The competitive landscape of the global biochips market is highly fragmented. A majority of companies operating in the market are striving to achieve global acclaim for themselves, finds Transparency Market Research (TMR). Acquisitions and product innovations are the key business strategies employed by several companies. For instance, Agilent Technologies Inc. introduced a new product, HaloPlex HS, a technology that enables researchers to accurately and rapidly identify disease-associated elements in tumor samples. Similarly, Illumina Inc., a leading U.S.-based company, announced the launch of the bioMerieux EpiSeqTM sequencing service used in epidemiological monitoring of bacterial infections.
The global market for biochips is likely to expand rapidly at a CAGR of 16.9% over the forecast period stretching between 2015 and 2023. According to TMR, the market is expected to attain a revenue worth US$22.2 bn by the end of 2023. By type, the DNA chips segment is likely to dominate the global biochips market. The drug discovery and development application segment is slated to secure a revenue equal to US$5.9 bn by the end of the forecast period.
Economic Reforms, Growing Investments in Europe to Soup up Growth
North America held the leading position in the global biochips market during 2014, and is expected to grow at a CAGR of 16.6% between 2015 and 2023. The U.S., Mexico, and Canada might represent a significant portion of the biochips market in this region, as the presence of numerous leading market players is accelerating growth. The biochips market in Europe has been receiving considerable boost from mergers and acquisitions, economic reforms, and private equity investments for biochips technology. The U.K, France, Italy, and Germany are some of the prominent markets in Europe.
Asia Pacific appears to be the fastest growing market, with Japan, China, and India being the major contributors to the growth of the biochips market in Asia Pacific. The region is likely to hold a share of 28.7% by the end of 2023. The growth of Asia Pacific can be attributed to the growing volume of private equity investments in drug discovery, research, and healthcare.
High Efficiency, Accuracy of Biochips to Ramp up Demand
The revolutionary transition in drug discovery and research spawned by the emergence of biochips has been instrumental in helping detect cancer well in advance. As the traditional protein and gene sequencing methods fail to produce qualitative output, the more efficient and accurate results produced through the use of biochips is being increasingly preferred. As biochips aid the automation of complex processes such as detecting gene sequences, the consequent reduction in time and errors is likely to give a significant boost to the market. Automation of process enhances the efficiency of workflow, reducing wastage from manual operations. The biochip technology also brings down the overall cost of production by allowing extensive production of compact, micro-sized devices. These compact biochips are preferred to the bulky, expensive, heavy, and relatively less accurate equipment that were previously used.
Contrarily, the necessity of complying with stringent regulatory frameworks might inhibit market expansion. The environmental concerns arising due to the use of silicon and glass substrates that require etching process can also be a key restraint of the global biochips market. However, the development of advanced biochip-enabled computer systems in the healthcare sector might furnish substantial opportunities for market expansion.
The information presented in this review is based on a Transparency Market Research report, titled, “Biochips Market – (Type - DNA Chips, Protein Chips, and Microfluidic Devices; Application - Drug Discovery & Development, Genomics, Proteomics, and In Vitro Diagnostics) Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023”.
Key segments of the Global Biochips Market
Global Biochips Market: By Type
Global Biochips Market: By Application
Global Biochips Market: By Geography
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