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Global Biochips Market: Ability to Diagnose Chronic Ailments in Shorter Time to Fuel Demand for Biochips, Says TMR

Due to the presence of several small, medium, and large scale companies, the global biochips market currently exhibits a highly fragmented vendor landscape. Considering the competitive nature, the market also provides significant scope for the entry of new players, states Transparency Market Research (TMR) in a new report. Currently, companies such as Agilent Technologies Inc., Affymetrix Inc., Illumina Inc, and Fluidigm Corporation hold dominance, holding a share of 48.2% in the global biochips market.

“Development of new products, diversification of product offerings, technological advancements, and strategic partnerships are the key strategies resorted by companies to maintain lead and explore opportunities across newer market”, said a lead TMR analyst.

According to TMR, the global biochips market is poised to expand at an impressive 16.9% CAGR between 2015 and 2023. At this pace, the market is likely to reach US$22.2 bn by the end of 2023, from a valuation of US$5.7 bn in 2014. By type, the DNA chips segment led the market with a share of 39.7% in 2014. Regionally, North America emerged dominant in 2014, however Rest of the World is projected to exhibit a higher CAGR of 17.4% from 2015 and 2023.

Ability to Diagnose Chronic Ailments in Short Time to Fuel Demand for Biochips

Growth is expected to remain persistent for the global biochips market as the investment in drug discovery increases. The use of biochips has enabled transition in the field of research and drug discovery. Their ability to detect cancer in human bodies, even before symptoms appear, has rendered them indispensable in the medical industry. Furthermore, the diagnosis of virulent diseases such as anthrax, small pox, and plague is possible in a very short time using biochips.

Besides this, the possibility of automating processes is creating new avenues for the market to explore. Biochips enable automating complex processes such as the detection of proteins, gene sequences, and diseases in human bodies. Their ability to automate diagnosis is an important driver of the global biochips market as it reflects the durability and efficiency of the biochips technology. With the advent of compact biochips, the production cost is reduced to a significant level. This will further help the market to grow in the long-run.

Stringent Regulations to Hamper Market’s Growth

Despite lucrative opportunities worldwide, the startup companies find it difficult to establish their brand image in the biochips market. The stringent regulatory barriers pose considerable threat to their longevity in the market. “Notwithstanding their expertise and knowledge, these companies are often unable to comply with government regulations due to the lack of exposure and experience,” observed the TMR report’s author. Furthermore, environmental concerns related to the use of silicon and glass as popular substrates for biochips could inhibit the market’s growth.

Opportunities in Asia Pacific and Rest of the World to Boost Market in Forthcoming Years

The enterprises operating in the global biochips market have spotted lucrative opportunities in Asia Pacific and Rest of the World. Emerging economies such as India, Australia, China, and Japan have emerged as the key biochips market in Asia Pacific. The market also sees opportunities in the advent of home monitoring biochips systems. This will help patients living in remote areas access healthcare solutions without having to travel distances. Biochips enabled systems will be able to transmit essential information to the hospital using wireless telemetry, thus saving the travel time and enabling the treatment to begin immediately. Such technological advancements is expected to boost the global biochips market in the near future.

This review is based on a report published by TMR, titled “Biochips Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”

The report segments the global biochips market as:

Global Biochips Market: By Type

  • DNA Chips
  • Protein Chips
  • Microfluidic Devices

Global Biochips Market: By Application

  • Drug Discovery & Development
  • Genomics
  • Proteomics
  • In Vitro Diagnostics

Global Biochips Market: By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • U.K.
    • Italy
    • France
    • Germany
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Rest of the World (RoW)
    • Latin America
    • A.E.
    • South Africa
    • Others

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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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