy kits, cardiac makers, blood gases, among others.
Major players operating in the global biochip market are Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Dynamic Biosensors GmbH, General Electric Company, Genalyte, Inc., Hologic, Inc. and Arbor Biosciences, among others. Companies are investing on developing advanced technologies and launching new services in order to enhance their product portfolio. They are also undergoing inorganic growth strategies such as mergers & acquisitions, strategic partnerships, collaborations and joint ventures.
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“Regionally, North America is expected to dominate the global biochip market through 2025 on account of the growing prevalence of various sedentary lifestyle associated diseases in the countries like United States and Canada. However, Asia Pacific region is expected to register fastest CAGR during the forecast period owing to the growth in life science industry and improving healthcare facilities in the region, ” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Biochip Market By Type (DNA Chips, Lab-On-a-Chips, Protein Chips), By Technology (Microarray v/s Microfluidics), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Agriculture, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of biochip market and provides statistics & 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 global biochip market.
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