Transparency Market Research has published a new research report that discusses the drivers and restraints impacting the global biochips market. The research report, titled “Biochips Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,” explains the various strengths, weaknesses, opportunities, and threats governing this market. According to the research report, the global biochips market is expected to reach US$22.23 bn by 2023 from US$5.70 bn in 2014, rising at a CAGR of 16.9% between 2015 and 2023.
Browse the full Biochips Market, (Type: DNA Chips, Protein Chips, Microfluidic Devices; Application: Drug Discovery & Development, Genomics, Proteomics and In Vitro Diagnostics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report at https://www.transparencymarketresearch.com/biochips-market.html
Biochips are a collection of microarrays or micro-test sites fixed on a solid substrate to perform multiple tests at the same time for achieving enhanced speed and throughput. They are small, wafer-like components that are made from substrates such as soda glass, fused quartz, silicon, and plastic. Biochips are effectively a miniature laboratory that functions to perform several biochemical reactions simultaneously.
The positive growth rate in the global biochips market will be due to the rising investments in biochips technology along with their enhanced diagnostics applications. Furthermore, greater automation with the help of biochips is also likely to propel the overall market in the coming years.
The global biochips market is segmented on the basis of type, application, and geography. On the basis of type, this market is segmented into DNA chips, protein chips, and microfluidic devices. The applications of biochips are seen in genomics, drug discovery and development, proteomics, and in vitro diagnostics. Geographically, this market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Among the various types of biochips, the DNA chips accounted for 40% of market. The key growth driver supporting this growth is the rising application of biochips in gene expression profiling, drug discovery, toxicological research, DNA sequencing, alternative splicing detection, and diagnostics and genetic engineering.
Amongst the applications, the drug discovery and development segment emerged as the leader with a share of 30% in the global biochips market. The high incidences of various health issues and the need for the development of new medicines and drugs for treatment are the main undercurrents deciding the flow of this segment in the overall market.
Geographically, North America led the overall market with Asia Pacific in tow. Analysts predict that Asia Pacific is expected to offer several growth opportunities to the biochips market in the coming years along with Rest of the World. Demand from emerging economies of South Africa, Brazil, UAE, Japan, China, and Australia are expected to drive this market in the aforementioned regions.
The key operators in the global biochips market are Affymetrix Inc., Fluidigm Corporation, Illumina Inc., Cepheid Inc., Agilent Technologies Inc., and GE Healthcare Ltd. amongst others. The research report profiles these players and provides a complete analysis of the competitive landscape of the global biochips market. The report also includes an explanation of the investment infrastructure, research and development strategies, feasibility of new projects, business and marketing strategies, and expansion plans of these top players in the global biochips market.
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
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