Advanced Research for Treatment of Life-threatening Diseases to Fuel Demand for Biochip Products and Services, Reports TMR
The high degree of rivalry between players characterizes the landscape of the U.S. biochip products and services market, finds a new study by Transparency Market Research (TMR). According to this study, the market demonstrates an oligopolistic structure and is led by Illumina Inc., Affymetrix Inc., and Life Technologies Corp. In the recent times, the count of participants in this market has significantly increased, thanks to the rise in government funding to encourage genetic research and cancer treatment. As a result, the competition within the market has intensified considerably.
Analysts expect the competition to remain intense in the near future as a number of biochip products and services providers, based outside of the U.S. such as Technology Center Dortmund GmbH, Scienion AG, and Arrayjet Ltd., are trying to expand their reach in this market through product launches and strategic alliances.
As per TMR, the U.S. market for biochip products and services presented an opportunity worth US$2.4 bn in 2011. The market is estimated to increase at a CAGR of 10.10% between 2012 and 2018 and reach US$4.7 bn by the end of the forecast period. Microarrays have attracted strong demand in the recent past and are likely to gain substantial momentum in the near future too. The segment is expected to hold a share of 57.4% in the overall demand for biochip products and services by 2018.
Drug Delivery to Continue to Exhibit Strong Demand for Biochip Products and Services
The report assesses this market on the basis of the key applications of biochip products and services, that is, in-vitro diagnostic testing, drug delivery, science research, forensic medicine, defense, and disease management. The drug delivery segment has emerged as the prime application area for these products and services on account of the increasing utilization of biochip technology in single nucleotide polymorphism (SNP) identification and genotyping, protein analysis, gene expression analysis, and characterization in drug delivery. The opportunity for biochip products and services in this segment is expected to reach US$2.5 bn by the end of 2018.
Rising Application of Genomics and Proteomics in Cancer Research and DNA Microarrays in Drug Delivery to Boost Market
“The increase in advanced research due to the growing prevalence of cancer and other life-threatening diseases has been fueling the demand for biochip products and services remarkably,” says the author of this report. For instance, the application of genomics and proteomics has increased significantly in cancer research activities and the demand for DNA microarrays has been gaining impetus in drug discovery over the recent past. The trend is expected to continue over the next few years, driving the U.S. market for biochip products and services remarkably.
The application of these products and services is also projected to rise in the manufacturing of personalized medicines and life-science research in the years to come, resulting in the significant growth of this market.
Costly Procedure of Biochip Production to Affect U.S. Biochip Products and Services Market
While the market exhibits strong growth prospects, the complicated and costly procedure of biochip production may obstruct its growth trajectory in the coming years. The availability of alternative technologies such as polymerase chain reactions, and mass spectrometry may also affect the market to some extent in the near future, states the report.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Biochip Products and Services Market - (Microarrays, Reagents, Drug Discovery, Life Science Research, IVD Tests) U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.”
The U.S. biochip products and services market is segmented into:
- Reagents and Other Consumables
- Drug Delivery
- In-Vitro Diagnostic (Ivd) Testing
- Science Research
- Disease Management
- Forensic Medicine
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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