Press release
Biochips Market Trends, and Forecast By 2023
This market has gained much prominence in a short span of time owing to the rising need for speedy, effective, low-cost, and accurate methods of decoding genes, detecting biomarkers, and performing complex biochemical reactions.
The preference for compact biochips over conventional bulky instruments indicates the wide-spread acceptance and adoption of biochips that can facilitate multiple complex and analytical protocols in a rapid and inexpensive manner.
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The market is headed for steady growth in the coming years with favorable economic reforms and significant growth in the pharma sector backing its progress. Large and established players have been benefiting from increasing investments in drug discovery and research.
For start-up companies, however, regulatory barriers pose a tough challenge. Be that as it may, the global biochips market is projected to expand at a favorable pace of 16.9% from 2015 to 2023.
Biochips are used in various applications, the key ones being genomics, drug discovery and development, in vitro diagnostics (IVD), and proteomics. Over the years, the development of biochips has increasingly influenced the growth of the miniaturization of products and the automation of processes.
The application of biochips in drug discovery and development accounted for the largest share in 2014 at 27.2%. A slight dip in market share is likely to be observed by 2023, but the segment will continue its leading streak throughout the forecast period.
Looking at the shares of each of the four application segments it can be deduced that the use and role of biochips in the aforementioned categories is equally vital. The IVD segment is projected to register the highest CAGR of 17.3% from 2015 to 2023, according to TMR.
The geographical segmentation of the global biochips market includes Europe, North America, Asia Pacific, and Rest of the World (RoW). North America has been the largest revenue generator in the biochips market, accounting for a 30.7% share in 2014.
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Although the region is anticipated to lose market share by a slight percentage over the forecast period, it will continue to dominate the global market registering a 16.7% CAGR.
Rising private equity investments in the biochips industry, the massive growth in the healthcare sector, and the increase in drug discovery and research are the key factors fueling the North American region’s competitive scenario.
Favorable economic reforms and surging mergers and acquisitions among major biochips companies are the leading driving forces of the Europe biochips market. This region, too, is anticipated to lose market share by revenue from 2015 to 2023.
About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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