Published: Oct, 2018
The global biochips market is considered as a highly fragmented market with a large number of international and domestic players operating across the globe, states a new report presented by Transparency Market Research. Innovations and technological advancements are predicted to support the growth of the overall market throughout the forecast period. The entry of new players, rising number of mergers and acquisitions, and the development of new products are some of the key strategies that are being adopted by the leading players that are estimated to enhance the market penetration in the coming few years. In addition to this, the key players in the market are likely to emphasize on targeting the developing economies, which holds immense growth opportunities. Thanks to these, the market is projected to enhance the competitive landscape of the market in the next few years. The players engaged in the biochips market across the globe are Agilent Technologies Inc., Illumina Inc., Cepheid Inc., GE Healthcare Ltd., Affymetrix Inc., and Fluidigm Corporation.
In 2014, the global biochips market stood at US$5.7 bn and is projected to reach US$22.2 bn by 2023. The market is further estimated to exhibit a promising 16.90% CAGR between 2015 and 2023, states the research study by Transparency Market Research. The North America market for biochips is likely to lead and hold a key share of the market in the next few years. The rise in the demand for biochips from the healthcare sector is expected to support the market growth in North America and register a healthy 16.70% CAGR between 2015 and 2023.
Increasing Number of Applications to Propel Global Biochips Market
A significant rise in the adoption of personalized medicine and the increasing focus on technological advancements are the key factors that are projected to encourage the development of the global biochips market throughout the forecast period. The rise in the number of applications, thanks to the rising research activities is likely to support the growth of the market in the near future. In addition to this, the rise in the awareness among the consumers related to the benefits of using biochips is estimated to push the demand across the globe.
In addition to this, the lucrative opportunities that are being offered by the global biochips market are attracting a large number of new players to enter the market and enhance their penetration across the globe. The developing economies, around the world, holds promising growth prospects, owing to which, the market is likely to witness substantial growth in the coming few years.
Unclear Regulatory Framework to Curb Growth of Biochips Market
The global biochips market, on the other hand, is estimated to face a few challenges in the next few years, owing to which the market may witness a downfall in the near future. The high cost of instrumentation and the unclear rules and regulations in the biochips market are predicted to restrict the market growth in the coming few years. In addition to this, the rising complexity of the biological systems is another key factor hampering the overall growth of the market throughout the forecast period.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Biochips Market (Type – DNA Chips, Protein Chips, Microfluidic Devices; Application – Drug Discovery and Development, Genomics, Proteomics, In Vitro Diagnostics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
- The global biochips market is expected to witness a strong growth in the coming few years, thanks to the increasing number of applications.
- The entry of new players is predicted to enhance the competitive scenario of the market in the coming few years.
The global biochips market has been segmented as below:
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
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453