Global biochip market was valued at USD11694.24 million in 2020 and is expected to reach USD23890.58 million by 2026, registering a CAGR of 12.52% in the next five years. The global biochip market is driven by the growing prevalence of various chronic and infectious diseases especially in the geriatric population who are more susceptible to these diseases on account of low immunity. This has led to the increase in demand for personalized medicine solutions or targeted therapies especially for diagnosis and treatment of diseases like cancer. This in turn is expected to positively influence the market growth over the next few years. Additionally, increasing R&D activities and supportive government policies further propels the market. However, the high cost of biochips can hamper market growth. Moreover, lack of awareness, especially in the developing and underdeveloped countries, further impedes the market growth.
The global biochip market is segmented based on technology, type, application, end user, company, and region. Based on technology, the market can be bifurcated into microarray and microfluidics. The microarray technology dominated the market in 2020 with a share of around 60.22% and is expected to dominate the market during the forecast period also. This can be attributed to the extensive use of biochips in forensic analysis and identification of drug candidates in the drug discovery process. While the microfluidics technology is expected to witness significant growth over the next few years on account of the increasing use of point of care diagnostic devices such as pregnancy kits, cardiac makers, and blood gases, among others. Based on type, the market can be categorized into DNA Chips, Lab-On-a-Chips, Protein Chips and others. The DNA chips segment is expected to dominate the market during the forecast period. This can be ascribed to the widespread adoption of DNA chips. Additionally, growing expenditure related to genomics and next-generation sequencing along with rising demand for detection and diagnosis of genetic disorders is further expected to support the market growth.
Regionally, North America represented a major share of the global market and is anticipated to continue its dominance in the forecast period. This is directly related to a rise in cancer incidence in the region. In 2020, cancers such as, prostate, lung, and colorectal accounted for approximately 43% of all cancers diagnosed in men. In case of women, breast, lung, and colorectal cancers are the most common cancers and they account for an estimated 50% of all new cancer diagnosed in women in the year 2020. Additionally, growing burden of different diseases is further expected to fuel the market growth.
The major players operating in the global biochip market are Abbott Laboratories Ltd., Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, BioM?rieux SA, HORIBA, Ltd., QIAGEN N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Cepheid (Danaher Corporation) and others. Major companies are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. For instance, In March 2020, Agilent Technologies, Inc. developed three new GenetiSure Cyto microarrays for prenatal and postnatal research.
Years considered for this report:
Historical Year: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
- To analyze the historical growth in the market size of the global biochip market from 2016 to 2020.
- To estimate and forecast the market size of the global biochip market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the global biochip market based on type, technology, application, end user, company, and regional distribution.
- To identify dominant region or segment in the global biochip market.
- To identify drivers and challenges for the global biochip market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global biochip market.
- To conduct pricing analysis for the global biochip market.
- To identify and analyze the profile of leading players operating in the global biochip market.
- To identify key sustainable strategies adopted by market players in the global biochip market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global biochip market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Biochip manufacturers/ suppliers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to biochips
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global biochip market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Global Biochip Market, By Technology:
- Global Biochip Market, By Type:
o DNA Chips
o Protein Chips
- Global Biochip Market, By Application:
o Drug Discovery & Development
o Disease Diagnostics
- Global Biochip Market, By End User:
o Hospitals & Diagnostics Centers
o Academic & Research Institutes
o Biotechnology & Pharmaceutical Companies
- Global Biochip Market, By Region:
o North America
? United States
? United Kingdom
? South Korea
o South America
o Middle East & Africa
? South Africa
? Saudi Arabia
Company Profiles: Detailed analysis of the major companies present in the global biochip market.
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five)