Biochips Market Analysis
The biochips market has been growing significantly over the past few years. According to Market Research Future (MRFR), the global biochips market had valued at USD 7,300 MN, in 2017 and is estimated to grow exponentially over the next six years. In its recently published research report, MRFR also asserts that the market would register a CAGR of 16.6% throughout the forecast period (2018–2023).
Increasing technological advancements in biochips is a key driving force behind the growth of the market. Moreover, increasing the adoption of personalized medicine in cancer genomics applications are fostering the growth of the market. Furthermore, growing applications of biochips would help in boosting the growth in the market during the review period.
Moreover, increasing mergers and acquisition, growing collaborations and partnerships, and product launches are some of the latest trends in the global biochips market. Furthermore, factors such as the increasing clinical trials and drug discovery activities, advancements such as lab-on-chip and splice variants, the wider application area of microarray, and government initiatives & support are expected to develop new market opportunities.
On the flip side, substantially high cost of the instruments and stringent regulatory guidelines are some of the significant factors inhibiting the growth of the global biochips market. Also, the lack of standardization in microarray data, and skilled professionals may restrain the growth of the market. Nevertheless, factors such as the need for early cancer detection, diagnosis, and large-scale DNA/gene chip initiatives are some of the predominant factors expected to support market growth over the assessment period.
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Global Biochips Market – Segments
The report is segmented into four key market dynamics to widen the scope of understanding,
By Type: DNA Chips, Lab-on-a-Chip, Cell Arrays, Tissue Arrays, and Protein Chips, among others.
By Technology: Microarrays and Microfluidics.
By End-user: Biotechnology & Pharmaceutical Companies, Hospitals, and Diagnostics Centers, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Biochips Market – Regional Analysis
North America dominates the global biochips market followed by Europe. High per-capita healthcare expenses and the presence of major market players and well-established healthcare sector are the major factors driving the biochips market in North America. Furthermore, increasing technological advancement, growing research & development activities, increasing cancer incidences, and increasing government support are fostering the regional market growth.
The biochips market in the European region holds hold the second-largest share in the global market. The presence of strong academic & research base and availability of funding for research in the European countries drives the regional market growth. Moreover, factors such as improving healthcare infrastructure, growing prevalence of chronic diseases, increasing government expenditure, growing drug discovery, and development activities are acting as a significant tailwind to the biochips market in Europe.
The Asia pacific biochips market is an emerging market, globally. Increasing government focus on biomedical and biotechnology sector and the growing number of target population in the region foster the regional market growth. The biochips market in the rapidly developing economies, China and India are emerging due to an improved lifestyle, growing awareness about biochips & their benefits, and increasing government support.
In India, top pharma companies are now partly foreign-owned and are already generating more than half of their sales outside the country. Besides, economic growth has increased healthcare expenses in India.
Global Biochips Market – Competitive Analysis
Characterized by the presence of many large and small players, the global biochips market appears to be highly competitive as well as fragmented. These well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, and product launch to gain a competitive advantage in this market. Players operating in the biochips market compete based on pricing, availability, brand, and variety.
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Biochips Market Major Players:
Players leading the global biochips market include Fluidigm Corporation, Perkinelmer, Inc., Agilent Technologies, Inc., Bio-Rad Laboratories Inc., Abbott Laboratories, Cepheid Inc., GE Healthcare, Illumina, Inc., Thermo Fisher Scientific, Inc, and Roche Diagnostics among others.