Biochips Market Size to show impressive growth of 11.2% CAGR to Reach USD 21.42 billion By 2025

According to the report published by Allied Market Research, Global Biochips Market Size was Valued at USD 9.04 billion in 2017, and is Projected to Garner USD 21.42 billion by 2025, witnessing a CAGR of 11.2% from 2018 to 2025. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market

Technological advancements in the sector and increased utilization in personalized medicines, cancer diagnostics, and treatment drive the growth of the global biochip market. However, high cost of R&D activities related to biochips hampers the market growth. On the other hand, improving the feasibility of biochips in drug discovery, proteomics, and genomics offers lucrative opportunities to the market players in future.

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Global Biochip Market Segmentation -

In 2017, the DNA chips segment dominated the market in terms of revenue, contributing more than one-third share, as they are cost effective and have widespread availability. However, the protein chips segment is expected to manifest the fastest CAGR of 12.9% by 2025, owing to the recent technological advancements. In addition, the lab-on-a-chip segment is expected to portray gradual growth during the forecast period.

The report analyzed key application areas including drug discovery & development, disease diagnostics, genomics, proteomics, agriculture, and others. In 2017, drug discovery & development segment accounted about 30% share of the total market, as biochips are widely used to identify the active ingredients of drugs. However, disease diagnostics segment is estimated to grow at the fastest CAGR of 12.2% through 2025, owing to the surge in use of biochips for detection of cancer and other immunological disorders.

Biotechnology & pharmaceutical companies segment contributed about two-thirds share of the total market, owing to high investment required for the development of a variety of biochip products. However, academic & research institutes segment is expected to register the fastest CAGR of 13.5% from 2018 to 2025, owing to the development of portable and user-friendly biochips, which can be used for academic purposes. In addition, the hospitals and diagnostics centers segment would show gradual growth during the study period.

In 2017, Asia-Pacific region garnered about $2.02 billion and is expected to register the fastest CAGR of 12.4% during the forecast period owing to various factors such as rapidly changing healthcare infrastructure in developing economies including India and China. However, in 2017, North America was the largest revenue contributor to the global biochip market, accounting for about 41% share, owing to rise in adoption of advanced biochips and high competitor interest in the under-penetrated market.

Top Key Players of Biochips Market: -

• Abbott Laboratories
• PerkinElmer Inc.
• Illumina Inc.
• Bio-Rad Laboratories Inc.
• Thermo Fisher Scientific, Inc.
• Agilent Technologies Inc.
• Fluidigm Corporation
• GE Healthcare
• Cepheid Inc.
• F. Hoffmann-La Roche AG.

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By Region Outlook

North America

⦁ U.S.
⦁ Canada
⦁ Mexico

Europe

⦁ UK
⦁ Germany
⦁ France
⦁ Italy
⦁ Russia
⦁ Rest of Europe

Asia-Pacific

⦁ China
⦁ Japan
⦁ India
⦁ Australia
⦁ Rest of Asia-Pacific

LAMEA

⦁ Brazil
⦁ UAE
⦁ Turkey
⦁ Saudi Arabia
⦁ Rest of LAMEA

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