In terms of revenue, the Global Biochips Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 15.2% from 2023 to 2030.
The Biochip microarray device makes protein, functional, and extensive genomic analysis possible. The biochip is a miniature reactor for detecting specific proteins, DNA, antibody, or biological module analyses. A biochip's primary purpose is to assess hundreds of biological processes quickly. A biochip can also be used to track a person or an animal, and it works very well to store demographic and medical information. Also, the advent of nanotechnology has increased the capability and decreased the size of Biochips, making them helpful for diagnostics, research, medication development, and toxicological studies. As a result, Biochips are being used more frequently in various applications. As a result of the widespread usage of these chips in applications like genomics, proteomics, customized medicine, and other fields, established companies and fresh start-ups are currently creating, funding, and releasing new technologies.
Key Highlights from the Report
· Based on the Product types, the DNA Chips segment is anticipated to dominate the Biochips market with the highest market share during the forecast period. This results from increased diagnostic tests used in academia and medicine.
· Based on the End Users, the Biotechnology & Pharmaceutical Companies segment accounted for the highest CAGR in the forecast period since there has been a significant investment in R&D efforts to incorporate biochip technologies into numerous health-based applications.
· Geographically, North America held the largest market share in 2021 and is likely to be the most profitable market in the forecast period owing to increasing government initiatives.
The use of Biochips in molecular diagnostics and point-of-care diagnosis will likely lead to a great demand for these chips in the advancement of customized medicine. It is beneficial for distinguishing between healthy and malignant cells' proteins. For protein-based treatments, the Biochips offer the opportunity for a quick study of the complete proteome. These chips are in high demand in personalized medicine because they are reliable tools for detecting various biomarkers with a constrained number of samples and can potentially diagnose and treat the condition.
Many people have allergies to foods, pollen, and other substances that can cause fever, skin rashes, vomiting, asthma attacks, and diarrhea. Biochips for allergy testing is a brand-new technology now expanding greatly. It has several allergen components that have been identified in a microarray. As a result, many studies of patient-specific sensitization patterns can be conducted using a single measurement. Due to the enormous potential of Biochips for allergy research, businesses are creating novel technologies. For instance, Toray Industries stated in April 2021 that it had made allergy-testing Biochips that could identify numerous immunoglobin E (IgE) antibodies specific to allergens from minute volumes of blood. The rising adoption of Biochips for allergy testing and detection throughout the forecast period is anticipated to propel market revenue growth.
Due to the increased demand for microfluidics-based POC-diagnostic gadgets, including pregnancy tests and glucose monitoring kits, the microfluidics market category accounted for a disproportionately large revenue share. These instruments are compact, sensitive, precise, and economical and can detect many analyses in a single sample. In addition, these Biochips provide a platform for automated drug discovery, DNA analysis, and biomolecular recognition. Also, substituting bulky equipment with integrated and compact systems helps automate tedious laboratory activities.
On the other side, risks of biohacking, privacy concerns, high costs, and a lack of knowledge about Biochips are the factors that are anticipated to hinder the market's ability to generate revenue growth throughout the forecast period.
The market is predicted to be dominated by North America in 2020, and it is expected to continue to hold this position throughout the forecast period due to the government's increasing measures to boost R&D through tax incentives. The high concentration of biotechnology businesses and academic and research organizations in the area will accelerate future technological developments in biochip applications. R&D tax credits are a budgetary advantage offered by the federal government in the United States to businesses that conduct research to develop, improve, or innovate on goods, services, formulae, or software. Further contributing to the growth of the North American biochip market are factors like the aging population and the prevalence of heart illnesses. For instance, the American Heart Association estimates that over 121.5 million persons in the United States currently suffer from cardiovascular disease.
The Global Biochips Market is Segmented as follows
- Product Types
- DNA Chips
- Protein Chips
- Drug Development
- Other Applications
- Fabrication Techniques
- End Users
- Biotechnology & Pharmaceutical Companies
- Hospitals & Diagnostics Centres
- Academic & Research Institutes
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Biochips Market is
Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Agilent Technologies Inc. (U.S.), PerkinElmer Inc. (U.S.), Fluidigm Corporation (U.S.), Illumina Inc. (U.S.), GE Healthcare (U.S.), Bio-Rad Laboratories Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland)
The Global Biochips Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|