|12-06-2018 07:45 PM CET - Health & Medicine||
New Study: Biochips Market Value Expected to Show $ 21,419 Mn by 2025 - Allied Market Research
Press release from: Allied Market Research
"Biochips have gained considerable weight in recent years due to numerous applications in the life sciences, increased use of cancer, and high preference for biochips. The development of advanced biochips with enhanced functionality has broadened the range of applications of these products and has complemented market growth. In addition, an increase in strategic development by key players is expected to drive market growth in the near future."
A new report "Biochips Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2018-2025", published by Allied Market Research. The market was valued at $9,037 million in 2017, and is projected to reach $21,419 million by 2025, registering a CAGR of 11.2% from 2018 to 2025.
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Biochip is a small, integrated medical device that simultaneously performs numerous biological or biochemical reactions. It is very small and consists of microscope slides made of glass, nylon or silicone. It is a collection of microarrays that are arranged on a solid substrate and perform functions such as gene decoding, screening of a large number of biological analytes, and detection of contamination within a few seconds.
The biochips market is anticipated to exhibit significant growth in the near future, owing to factors such as rise in prevalence of life-threatening disorders, surge in number of aged people who are susceptible to cancer, increase in applications of biochips, and high demand for personalized medicines. However, high cost of biochip products and lack of knowledge about biochips hinder the market growth. On the contrary, increase in R&D investments as well as government funding and high growth potential in developing regions are expected to provide numerous opportunities for the market growth.
The DNA chip segment accounted for the largest share in 2017, owing to high availability of DNA chips as compared to other products. However, the protein chip segment is expected to grow at the high CAGR from 2018 to 2025.
The drug discovery & development segment led the global biochips market in 2017, and is expected to maintain this trend during the forecast period. On the other hand, disease diagnostics segment is anticipated to record the highest CAGR from 2018 to 2025.
The utilization rate of biochips in biotechnology and pharmaceutical companies was high in 2017. However, the academic and research institutes segment is expected to grow at a CAGR of 13.5% during the forecast period.
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Key findings of the Biochips Market :
• The lab-on-a-chip segment accounted for nearly 37% share of the global biochips market in 2017.
• The genomics segment is expected to grow at a CAGR of 10.6% from 2018 to 2025.
• The hospitals & diagnostics centers segment accounted for around one-fourth share of the global market in 2017.
• Europe accounted for more than one-fourth share of the global market in 2017.
• LAMEA is expected to grow at a CAGR of 11.9% from 2018 to 2025.
North America accounted for more than 40% share of the global market in 2017, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidence of cancer, growth in geriatric population, and adoption of biochips due to their wide applications. In addition, presence of high number of key players and availability of sophisticated healthcare infrastructure are expected to offer new growth opportunities to the market players in future.
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
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