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Global Biochip Market Size, Dynamics, Regional Share, Trends, Competitor Analysis 2013-2017 and Forecast 2018-2024
Biochip Market
Global biochip market was valued at US$ XX Mn in 2017 and expected to grow at 20.0% Compound Annual Growth Rate (CAGR) from 2018 to 2024
Market Outline: Biochip Market
Biochips are the miniaturized test sites that are collectively arranged on a solid substrate. It allows various tests to be performed at the same time owing to higher speed. The biochip has the capacity of performing thousands of mathematical operations within a second. There are various types of biochips available, which include protein chips, DNA chips and lab-on-chips. Biochips are used in various applications such as drug screening and development. They are also used in analyzing the organic molecules that are associated with living organisms and they are also helpful in identification of gene sequences.
Market Dynamics: Biochip Market
Increase in the demand for personalized medicine is the major factor driving the growth of the biochip market. The widening use of the biochips in detecting several viral and bacterial agents which cause diseases is also likely to influence the growth of the market. Biochips application in detecting cancer in the patients and installation of the biochips in the patient’s body through non-invasive techniques is gaining popularity among the patient pool, which is likely to drive the growth of the biochip market. The increasing investments by the pharmaceutical and biotechnology companies in the R&D activities are enriching the growth of the market. However, the higher investment in the initial stages is likely to hinder the growth of the biochip market.
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Market Scope: Biochip Market
Biochip market is segmented based on the product type, application, and end-user.
Based on the product type, the market is segmented into the following:
• Biochips Instrument
• Microarrays
• Reagents
• Analysis Software
Based on the application, the market is segmented into the following:
• Drug Discovery
• Gene Sequencing
• Cancer Research
• Clinical Diagnosis
• Proteomics
• Others
Based on the end-user, the market is segmented into the following:
• Hospitals
• Diagnostic centers
• Pharmaceutical and Biotechnology Companies
• Others
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Regional Analysis: Biochip Market
Geographically, global biochip market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America biochip market is growing due to its technological advancements. The rising count of the population affected with cancer is also a major factor that is adding scope for the development of biochip market in this region. The affordability of the treatment is also considerably high in the North America when compared with that of the other regions. The growing awareness among the patient pool regarding the new treatment procedures is helping in the adoption of the modern treatments.
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Competition Assessment: Biochip Market
Some of the players in the global biochip market include:
• Abbott Laboratories (U.S.)
• Thermo Fisher Scientific, Inc. (U.S.)
• Fluidigm Corporation (U.S)
• PerkinElmer Inc. (U.S)
• Agilent Technologies, Inc. (U.S)
• Illumina, Inc. (U.S)
• F. Hoffmann-La Roche AG (Switzerland)
• GE Healthcare (U.S)
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