Biochips Market

Global Biochips Market Size (2022 to 2027)

As per our report, the global biochips market size is estimated at a global level at USD 15.76 billion in 2022. This value is forecasted to be growing at a CAGR of 22.2% to reach USD 42.96 billion by 2027.

Biochips are increasingly being adopted in different applications in genomics, drug discovery, and proteomics in the current market scenario. Besides, the development of targeted and personalized medicines for cancer treatment and advances in biochip technology also supports the growth of biochip products.

MARKET DRIVERS:

The adoption of biochips is increasing in various applications in genomics, proteomics, and drug discovery. The advancement of targeted and personalized medicines for the treatment of cancer is influencing the market growth. An increase in cancer prevalence, immunological disorders, and viral infections is boosting the market growth.

Other factors such as the rising number of biochips applications, technological advancement in biochips, and improving infrastructure facilities are leveling up the biochips market demand. Moreover, rising funds by government and private organizations in the emerging nations are expected to provide better opportunities for the market players. Escalating healthcare expenditure and growing awareness over the benefits of early diagnosis are likely to fuel the growth rate of the market.

Additionally, aspects such as growing cancer prevalence, rising incidence of viral infections and immunological disorders, increasing geriatric population, rapidly increasing biochip applications, and increasing acceptance of personalized medicine may serve as significant global biochip market growth drivers. Technological advances and high investment in R&D would act as an opportunity for biochips market players.

MARKET RESTRAINTS:

The factors such as higher cost biochips and lack of knowledge about biochips are hampering the market growth. Moreover, a lack of awareness among the people about biochips technologies is primarily restricting biochips market growth.

Impact of covid-19 on the global biochips market:

COVID 19 pandemic is a boom for the growth of the biochips market. Biochips have relevance in detecting the COVID 19. This factor has led to market shares during the outbreak. Market players focus on launching various products using biochips technology, which helped the healthcare providers in these tough times. Also, with the surging cases of the COVID 19, there is a high prevalence to develop a vaccine where the researchers need to study the effects of coronavirus on the human body. Biochips play a major role in enabling the assessment of patient response, including antibody response, which helps the researchers understand the sequences in developing a vaccine.

REPORT COVERAGE:

This research report on the global biochips market has been segmented and sub-segmented based on the type, end-user, and region.

Biochips Market – By Type:

• DNA Chips
  • SNP Genotyping
  • Genomics
  • Agricultural Biotechnology
  • Gene Expression
  • Cancer Diagnosis & Treatment
  • Drug Discovery
  • Others
• Lab-On-A-Chip
  • Clinical Diagnostics
  • IVD & POC
  • Drug Discovery
  • Genomics
  • Proteomics
• Protein Chips
  • Expression Profiling
  • High-Throughput Screening
  • Proteomics
  • Diagnostics
  • Drug Discovery

Based on type, DNA Chips are the largest segment, followed by lab-on-chips and protein biochips market, due to development in the proteomics and genomics field. However, enhancement in the area of recombinant proteins would assist the growth of the protein biochips market.

Biochips Market – By End User:

• Hospitals and Diagnostic Centres
• Biotechnology and Pharmaceutical Companies
• Academic & Research Institutes

Based on end-user, the Hospitals and Diagnostics Centre segment dominates the market, as it is primarily driven by various factors such as increasing government funding and technological advancements.

Biochips Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, the most significant chunk of this market is North America, followed by Europe. Variables such as an aging population and a growing prevalence of lifestyle diseases and cardiac abnormalities are vital factors for the growth of the biochip market in North America.

On the other hand, throughout the forecast period, the Asia Pacific market is expected to expand at the highest CAGR. Rapid growth in the life sciences sector in China and India, an increase in biotechnology and pharmaceutical research, and low infrastructure costs are among the key factors driving growth in the Asian biochip market.

KEY MARKET PLAYERS:

Companies leading the global biochips market profiled in the report are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.

RECENT HAPPENINGS IN THIS MARKET:

• The acquisition of Affymetrix Inc., a leading supplier of cellular and genetic analysis products, was completed by Thermo Fisher Scientific Inc. in 2016. This purchase helped Thermo Fisher improve its bioscience leadership and acquire new genetic analysis strengths to serve medical and applied markets better.
• Affymetrix (US) and Cytox (UK), an innovative developer of risk assessment and dementia prediction assays, formed a strategic partnership in 2015 to develop and market blood-based genetic assay for risk assessment of Alzheimer's disease. This partnership helped extend the company's offer to the research market for dementia.
• SEKISUI CHEMICAL CO., LTD. announced in April 2018 that it had acquired Veredus Laboratories Pte. Ltd. The aim will be to develop and extend the company's diagnostic reagent and analyzer products, and Veredus Laboratories' expertise and experience will also be used to construct such a system. This acquisition will support Sekisui chemicals by expanding internationally, providing efficient products, and increasing its product portfolio.
• Qurin Diagnostics B.V. in April 2019. And the Global Lionix B.V. Announced that they had acquired Surfix B.V.; this merger would improve the business and allow innovation to be taken to the global biomedical market. The company is currently working closely together on the early detection of cancer and has developed a responsive biochip. In technology advancement, Qurin and Lionix will benefit from this transaction, enhancing their role and allowing better service. This merger and acquisition in the biochip field will lead in the future to its business expansion.