Biochips Market: Value Chain Analysis and Forecast 2024
“Strategic partnerships with major industry players, the development of new and innovative products, technological advancements, and diversifying product offerings are the key strategies companies have been resorting to further their sales of biochips, penetrate into newer market areas, and gain a stronger hold over the market,” the author of the TMR study states.
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Several companies have also increased focus on research and development in order to produce advanced products that align with ongoing technological shifts. Agilent Technologies is one such company. The US-based firm acquired Seahorse Bioscience, a manufacturer of tools for measuring cell metabolism, in November 2015. The acquisition has helped Agilent gain unique technological expertise that complements its mass spectrometry and separations solutions, especially in the research of metabolomics and disease. Affymetrix has also been investing large amounts of funds in the research, design, and development of new assays, arrays, and reagent products.
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The rising applications of biochips in a wide range of diagnostic areas, especially in drug discovery and research and veterinary diagnostics, is a key factor boosting the global market. While the availability of molecular information and growing investments in the field will continue driving the use of biochips, TMR believes that the automation of several complex processes through the use of biochips is a major advantage that players can capitalize on.
The global biochips market is projected to expand at a steady 16.9% CAGR over the course of the forecast period, with the value of this market rising from US$5.7 bn in 2104 to US$22.2 bn by 2023. DNA chips form the largest segment by type in terms of revenue, with a 39.7% share in 2014. Microfluidic devices, on the other hand, are anticipated to expand at the highest CAGR of 17.4% from 2015 to 2023. Among applications, drug discovery and development is projected to witness the maximum growth through the forecast period. However, TMR predicts a slight dip in this segment’s market share. Despite this, drug discovery and development will continue to dominate the overall biochips market in terms of application.
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In terms of geography, while North America emerged as the leading regional market for biochips valuing US$1.7 bn in 2014, the Rest of the World segment is forecast to expand at the fastest pace of 17.3% between 2015 and 2023. “The biochips market in RoW is presently at a nascent stage, but the growing need for diagnostics in the healthcare sectors of the various regions under this segment promises to provide players with lucrative opportunities in the near future,” the TMR analyst assures.
This review is based on the findings of a TMR report titled “Biochips Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023.”
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