Biochip Market to Reach USD 29.90 Billion by 2028 – Reports and Data
Advances in development of targeted and personalized medicines for unmet medical conditions is favoring biochip market growth.
The Global Biochip Market size was valued at USD 11.49 Billion in 2020 and is forecast to reach USD 29.90 Billion, at a CAGR of 11.7% through 2028, according to a new report by Reports and Data. The market growth is driven by increasing application of biochip in proteomics, genomics, and drug discovery, coupled with high investment in R&D.
Biochip technologies have a significant impact on genomic research. Various fields such as drug discovery, gene discovery, medical diagnostics, and toxicological research, are benefitting from the use of biochip technologies. Biochip technology is expensive, and its high cost is associated with the complexity of technology, various resources and extensive R&D that goes in for the product manufacturing. Several research institutes are focusing on enhancing the precision of the product while reducing costs and time. Rise in R&D investment, government funding and high potential in untapped markets is expected to offer lucrative growth opportunities for the biochip market.
North America is forecast to dominate the global biochip market during the forecast period owing to expansion of the geriatric population base, increasing prevalence of chronic diseases like cancer and cardiac diseases, coupled with availability of advanced healthcare systems in the region.
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Further key findings from the report suggests
- Based on product type, The DNA chip segment is expected to gain major traction over the analysis period on account of extensive applications scope of DNA chip in biotechnology and drug discovery.
- The protein chip segment is projected to deliver a CAGR of 12.8% through 2028 on account of improvement in the field of recombinant proteins.
- Based on technology, the microfluidics segment dominated the biochip market with a share of 53% in 2020. The segmental growth is driven by surging demand for POC-diagnostic devices such as glucose monitoring and pregnancy test kits.
- Based on substrate material, the glass segment accounted for 33% of the market share in 2020 and is forecast to make significant revenue contributions through 2028. Glass-based substrates are in high demand for various applications as they are less sensitive to heat and organic environments as compared to polymer-based biochip.
- Based on application, the in-vitro diagnostics segment accounted for nearly 13% of the market share in 2018 and expected to gain major traction through 2028. The robust growth can be attributed to the extensive applications of biochip in every form of in-vitro diagnostics (IVD), including Lab-on-chip application, protein microarray application, DNA application, and other array applications.
- Based on end-use, the hospitals & diagnostic center segment is expected to observe notable growth through 2028 on account of advantages associated with biochip such as ability to deliver high throughput without the need for heavy and bulky instruments and significant time and cost savings.
- In the regional landscape, Europe is forecast to account for nearly 27% of the biochip market share through 2028. The presence of key industry players in the region, including biomerieux s.a., QIAGEN N.V., Randox Laboratories Ltd., and F. Hoffmann-La Roche Ltd. is positively impacting the market growth.
- Asia Pacific is forecast to exhibit maximum CAGR through 2028 on account of rapid growth in the life sciences industry in countries like China and India. In addition, growth in biotechnology and pharmaceutical research coupled with low infrastructure costs are other key factors driving Asia Pacific biochip market growth.
- Key participants in the global biochip market include bioMrieux S.A., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Fluidigm Corporation, HORIBA, Ltd., PerkinElmer, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., and Randox Laboratories Ltd., among others.
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For the purpose of this report, Reports and Data has segmented the global Biochip Market on the basis of product, technology, substrate materials, applications, end users, and Region:
Product Outlook (Revenue, USD Billion; 2018-2028)
- DNA Chip
- Protein Chip
Technology Outlook (Revenue, USD Billion; 2018-2028)
Substrate Materials Outlook (Revenue, USD Billion; 2018-2028)
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Applications Outlook (Revenue, USD Billion; 2018-2028)
- Drug Discovery and Developments
- In Vitro Diagnostics
- Disease Diagnostics
End Users Outlook (Revenue, USD Billion; 2018-2028)
- Pharmaceutical and Biotechnology Company
- Academic and research institute
- Hospitals and diagnostic centers
- Other end users
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Asia Pacific
- Latin America
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