Biochip Products and Services Market to Create Biggest Opportunities by 2025
The global biochip products and services market is expected to grow with high CAGR during forecast period, due to its increasing applications in drug discovery, genomics and proteomics. Furthermore, development of targeted and personalized medicines for treatment of cancer would also support the growth of biochip products. Manufacturing of biochip products require technical Know-how, whereas insufficient knowledge would restrict the growth of the market for these products. The other important factor that would restrict the growth of biochip products market is lack of healthcare coverage. Widening the applications of biochip products would develop new opportunities for this market. In emerging economies, governments have taken the initiative to increase healthcare awareness and this factor would help to fuel the growth of biochip products market.
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Biochip Products and Services Market by Product Types
The biochip products and services market is segmented by product type into different categories, namely tissue biochips, DNA biochips, protein biochips, carbohydrate biochips and lab-on-chips. DNA biochips represent the leading sub-segment in product types, due to its wide applications in biotechnology and drug discovery. DNA biochips market is followed by lab-on-chips and protein biochips market, due to advances in proteomics and genomics. Improvements in the field of recombinant proteins would also support the growth of protein biochips market.
Biochip Products and Services Market by Application
The biochip products and services market is segmented by application type into different sub-categories such as gene sequencing and gene expression, clinical diagnosis and treatment (Cancer diagnosis), genomics and toxicogenomics, proteomics, drug discovery and other applications. Clinical diagnosis and treatment is the leading sub-segment in application types. Cancer diagnosis and treatment segment is primarily driven by personalized medicines approved by the FDA for the treatment of cancer. Other factors supportive to the growth of cancer diagnosis segment include government funding and technological advancements.
Biochip Products and Services Market by Geography
Geographically, biochip products and services market is segmented into North America, Europe, Asia-Pacific and LAMEA. North America is leading the market for biochip products and services due to technical advances and large pool of ageing population. Asia- Pacific is emerging as a fastest growing market for biochip products and services due to easy access to latest technologies, government initiatives and cost advantage. India, China and Singapore are the most preferred locations to set up manufacturing facilities for biochip product manufacturers, considering their infrastructure and resource availability.
The leading companies in biochip products and services market include Fluidigm Corporation, Affymetrix, Inc., Illumina, Inc., Luminex Corporation, Bio-Rad Laboratories, Perkin Elmer, and Life Technologies. To gain competitive edge, these players have focused on the strategy of collaborations, agreements and launching new products. Some of the top players in the biochip market such as Illumina, Inc., Fluidigm Corporation and Affymetrix, Inc., have shifted their manufacturing base to Asia-Pacific region to take the advantage of rising demand in this region.
High Level Analysis
In-depth analysis of market drivers, challenges and trends would be helpful to determine the product positioning strategy and gain the competitive edge. Competitive landscape section entirely focuses on key players, new launches, acquisitions, agreements and collaborations. Porter’s five forces analysis has been used to determine the attractiveness of biochip products and services market. Biochip products have major application in cancer therapy, where, large pool of population is available for diagnosis and treatment due to high prevalence of cancer across the globe. Thus, availability of large number of end-users for biochip products tends to decrease the bargaining power of buyers. High manufacturing cost of these products, forces the manufacturers for collaborations, acquisitions and agreements, which can be easily afforded by the big players. Hence, threat from new entrant is less. Manufacturing of biochip products require the knowledge of technical know-how and therefore, these products cannot be easily substituted.
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Key Benefits Biochip Products and Services Market
• This report offers the following benefits in particular:
• Comprehensive coverage of biochip products and services market along with market trends, drivers and restraints would be beneficial to understand the market dynamics and serves as a guide to professionals
• Through analysis of leading company profiles, new launches, collaborations and agreements would be informative to professionals in corporate sector
• High level analysis section uses Porter’s five forces tool to analyze the market dynamics that would be beneficial for strategic decision makers
• In-depth analysis of different segments helps to recognize and exploit future opportunities within biochip products and services market
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