Biochip Market to Witness a Double Digit CAGR By 2025
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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