Global Biochip Market Overview
According to TechSci Research's report titled "Biochip Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028," the global Biochip Market reached USD 18.25 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 13.43% during the forecast period from 2024 to 2028. This remarkable growth is driven by several key factors, including advancements in technology, increasing utilization of biochips in various fields, and the growing prevalence of personalized medicine.
Driving Factors for Market Expansion
The following factors are contributing significantly to the growth of the biochip market:
- Utilization in Diverse Fields: Biochips are increasingly used in proteomics, genomics, and drug discovery. The growth in personalized medicine is also boosting the demand for biochips as they play a crucial role in tailoring treatments to individual patients.
- Technological Advancements: Ongoing technological advancements and the miniaturization of biochip components are creating favorable opportunities for market players. These innovations are expected to drive growth in the near future.
- Geriatric Population: The rise in the geriatric population is contributing to market growth, as age-related diseases require advanced diagnostic and treatment methods where biochips play a vital role.
- Increasing Biochip Applications: The expansion of applications for biochips, including drug development and genomic research, is fueling market growth. The adoption of personalized medications is also on the rise.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Biochip Market.” - https://www.techsciresearch.com/report/global-biochip-market/1259.html
Emerging Players and Market Growth
The biochip segment is experiencing significant growth, driven by the increasing adoption of personalized medicines, expanding drug development efforts, and the emergence of next-generation sequencing (NGS). Innovation in Lab-on-a-chip offerings and advancements in microfluidic-based devices for biomedical applications are expected to drive global market growth. Lab-on-a-chip devices, in particular, are gaining popularity for providing rapid results in the initial diagnosis of infectious diseases, making them crucial in epidemiological studies.
Researchers have found that biochips offer rapidity comparable to antigen tests and accuracy similar to PCR testing. The combination of biochip technology with various applications is projected to propel market growth. For example, Nutcracker, a U.S.-based startup, secured USD 167 million in series C funding in March 2022 to enhance its biochip-based RNA manufacturing platform, which supports the development of RNA-based therapeutics. Biochip and nanoparticle delivery technologies are assisting in establishing comprehensive, isolated, and automated manufacturing processes.
The biochip market's comprehensive drug development pipeline is another significant driver. The demand for biochip and bio-array techniques is increasing due to the need to reduce turnaround time and miniaturize biological and clinical tests for research and diagnosis. Technical advancements related to these techniques and a broad product portfolio are further accelerating market growth. Biochips find applications in disease marker identification, accelerated drug development, genotyping, proteomics, and genomics research. Factors such as the growing aging population, improved healthcare infrastructure, and increased healthcare expenditure are positively influencing the biochips market. Additionally, new product launches offer profitable opportunities for market players between 2024 and 2028.
Challenges and Barriers
While the biochip market is poised for growth, certain challenges and barriers exist:
- High Manufacturing Costs: The high cost of manufacturing biochips poses challenges for new market entrants, limiting their ability to produce cost-effective alternatives.
- Limited Awareness: Developing and under-developed regions have limited awareness about the utility of biochips, leading to reduced biochip-based research.
- Limited Knowledge Among Emerging Companies: Emerging companies in the drug development and personalized medicine sector often lack knowledge about biochips, which may hinder global market growth.
Global Biochip Market Segmentation
The global biochip market is segmented into various categories:
- Technology: Microfluidics and microarray are the two technology segments. Microfluidics dominated in 2022 due to the increased demand for microfluidics-based point-of-care (POC) diagnostic devices.
- Region: North America accounted for the largest revenue share in 2022, primarily due to the high incidence of cardiac and chronic diseases and advanced healthcare systems. Meanwhile, the Asia Pacific market is expected to experience rapid growth during the forecast period, driven by expanding pharma and biotech industries in countries like China and India, along with increased investments in research and healthcare.
Major companies operating in Global Biochip Market are:
- Abbott Laboratories Inc.
- Agilent Technologies Inc.
- Bio-Rad Laboratories Inc.
- Fluidigm Corporation
- Thermo Fisher Scientific Inc.
- PerkinElmer Inc.
- Illumina Inc.
- Phalanx Biotech Group Inc.
- BioMerieux SA
- Qiagen NV
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“The rising prevalence of chronic diseases like diabetes, blood pressure, and COPD supports the global market growth. The increased utilization of biochips in genomics, proteomics, and molecular diagnostics also has a positive impact. Benefits such as time and cost reduction, high throughput, and no heavy instrument requirement contribute to market growth. The demand for timesaving, high-quality devices in the healthcare industry, along with the preference for personalized medicines and NGS, drives market growth. Biochips are also used for early cancer detection and offer lucrative opportunities. The growing geriatric population, demand for biochips in drug development, and biomedical advancements in microfluidic-based devices and lab-on-a-chip technologies drive market growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Biochip Market Segmented By Technology (Microarray v/s Microfluidics), By Type (DNA Chips, Lab-On-a-Chips, Protein Chips, Others), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, In-vitro diagnostics, Others), By End User (Hospitals & Diagnostics Centres, Academic & Research Institutes, Biotechnology & Pharmaceutical Companies, Others), By Region and Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global 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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