Global Biochips Market is estimated to reach $22 billion by 2024; growing at a CAGR of 15.5% from 2016 to 2024. Continuous research & development and technological advancements have made remarkable progresses in the field of biochips. Components such as silicon, soda glass and fused quartz, among others are used for manufacturing of biochips, which are capable of performing multi biochemical tasks. Biochips are commonly used for diagnosis and prognosis of diseases such as HIV, cancer and heart diseases, and are also used for the detection of bioterrorism agents. Moreover, they are also used for the screening of new drugs which could offer various benefits and evaluate the benefits and risk of pharmaceutical compounds. As they have the capability to exhibit excellent analytical performance and are very cost effective.
Rising prevalence of diseases such as cancer & HIV and expanding application in drug discovery fuels the growth of the biochips market. Moreover, increasing demand for customized medicine, technological advancements and rising generic drug market also boost the growth of the biochips market. Expanding application on cattle disease detection, point-of-care diagnostics and drug lead identification would provide market opportunities in the coming years. However, absence of proper regulations and high cost of instruments may hamper the market growth.
The global biochips market has been segmented into type, application and geography. By type, the market is segmented into microfluidic devices, DNA chips, and protein chips. Furthermore, by applications, it is segmented into proteomics, genomics, in vitro diagnostics (IVD) and drug discovery & development.
Geography segment of the global biochips market includes North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Italy, France, Germany and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
The key players in the global biochips market include Illumina Inc., Agilent Technologies Inc., Affymetrix Inc., Abbott Laboratories, GE Healthcare, Fluidigm Corporation, Roche Diagnostics, Bio-Rad Laboratories, Cepheid Inc., and Sigma-Aldrich Corporation, among others.
The key takeaways from the report
- The report will provide detailed analysis of Biochips Market with respect to major segments such as type and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Biochips Market has been included in the report
- Profile of the key players of the Biochips Market, will be provided, which include key financials, product & services, new developments and business strategies
Scope of Biochips Market
- Protein Chips
- Microfluidic Devices
- DNA Chips
- Drug Discovery & Development
- In Vitro Diagnostics (IVD).
- North America
- ·South America
- ·Middle East