Biochip Market is Prospering Owing to its Emerging Applications in Various Fields all over the world
The Global Biochip Market is expected to exceed the market valuation of more than US$ 25317.03 million by 2027 expanding at a reasonable CAGR of 12.13% during the forecast period (2021-2027). A biochip is a little miniaturized device that can perform multiple biochemical reactions at the same time in molecular laboratories. It can quickly screen a variety of biological analytes for varied applications, including disease diagnosis and the detection of biological substances that are toxic to a system. It is designed based on microarray and microfluidic technologies, among which digital microfluid biochip is highly efficient, and has gained significant popularity in the biochemical field
The demand for biochips across the globe is witnessing an uptick on account of the growing cancer prevalence and rising incidence of viral infections and immunological disorders have served as significant global biochip market growth drivers. For instance, as per CDC, in 2019, Asian persons continued to represent the largest proportion of persons with TB (35.3%), followed by Hispanic persons (30.2%), Black/African American persons (19.7%), and White persons (11.4%).
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The sudden outbreak of COVID-19 has disrupted the economy of the countries in the world. However, some sectors including, pharmaceuticals, medical devices, research, and e-commerce have made gains during this pandemic. The COVID-19 has positively impacted the biochip market. Biochips have relevance in the detection of COVID-19, due to which the market shares of biochips got boom. The key players operating in the market are focusing on launching various products using biochips technology, which helps the healthcare providers in these tough times.
Based on type, the market is fragmented into DNA chips, lab-on-a-chip, protein chips, and others. The DNA chips segment dominated the market in 2020. Furthermore, the lab-on-a-chip segments are also expected to grow at the highest CAGR during the forecast period. With the integration of microarray and microfluidic systems, a micro total analysis system, which is often called a lab-on-a-chip (LOC) system, is produced. LOCs are capable of conducting various types of chemical and cellular analysis, separations, and reactions. LOC is one of the fastest-growing areas of microfabrication and nanotechnology development, integrating many technologies to develop applications in a wide range of disciplines including genetic analysis, disease diagnosis, culturing and manipulating cells, drug discovery, and materials chemistry.
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Based on the technology, the market is fragmented into microarray and microfluidics. The microarray segment of Global Biochips dominated the market in 2020 and is expected to grow at a significant CAGR during the forthcoming years owing to its application in forensics and drug discovery. Microarrays are biotechnological platforms used to investigate functional biomolecules. The fabrication of an array of molecules (up to > 1000 spots) on a chip enables us to evaluate the interactions of a huge number of molecules with an overlaid analyte molecule simultaneously, instead of the fine and in-depth structural analysis achieved using mass spectrometry. The analysis of microarray data has been an active field of development. It has been applied to a wide variety of problems such as selecting differentially expressed genes, building prognostic or diagnostic predictors, or discovering groups in data.
Based on the end-user, the market is fragmented in hospitals & diagnostics centers, academics & research institutes, biotechnology & pharmaceuticals, and others. The hospitals & diagnostics centers segment grabbed the major market share and dominated the market. Moreover, the rising number of Hospitals & Diagnostic Centres is also propelling the market growth. As per the Organization for Economic Cooperation and Development, there were 6146 Hospitals in the United States in 2018. The Biotechnology & Pharmaceutical Companies is anticipated to register the fastest CAGR in the upcoming period owing to the rising focus of various companies on developing novel biochips for detecting the infection in the body. Genomics is enabling Biotechnology & Pharmaceutical Companies to take a more personalized approach to drug development and is expected to result in safer and more effective drugs.
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For a better understanding of the market adoption of the Biochip market, the market is analyzed based on its worldwide penetration in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for Biochip in 2020 owing to the advanced technology for diagnosis and treatment of chronic disorders, availability of private and government funding, etc. Some of the major players operating in the market are Abbott Laboratories Inc., Agilent Technologies, Inc., PerkinElmer Inc., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories Inc, GE Healthcare Inc., Fluidigm Corporation, Illumina, Inc., F. Hoffmann-La Roche AG, and BioMerieux SA. Several M&A’s along with partnerships have been undertaken by these players to develop In-Cabin Sensing Systems
Global Biochip Market Segmentation
Market Insight, by Type
- DNA Chips
- Proteins Chips
Market Insight, by Connectivity
Market Insight, by Application
- Drug Discovery & Development
- Disease Diagnostics
Market Insight, by End-users
- Hospitals & Diagnostics Centers
- Academics & Research institutes
- Biotechnology & Pharmaceuticals
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Abbott Laboratories Inc.
- Agilent Technologies, Inc.
- PerkinElmer Inc.
- Thermo Fisher Scientific, Inc.
- Bio-Rad Laboratories Inc
- GE Healthcare Inc.
- Fluidigm Corporation
- Illumina, Inc.
- F. Hoffmann-La Roche AG
- BioMerieux SA