Biochips Market forecast to witness phenomenal growth opportunities by 2024

Biochips Market size is projected to witness significant growth from 2017 to 2024. Wide-ranging applications in the fields of proteomics, genomics, genotyping, and drug discovery coupled with rising adoption of the personalized medicines are the major factors driving the biochips market growth over the forecast period. The biochips are also used in detection of bacterial and viral agents that are causative agents for smallpox, anthrax and plague. In addition, the detection of malignant cells in body is possible and this aids in diagnosis and treatment of cancer.

The technological developments such as, minimally invasive techniques for installation of biochips into patient’s body generates high adoption in numerous medical organizations. These microprocessor chips have increased diagnostic methods as well as lowered expenses thereby, boosting the demand. Moreover, requirement of miniaturizing clinical and biological tests that are used in diagnosis and research are determinants of increasing demand for bio-array techniques and biochips market.

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Increasing prevalence of cancer will surge the demand in future. As per WHO prediction, deaths due to cancer will escalate up to 13 million by 2030. The technology of biochip is extremely helpful in cancer drugs development. In addition, the research conducted and some ongoing research studies along with appropriate funding provided by private and government organizations is propelling business growth. For instance, in 2012, the Institute of Bioengineering and Nanotechnology of Singapore developed miniaturized biochip to help in detection of resistant drug for cancerous cells.

The high cost of biochips and the requirement of robotic tools for scanning as well as handling micro scale sample may restrain the biochips market growth over the coming years. Additionally, the requirement of bioinformatics tools for data analysis thereby, the application of this technology is extremely expensive that will hamper the business growth.

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The DNA chips segment accounted for major share in the biochips market owing to its wide-ranging applications in fields such as, drug discovery, gene expression, genomic studies, cancer treatment and diagnosis. Moreover, the high demand for analysis and recognition of genomic disorders are the factors fueling business growth.

The microarray technology segment will witness substantial growth due to associated advantages offered such as, comparison of thousands of genes at once, powerful technology for sequenced genome, and gene expression studies. Additionally, there is no requirement of expensive and tedious process of positioning thus large batches production is possible.

Diagnostic centers and hospitals segment is growing efficiently with increasing demand in genomic testing and gene expression for detection of genetic disorders. In addition, the adoption by other fields for application in environmental contamination, biodefense, and identification of food pathogen upsurge biochips market growth.

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U.S. held largest revenue share in 2016, owing to high adoption rate of the advanced technology in the fields of proteomics and genomics. Moreover, rising R&D activities along with supporting funds provided for research are the factors propelling business growth. For instance, at the Argonne National Laboratory, U.S. Department of Energy, researchers succeeded in progress of biochip to diagnose modifications of cancer before patient show any similar symptoms of cancer.

Germany will witness lucrative growth due to rising demand for advanced diagnosis, ongoing R&D, and technological advancement. For instance, at Heinz Nixdorf Chair, in Germany, work on controlling tumor growth by using biochip technology is done. This can be implanted near tumor for release of drugs when the tumor grows and it will be controlled by electrical impulses, thereby, treating patients that cannot be operated for pancreatic cancerous tumors.

Some of the industry players are PerkinElmer, Illumina, Bio-Rad Laboratories, Agilent Technologies, Thermo Fisher Scientific, Abbott Laboratories, F. Hoffmann-La Roche, Becton Dickinson and Company, Origene Technologies, and Novus Biologicals. The company players concentrate on strategic partnership, and acquisitions for their development. For instance, in August 2015, Becton Dickinson acquired Cellular Research that is a startup and it develops tools for single cell genetic analysis created on technology of molecular indexing.

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