Biochips Market

Global Biochips Market Size (2023 to 2028)

As per our report, the global biochips market size is estimated at a global level at USD 19.25 billion in 2023. Furthermore, this value is forecasted to grow at a CAGR of 22.2% to reach USD 52.47 billion by 2028.

Global Biochips Market Share Insights:

• Based on type, the DNA chips segment dominated the market and held 40.1% of the global market share in 2022.
• Based on the end-user, the biotechnology and pharmaceutical companies led the market and captured 54.3% of the global market share in 2022.
• North America was the largest regional segment in the global market in 2021 and held 46.7% of the global market share in 2022.
• The Asia-pacific region is anticipated to grow at a CAGR of 22.94% from 2023 to 2024.

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

MARKET DRIVERS:

The advancement of targeted and personalized medicines for treating diseases such as cancer propels the biochips market growth.

The adoption of biochips is increasing in various applications in genomics, proteomics, and drug discovery. YOY growth in the prevalence of cancer, immunological disorders, and viral infections is anticipated to boost the biochips market’s growth rate. Other factors, such as the rising number of biochips applications, technological advancement in biochips, and improving infrastructure facilities, are driving the market growth. In addition, rising funds by governments and private organizations in emerging nations accelerate the biochips market's growth rateet. Furthermore, the growing healthcare expenditure and increasing awareness of the benefits of early diagnosis are likely to fuel the growth rate of the biochips market.

In addition, factors 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 are anticipated to promote the growth of the global biochip market. Furthermore, technological advances and high investment in R&D are further anticipated to have a favorable impact on market growth.

MARKET RESTRAINTS:

High costs associated with biochips and lack of awareness regarding the biochips hampering the growth of the biochips market.

Impact of covid-19 on the global biochips market:

The COVID-19 pandemic is a boom for the growth of the biochips market. Biochips have relevance in detecting COVID-19. This factor has led to the growth of the biochips market during the COVID-19 outbreak. The market players focus on launching various products using biochips technology, which helps healthcare providers in these challenging 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 significant role in assessing 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, the DNA Chips segment accounted for the largest share of the global chips market in 2022, followed by lab-on-a-chip and protein chips segments owing to the growing usage in proteomics and genomics applications. Furthermore, improvements in the area of recombinant proteins are further anticipated to fuel the segment’s growth rate. In addition, the growing usage of DNA chips in academic and clinical diagnostic centers is expected to fuel the segment's growth.

Biochips Market – By End User:

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

Based on end-user, the biotechnology and pharmaceutical companies segment is anticipated to lead the biochips market during the forecast period. The growing efforts of biotechnology and pharmaceutical companies to leverage the advantage of biochips in various health applications are propelling the segment's growth rate.

The hospitals and diagnostics center segment had a considerable share of the global market in 2022 and is expected to grow considerably during the forecast period. It is primarily driven by 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 the global market was held by the North American biochips market in 2021, followed by Europe. Factors such as an aging population and a growing prevalence of lifestyle diseases and CVDs are propelling the growth of the biochips market in North America. The growing number of initiatives by North American countries to promote the usage of biochips in R&D is one of the major factors favoring the market growth in this region. In addition, numerous market participants in North American countries further promote the biochips market growth in this region.

The biochips market in Europe is one of the promising regions in the worldwide market and is expected to grow at a healthy growth rate during the forecast period. The growing preference from people towards personalized medicine and increasing adoption of technological advancements are driving the European biochips market.

On the other hand, the Asia Pacific biochips market is expected to expand at the highest CAGR throughout the forecast period. 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.

The Latin American biochips market is anticipated to grow at a steady CAGR during the forecast period.

The biochips market in MEA is estimated to register a moderate CAGR in the coming years.

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 better serve medical and applied markets.
• 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 portfolio.
• Qurin Diagnostics B.V. in April 2019. and 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 working closely together on early cancer detection 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 the future to its business expansion.