According to a new report published by Proficient Market, titled, “Global Biochip Market by Product Type (DNA Chips Market, Lab-On-A-Chip Market, Protein Chips Market & other) and by End-Users/Application (Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostics Centers, Academic & Research Institutes & Other) Global Market Share, Forecast Data, In-Depth Analysis, and Detailed Overview, and Forecast, 2015 – 2027″ The report has offered an all-inclusive analysis of the global biochip market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
According to the report, Global Biochip Market in 2019 stood at USD 14 billion and is expected to reach USD 62.82 billion by 2027 growing at a CAGR of 20.63% from 2020 to 2027.
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A biochip is a collection of microarrays organized on a solid substrate, allowing thousands of complex biochemical reactions, to determine various biological data, for instance, decoding the genes in less time. The biochip-based analysis is primarily used for on-site diagnosis. Biochips also undergo other diagnostic applications such as microarray technique, microfluidic technologies, & biosensors. A biochip can also provide analytical data regarding organic molecules associated with the living organisms. It helps in identifying airborne toxins, environmental pollutants, gene sequences, & other biochemical constituents.
Biochip Market Key Players: The research study includes profiles of leading companies operating in the global biochip market. Key players profiled in the report include:
Bio-Rad Laboratories Inc.
Thermo Fisher Scientific
F. Hoffmann-La Roche AG.
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Thermo Fisher Scientific Inc. completed the acquisition of Affymetrix Inc., a leading provider of cellular and genetic analysis products. This acquisition helped Thermo Fisher to strengthen its leadership in biosciences, as well as acquire new genetic analysis capabilities to better serve clinical and applied markets.
Drivers for the Global Biochip Market: The increased use of biochips due to increasing cancer treatment and diagnostics. Rise in personalized medicine, drug discovery and life science research, need for high speed diagnostics and increased government funding are some of the key factors driving the growth for global biochips market. In addition, increasing healthcare awareness is also fueling the growth of global biochips market. Thus all these factors led to boosting the growth of the biochips market.
Opportunities for the Global Biochip Market: Rapid growing application of biochips will drive the market growth during forecasted period. While the Technological advancements and new product launches in the market are witnessed to augment the growth of the biochips market in forthcoming years. However, Rising demand of biochips in developing countries is witnessed to increase the market share of biochips. Moreover the Increasing adoption of personalized medicines by households will also propel the growth of the biochips market. Thus, all these factors will provide lucrative opportunities for the growth of the biochips market.
Restrains for the Global Biochip Market: The Strict government regulatory guidelines related to biochips are hampering the growth of the market. While the High instrument costs will also restrain the growth of this market. Lack of proper knowledge about biochip technology is a prominent restraint lowering the demand for biochip products. The irregularities arriving in healthcare coverage around the world are also more likely to challenge the growth of biochips market. Variable cost and adoption of biochip technologies is likely to affect the personalisation of medicine, eventually lowering the revenues of the global biochips market. Thus all these factors are creating a negative impact at the growth of the biochip market.
Region Wise, Global Biochip Market Analysis: Report covers the region wise analysis, global Biochip market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, North America leads the global Biochip market share followed by Europe and Asia Pacific. While the North America leads the global Biochip market due to the factors such as presence of well-established players, advanced informatics infrastructure, presence of experts and skilled workforce, and ongoing genomic R & D practices on a large scale in the region. While the rising R & D investments in genomic research is driving the growth of the market. Moreover, growing awareness regarding genetic tests for disease risk assessment and prevention is anticipated to have a positive impact on the growth of the regional market..
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Global Biochip Market: Product analysis
• DNA Chips Market
o Gene Expression
o SNP Genotyping
o Cancer Diagnosis & Treatment
o Drug Discovery
o Agricultural Biotechnology
• Lab-On-A-Chip Market
o Clinical Diagnostics
o IVD & POC
o Drug Discovery
• Protein Chips Market
o Expression Profiling
o High-Throughput Screening
o Drug Discovery
o Cell Arrays
o Tissue Arrays
On the basis of type DNA Chips Market, accounted for largest share of total revenue generated due to the increasing use of DNA chip products. The use of DNA chip has empowered the scientific community by enabling measurement of the expression levels of large numbers of genes simultaneously. A DNA chip involves an array of microscopic “spots” each carrying numerous single-stranded oligonucleotides and are widely being used in biomedical research activities. Thus due to its huge utilization led to the growth of this segment which is fueling the biochip market.
Global Biochip Market: Application analysis
Biotechnology and Pharmaceutical Companies
Hospitals and Diagnostics Centers
Academic & Research Institutes
The demand of Global Biochip Market is highest from Biotechnology and Pharmaceutical Companies due to the numerous features offered by it. The utilization rate of biochips in biotechnology and pharmaceutical companies was high. The hospitals & diagnostics is the second fastest growing segment due to the adoption of biochip in new drug discovery as well as in point-of-care diagnostics has increased the consumption of these biochips in hospitals & diagnostics centers. Thus all these factors led to increase usage of biochips in this sectors which is propelling the growth of the biochip market.
Global Biochip Market: Region analysis
North America: U.S., Canada, Mexico
Europe: U.K., France, Germany, Spain, Italy, Rest of Europe
Asia Pacific: China, Japan, South Korea, ASEAN, India
Rest of Asia Pacific: Latin America, Brazil, Argentina, Colombia, Rest of L.A.
Middle East and Africa: Turkey, GCC, UAE, South Africa, Rest of Middle East
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