Biochip Market to Grow with a CAGR of 14.09% through 2028
Increase in number of biochip applications and high adoption of
personalized medication is expected to drive the Global Biochip Market growth
in the forecast period, 2024-2028.
According to TechSci Research report, “Biochip
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Biochip Market stood at USD 14.96 billion
in 2022 and is anticipated to grow with a CAGR of 14.09% in the forecast
period, 2024-2028. The increasing utilization of biochips in proteomics,
genomics, and drug discovery, along with the growth in personalized medicine,
is expected to drive market expansion.
Moreover, technological advancements and component
miniaturization are anticipated to create favorable prospects for market
players in the foreseeable future. Other factors contributing to market growth
include the rise in the geriatric population, the increasing number of biochip
applications, and the high adoption of personalized medications.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on "Biochip Market.”
The biochip segment is witnessing significant growth
as emerging players mature in the field. This can be attributed to the
increasing adoption of personalized medicines, rising drug development, and the
advent of next-generation sequencing (NGS). The global market growth is
expected to be driven by innovation in Lab-on-a-chip offerings and advancements
in microfluidic-based devices for biomedical applications. Lab-on-a-chip
devices are anticipated to provide rapid results during the initial diagnosis of
infectious diseases, making them widely utilized in epidemiological studies.
Researchers have found that biochips offer rapidity
comparable to antigen tests and accuracy similar to PCR testing. The
combination of biochip technology with various applications is projected to
propel the growth of the biochip market. For example, in March 2022,
Nutcracker, a U.S.-based startup, secured USD 167 million in series C funding
to enhance their biochip-based RNA manufacturing platform. This platform is
expected to support the advancement of RNA-based therapeutics. The biochip and
nanoparticle delivery technologies aid in establishing comprehensive isolated
and automated manufacturing processes. Furthermore, the growing use of biochip
applications, including drug development, has compelled several R&D
institutions and teams to design cost-effective and efficient processes. In
2021, there were over 700 drugs in progress targeting approximately 8,000 rare
diseases.
Biochips are utilized for pre-clinical testing of
drugs. In May 2022, the Vienne University of Technology (TU Wien) developed a
biochip-based technology to manufacture tissue beads of precise sizes. These
tissue beads can be commercialized along with drugs through a thin channel. A
patent application for this technology has been submitted. However, the high
cost of manufacturing biochips may hinder industry growth. The majority of
microfluidic devices are produced using ultraviolet lithography, an intricate
and expensive technique that requires trained professionals with specialized
instruments.
The advancement of nanotechnology has increased the
capability and reduced the size of biochips, making them valuable for
diagnostics, research, drug development, and toxicology studies. This has led
to growing adoption of biochips in various applications such as genomics,
proteomics, and personalized medicine. Existing manufacturers and new startups
are prompted to develop and invest in new technologies for the market. For
instance, Dutch startup Qurin Diagnostics offers novel biomedical diagnostics
using biochips. Their nanotechnology-based platform is used for monitoring,
diagnosing, and treating cancer and other medical conditions. Similarly, on
March 14, 2022, U.S. startup Nutcracker Therapeutics raised USD 167 million for
the advancement of its mRNA biochip-based manufacturing platform. In May 2021,
TU Wien developed a biochip capable of producing tissue beads in desired sizes
and supplying them with drugs or nutrients.
The comprehensive drug development pipeline is one of
the major factors driving the growth of the biochip market. The need to reduce
turnaround time and miniaturize biological and clinical tests for research and
diagnosis has increased the demand for biochip and bio-array techniques. Rapid
technical developments related to these techniques and a wide product portfolio
further accelerate the growth of the biochips market. Biochips find
applications in disease marker identification, accelerated drug development,
genotyping, proteomics, and genomics research. The rise in spending on clinical
research and resource allocation for genomic and proteomic research also
influence the biochips market. Additionally, factors such as the growth in the
aging population, improving healthcare infrastructure, and surge in healthcare
expenditure contribute positively to the biochips market. Furthermore, new
product launches present profitable opportunities for biochip market players in
the forecast period of 2024 to 2028.
The high cost of manufacturing biochips creates
barriers for new players to enter the market and produce a wide range of
alternatives for end-users. Limited awareness among developing and
under-developed regions about the utility of biochips is also a concerning
factor for the global biochip market. Over the years, the quantity of biochip-based
research conducted by research and academic institutes in developing countries
has decreased. Moreover, the limited knowledge among emerging companies in the
drug development and personalized medicine sector is projected to hinder global
market growth.The Global Biochip Market is segmented into technology, type,
application, end user, regional distribution, and company.
Based on technology, the global biochip market is
categorized into microfluidics and microarray. In 2022, the microfluidics
segment accounted for a significant revenue share due to the increasing demand
for microfluidics-based POC-diagnostic devices like pregnancy tests and glucose
monitoring kits. These devices are small, highly sensitive, accurate,
cost-effective, and capable of detecting multiple analyses in one sample.
Biochips provide a platform for automated drug discovery, DNA analysis, and
biomolecular recognition, while replacing heavy equipment with integrated and
miniaturized systems to automate repetitive laboratory tasks.
During the forecast period, the microarray technology
segment is expected to witness rapid growth. This can be attributed to the
extensive use of biochips in the drug development process for identifying
therapeutic candidates. Microarray technologies offer significant time and
labor savings compared to other techniques.
Based on region, North America segment is expected to
grow during the forecast period. Based on regional analysis, the biochip
market in North America accounted for the largest revenue share in 2022. This
can be attributed to the increasing incidence of cardiac and chronic diseases,
along with the accessibility of advanced healthcare systems in the region,
particularly in the U.S. The high prevalence of diseases like diabetes and
cancer further drives the demand for clinical and research diagnosis. The government
is also launching various initiatives to promote precision medicine and
increasing investments in cancer genomics research, which are expected to drive
revenue growth in North America.
Meanwhile, the market in Asia Pacific is projected to
experience a rapid growth rate during the forecast period, primarily due to the
expanding pharma and biotech industry in countries like China and India. China
is making significant investments in scientific research to accelerate the
development of precision medicines and enhance new drug discoveries.
Additionally, increased investments in genomics, proteomics, and
next-generation sequencing research, combined with growing patient awareness
regarding advancements in diagnostic technologies, are contributing to the
growth of the market. The increasing healthcare expenditure in the region is
expected to further support the revenue growth of the industry throughout the
forecast period.
Major companies operating in
Global Biochip Market are:
- Abbott
Laboratories Inc.
- Agilent
Technologies Inc.
- Bio-Rad
Laboratories Inc.
- Fluidigm
Corporation
- Thermo
Fisher Scientific Inc.
- PerkinElmer
Inc.
- Illumina
Inc.
- Phalanx
Biotech Group Inc.
- BioMerieux
SA
- Qiagen
NV
Download Free Sample Report
Customers can also request for 10%
free customization on this report.
“The rising prevalence of chronic diseases like
diabetes, blood pressure, and COPD supports the global market growth. The
increased utilization of biochips in genomics, proteomics, and molecular
diagnostics also has a positive impact. Benefits such as time and cost
reduction, high throughput, and no heavy instrument requirement contribute to
market growth. The demand for timesaving, high-quality devices in the
healthcare industry, along with the preference for personalized medicines and
NGS, drives market growth. Biochips are also used for early cancer detection
and offer lucrative opportunities. The growing geriatric population, demand for
biochips in drug development, and biomedical advancements in microfluidic-based
devices and lab-on-a-chip technologies drive market growth.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based management
consulting firm.
“Biochip Market Segmented 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, In-vitro diagnostics, Others), By End User
(Hospitals & Diagnostics Centres, Academic & Research Institutes,
Biotechnology & Pharmaceutical Companies, Others), By
Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
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.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com