Global Biochips Market is Estimated to Reach $22 Billion by 2024, Says Accurize Market Research
Technological advancements, expanding generic drug market and rising demand for customized medicines across the globe to drive the growth of the market
Technological advancements, expanding generic drug market and rising demand for customized medicines fuels the demand for the global biochips market. Moreover, increasing prevalence of cancer & HIV and increasing applications in drug discovery also boosts the growth of the market.
The global biochips market has been bifurcated on the basis of type, application, and geography. By type, the market is segmented into DNA chips, microfluidic devices, and protein chips. Furthermore, by applications, it is segmented into proteomics, drug discovery & development, genomics, and In-vitro diagnostics (IVD).
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the U.K., Italy, France, Germany, and others. Asia-Pacific covers China, India, Japan, and others. RoW covers South America, the Middle East, and Africa.
“DNA chips accounted for the largest market share in the type segment", says Accurize
By type segment, DNA chips accounted for the largest market share accounting for 39.4% in 2017, followed by protein chips with 35.5% in 2017. Moreover, In vitro diagnostics (IVD) is expected to dominate the market in the application segment with highest CAGR during the forecast period 2017-2025; owing to the rising demand for accurate detection and diagnosis of genetic disorders.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 32.2%, owing to the advancements in biochip technology and the increasing popularity of customized medicine. However, Asia Pacific is expected to dominate the market with the fastest CAGR during the forecast period, due to increasing health-consciousness and increased spending on research & development for advanced diagnostic techniques.
Top players in the market
The key market players include Illumina Inc., Roche Diagnostics, Cepheid Inc., Agilent Technologies Inc., Affymetrix Inc., Sigma-Aldrich Corporation, Abbott Laboratories, GE Healthcare, Bio-Rad Laboratories andFluidigm Corporation, among others.
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