Biochips Market: Snapshot
The growing application of biochips in the medical sector for drug research, cancer treatment, and diagnostics has turned out to be the driving force behind the rapid growth of the global biochips market. This market has gained much prominence in a short span of time owing to the rising need for speedy, effective, low-cost, and accurate methods of decoding genes, detecting biomarkers, and performing complex biochemical reactions. The preference for compact biochips over conventional bulky instruments indicates the wide-spread acceptance and adoption of biochips that can facilitate multiple complex and analytical protocols in a rapid and inexpensive manner.
The market is headed for steady growth in the coming years with favorable economic reforms and significant growth in the pharma sector backing its progress. Large and established players have been benefiting from increasing investments in drug discovery and research. For start-up companies, however, regulatory barriers pose a tough challenge. Be that as it may, the global biochips market is projected to expand at a favorable pace of 16.9% from 2015 to 2023.
Crucial Role of Biochips in Drug Discovery and Development
Biochips are used in various applications, the key ones being genomics, drug discovery and development, in vitro diagnostics (IVD), and proteomics. Over the years, the development of biochips has increasingly influenced the growth of the miniaturization of products and the automation of processes. The application of biochips in drug discovery and development accounted for the largest share in 2014 at 27.2%. A slight dip in market share is likely to be observed by 2023, but the segment will continue its leading streak throughout the forecast period. Looking at the shares of each of the four application segments it can be deduced that the use and role of biochips in the aforementioned categories is equally vital. The IVD segment is projected to register the highest CAGR of 17.3% from 2015 to 2023, according to TMR.
Declining Market Shares of Developed Regions Give Emerging Economies Hope
The geographical segmentation of the global biochips market includes Europe, North America, Asia Pacific, and Rest of the World (RoW). North America has been the largest revenue generator in the biochips market, accounting for a 30.7% share in 2014. Although the region is anticipated to lose market share by a slight percentage over the forecast period, it will continue to dominate the global market registering a 16.7% CAGR. Rising private equity investments in the biochips industry, the massive growth in the healthcare sector, and the increase in drug discovery and research are the key factors fueling the North American region’s competitive scenario.
Favorable economic reforms and surging mergers and acquisitions among major biochips companies are the leading driving forces of the Europe biochips market. This region, too, is anticipated to lose market share by revenue from 2015 to 2023. The Asia Pacific biochips market, on the other hand, is forecast to witness a sure albeit small rise in market share by revenue by the end of the forecast period. The rising application of biochips in the automation of various processes is driving the APAC market, especially in countries such as Japan, India, and China. The region is anticipated to expand at a 17.0% CAGR from 2015 to 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. 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.
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 market is segmented on the basis of geography into Europe, North America, Asia Pacific and Rest of the World (RoW). These segments have been estimated in terms of revenue (USD million). In addition, the report has been segmented based on types, which includes DNA chips, protein chips and microfluidic devices. In addition, the report is also segmented by application that includes drug discovery & development, genomics, proteomics and in vitro diagnostics.
For better understanding of the biochips market, the study comprises market attractiveness analysis, where the types of biochips are benchmarked based on their market scope, growth rate and market attractiveness.
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.
The biochips market has been segmented as:
Global Biochips Market: By Type
- DNA Chips
- Protein Chips
- Microfluidic Devices
Global Biochips Market: By Application
- Drug Discovery & Development
- In Vitro Diagnostics
Global Biochips Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- South Africa
The report provides a cross-sectional analysis of by type and of by application segment with respect to the above mentioned regions.