microfluidic processor, lab on chip
The growing prevalence of chronic, as well as infectious diseases and increasing demand for personalized medicine, are some major factors propelling the growth of the global biochip market.
MANHATTAN, NY: According to TechSci Research report, “Global Biochip Market By Type (DNA Chips, Lab-On-a-Chips, Protein Chips), By Technology (Microarray v/s Microfluidics), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Agriculture, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Region, Forecast & Opportunities, 2025”, the market is anticipated to witness a double digit CAGR during the forecast period. The increasing prevalence of various chronic dieses like cancer, immunological disorders and other infectious diseases, especially among the geriatric population is acting as a major growth factor for the global biochip market. Moreover, rising demand for targeted therapies and personalized medicines, extensive R&D activities and supportive government policies are some other key factors supporting the global biochip market growth. Furthermore, ongoing technological innovations and new product launches by major players operating in the market is expected to create lucrative growth opportunities for market over the next five years.
Additionally, biochips are also finding application in the field of genomics, genotyping, and proteomics. This in turn is likely to positively influence the market growth through 2025. Apart from that, various economies are increasing spending on clinical research which is further augmenting the growth of the global biochips market. However, the high cost of biochips and lack of awareness especially in developing and underdeveloped countries can hamper the market growth.
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“Global Biochip Market”
The global biochip market is segmented based on type, technology, application, end-user, and region. Based on type, the market can be categorized into DNA chips, lab-on-a-chips, and protein chips. Out of them, the DNA chips segment is expected to dominate the market during the forecast period on account of its widespread adoption and use.
Based on technology, the global biochip market can be split into microarray and microfluidics. Among them, microarray technology is expected to dominate the market during the forecast period on account of its extensive use in forensic analysis and identification of drug candidates in the drug discovery process. Moreover, microfluidics technology is also expected to grow significantly on account of the increasing use of point of care diagnostic devices such as pregnancy kits, cardiac makers, blood gases, among others.
Major players operating in the global biochip market are Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Dynamic Biosensors GmbH, General Electric Company, Genalyte, Inc., Hologic, Inc., and Arbor Biosciences, among others. Companies are investing in developing advanced technologies and launching new services in order to enhance their product portfolio. They are also undergoing inorganic growth strategies such as mergers & acquisitions, strategic partnerships, collaborations, and joint ventures.
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“Regionally, North America is expected to dominate the global biochip market through 2025 on account of the growing prevalence of various sedentary lifestyle associated diseases in the countries like the United States and Canada. However, the Asia Pacific region is expected to register the fastest CAGR during the forecast period owing to the growth in the life science industry and improving healthcare facilities in the region, ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Biochip Market By Type (DNA Chips, Lab-On-a-Chips, Protein Chips), By Technology (Microarray v/s Microfluidics), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Agriculture, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of biochip market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global biochip market.
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