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Biochips Global Market 2024 - Latest Trends, Technological Advancement, Driving Factors And Forecast To 2033
Biochips Global Market
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According to The Business Research Company's, The biochips market size has grown rapidly in recent years. It will grow from $10.86 billion in 2023 to $12.62 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increased demand for personalized medicine, high prevalence of chronic diseases, technological innovations, expanded applications in drug discovery, growth in investments in research and development, and supportive regulatory frameworks.
The biochips market size is expected to see rapid growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%. The growth in the forecast period can be attributed to increasing adoption in point-of-care diagnostics, expanding applications in drug development, rising demand for personalized medicine, advancements in microfluidics technology, growing investments in research and development, expanding collaborations between biotechnology companies and academic institutions, and emerging opportunities in agricultural biotechnology. Major trends in the forecast period include advancements in microfluidics technology, emphasis on developing biochips for liquid biopsy applications, rising demand for multiplexed assays for simultaneous detection of multiple analytes, integration of artificial intelligence for data analysis, and the emergence of novel biochip platforms.
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Market Drivers and Trends:
An increase in hospitalization rates is expected to propel the growth of the bed head panels market going forward. Hospitalization is the process of admitting a patient to a hospital for medical care, observation, treatment, or surgery that cannot be provided on an outpatient basis. Hospitalization rates are rising due to an aging population and the increasing prevalence of chronic diseases. Bed head panels streamline patient care during hospitalization by integrating essential medical utilities such as electrical outlets, gas supplies, lighting, and communication systems behind hospital beds. For instance, in September 2022, according to the National Health Service, a UK-based government agency, hospital admissions in the UK increased by approximately 25% from 2020-2021 to 2021-2022, rising from 128,131,120 patients to 159,794,490, respectively. Therefore, the increase in hospitalization rates is driving the growth of the bed head panels market.
Major companies in the biochips market are concentrating their efforts on developing cutting-edge technologies like organ-on-a-chip platforms, aiming to revolutionize drug discovery and development processes. Organ-on-a-chip platforms are advanced microfluidic devices engineered to replicate the physiological characteristics and functions of human organs in a scaled-down format. For instance, in April 2024, Boston Micro Fabrication (BMF), a US-based nanotechnology research company, launched BMF Biotechnology Inc. BMF Biotechnology Inc. specializes in Biochips, also known as organ-on-a-chip platforms, designed to cultivate large-scale tissues in vitro. This innovation facilitates the accelerated development of new drugs and cosmetics by providing a platform for testing and research outside of the human body.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Roche Diagnostics International Ltd, Zoetis Inc., Agilent Technologies Inc., PerkinElmer Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Tecan Group Ltd., Cepheid Inc., Randox Laboratories Ltd., Takara Bio Inc., Oxford Nanopore Technologies plc, Luminex Corporation, Fluidigm Corporation, Micronit Microtechnologies B.V., Sphere Fluidics Limited, Sengenics, Arrayit Corporation, CustomArray Inc., Partek Incorporated, NanoCellect Biomedical Inc., Dolomite Microfluidics, Biocartis NV
Biochips Market 2024 Key Insights:
• The biochips market size is expected to see rapid growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.
• Impact of Personalized Medicine On Biochips Market
• Advanced Technologies In Biochips Market Is Revolutionizing Drug Discovery With Organ-On-A-Chip Platforms
• North America was the largest region in the biochips market in 2023
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