Global Biochips Market to reach US$22.2 Bn by 2023

This market research study analyzes the biochips market on global basis and provides estimates in terms of revenue (USD million) from 2014 to 2023. It describes the market dynamics affecting the industry and analyzes their impact through the forecast period. Moreover, it highlights the significant opportunities for market growth in the next eight years.

Biochips are a collection of microarrays which are arranged on a solid substrate that enables numerous biochemical reactions such as decoding of genes in a few seconds. In addition, biochips are designed to function in biological environments and are capable of detecting and measuring a large number of biomarkers and perform complex biochemical reactions simultaneously in a very short span of time. There have been considerable advancements in the biotechnology industry on account of the increasing application of biochips.

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In addition, biochips are largely used for research in drug discovery and development, genomics, proteomics, and molecular diagnostics. Biochips help in analyzing organic molecules related to living organisms. Therefore, they help in detecting gene sequences, environmental pollutants, airborne toxins, and other biochemical constituents.

Increasing application of biochips in the medical sector for cancer treatment, drug research, and diagnostics is one of the major factors driving the growth of the global biochips market. In addition, factors such as availability of molecular information, automation of biochemical processes through the use of biochips and application of biochips for gene and protein identification are set to drive the global biochips market.

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The use of biochips has brought about a transition in the field of drug discovery and research. Biochips have the ability to detect cancer before its symptoms develop in human bodies. In addition, it can easily detect virulent diseases such as smallpox, anthrax, and plague in a very short span of time. Moreover, biochips are increasingly finding application in veterinary diagnostics. Biochips comprise grids that may be dots or small wells. Each grid contains nucleic acid or antibodies and proteins which bind to a DNA sequence or a target antigen. The abundance of proteomics and genetics data coupled with the need for identifying gene sequences and proteins in human beings is driving the biochips market. Conventional gene and protein sequencing methods cannot provide qualitative output and are ineffective whereas biochips are extremely effective and produce accurate gene sequencing results in a very short span of time.

Significant growth in the healthcare sector, rising demands for diagnostics and increasing medical expenditure coupled with economic reforms in major developing countries has been able to bolster the growth of this market. Asia Pacific and Rest of the World (RoW) are key markets for the future and are expected to provide huge opportunities to the global biochips manufacturers.

The report also provides company market share analysis of the various industry participants. Key players have been profiled and their company overview, financial overview, business strategies and recent developments have been covered in the report. Major market participants profiled in this report include Affymetrix Inc., Illumina Inc., GE Healthcare Ltd., Agilent Technologies Inc., Fluidigm Corporation and Cepheid Inc. among others.

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This release was published on openPR.