Global Biochips Market is estimated to reach $22 billion by 2024; growing at a CAGR of 15.5% from 2016 to 2024. During the last few decades, continuous research and development have led to remarkable developments in the field of nanotechnology and biochips. Biochips are small components made from substrates such as fused quartz, silicon and soda glass, among others; those are capable of performing multi biochemical tasks. Biochips are highly used in applications such as disease diagnosis and prognosis of HIV, cancer & heart diseases and detection of bioterrorism agents. They are also used in the screening of new drugs which could offer various benefits and reliably evaluate benefits and risk of pharmaceutical compounds. They are able to exhibit excellent analytical performance and are very cost-effective. Moreover, introduction of biochip array technology could supersede all the existing techniques and change the current system.
Technological advancements, expanding generic drug market and rising demand for customized medicines are the key factors supporting the growth of the biochips market. In addition, increasing prevalence of cancer & HIV and increasing applications in drug discovery also support the growth of the market. However, high cost of instruments and lack of proper regulations may hinder the growth of the market. Furthermore, increasing applications of biochips for point-of-care diagnostics, screening platform for drug lead identification and cattle disease detection would provide growth opportunities in the coming years.
The global biochips market is categorized on the basis of type, application and geography. By type, the market is segmented into DNA chips, microfluidic devices, and protein chips. Furthermore, by applications, it is segmented into proteomics, drug discovery & development, genomics, and In vitro diagnostics (IVD).
The global biochips market by geography is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Italy, France, Germany and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
Key players in the market include Illumina Inc., Agilent Technologies Inc., Affymetrix Inc., Fluidigm Corporation, Abbott Laboratories, GE Healthcare, Roche Diagnostics, Cepheid Inc., Bio-Rad Laboratories and Sigma-Aldrich Corporation, among others.
The key takeaways from the report
- The report will provide detailed analysis of Biochips Market with respect to major segments such as type and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Biochips Market has been included in the report
- Profile of the key players of the Biochips Market, will be provided, which include key financials, product & services, new developments and business strategies
Scope of Biochips Market
- Protein Chips
- Microfluidic Devices
- DNA Chips
- Drug Discovery & Development
- In Vitro Diagnostics (IVD).
- North America
- South America
- Middle East