Rise in geriatric population, increase in number of biochip applications, and high adoption of personalized medications is driving biochip market revenue growth.
Rise in geriatric population, increase in number of biochip applications, and high adoption of personalized medications is driving biochip market revenue growth
The global biochip market size is expected to reach USD 34.25 Billion in 2030 and register a revenue CAGR of 11.5% over the forecast period, according to the latest report by Reports and Data. Increasing application of biochips in proteomics, genomics, and drug discovery coupled with high investment in Research & Development (R&D) is driving market revenue growth.
Biochip technologies have a significant impact on genomic research because high-density microarray chips with relatively large detection systems are useful in research laboratories for monitoring the expression of large numbers of genes in parallel. However, small and inexpensive integrated biochips that combine probe arrays with sensor microchips are most suitable for medical diagnosis at the site of care. Various fields such as drug discovery, gene discovery, medical diagnostics, and toxicological research are benefitting from the use of biochip technologies.
Biochips are increasingly being utilized within the field of biomedical and biotechnological research. With headway in innovation, there has been a rise in adoption of biochips in proteomics, such as in microarrays. The benefits of protein biochips include low test consumption and its inclination toward miniaturization. These characteristics of microarrays are imperative for proteome-wide analysis.
However, biochip systems comprise probes formatted in micro scales on glass surfaces, which further require automated robotic tools for scanning and handling micro-scale samples. The requirement for specific techniques and tools for the implementation of biochip technology makes it quite sophisticated and considerably expensive, which may hinder product adoption, thereby restricting industry growth.
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Some Key Highlights from the Report
- In April 2021, PathogenDx, Inc., a biotechnology innovator based in Tucson, Arizona announced that the U.S. Food and Drug Administration (FDA) has issued an Emergency Use Authorization (EUA) for its patented COVID-19 multiplexed viral diagnostic assay, DetectX-Rv. DetectX-Rv is an RT-PCR and DNA microarray hybridization test intended for the qualitative detection of nucleic acids from SARS-CoV-2 swabs.
- DNA chip segment accounted for a significantly large revenue share in 2021 owing to extensive applications scope of DNA chips in biotechnology and drug discovery. Moreover, DNA biochips are widely used for the detection of mutations in specific genes and to detect the differences in gene expression levels in cells.
- In 2021, microfluidics segment accounted for a significantly large revenue share. The segmental growth is driven by surge in demand for POC-diagnostic devices such as glucose monitoring and pregnancy test kits. Microfluidics-based biochips are soon expected to revolutionize clinical diagnosis, DNA sequencing, and other laboratory procedures involving molecular biology.
- Glass segment accounted for a significantly large revenue share in 2021. 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 biochips.
- In-vitro diagnostics segment accounted for a considerably large revenue share in 2021. The robust growth can be attributed to extensive applications of biochips in every form of in-vitro diagnostics (IVD), including lab-on-chip application, protein microarray application, DNA application, and other array applications.
- Hospitals & diagnostic center segment revenue is expected to register steady growth rate during the forecast period owing to increasing use of biochips in hospitals and diagnostic centers because of advantages such as reduction of time and cost, and ability to deliver high throughput without the need for heavy and bulky instruments.
- Market in Asia Pacific is expected to register a fast growth rate during the forecast period. This is attributed to rapid growth in the life sciences industry in countries such as China and India.
- Companies profiled in global market report include bioMerieux SA, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Fluidigm, Illumina, Inc., HORIBA, Ltd., PerkinElmer, Inc., QIAGEN, Randox Laboratories Ltd., and Thermo Fisher Scientific Inc.
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For the purpose of this report, Reports and Data has segmented biochip market based on product, technology, substrate materials, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019–2030)
- DNA Chip
- Lab - on - Chips
- Protein Chip
- Others
Technology Outlook (Revenue, USD Billion; 2019–2030)
- Microfluidics
- Microarray
Substrate Materials Outlook (Revenue, USD Billion; 2019–2030)
- Glass
- Polymers
- Silicon
- Others
Application Outlook (Revenue, USD Billion; 2019–2030)
- Genomics
- Proteomics
- Drug Discovery & Development
- In-Vitro Diagnostics
- Disease Diagnostics
- Agriculture
End-use Outlook (Revenue, USD Billion; 2019–2030)
- Pharmaceutical and Biotechnology Company
- Academic & Research Institute
- Hospitals & Diagnostic Centers
- Other end-uses
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Regional Outlook (Revenue, USD Billion; 2019–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2019–2020) and forecast (2021–2030) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2019 and 2030.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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