Biochips Market to Surpass US$ 26,715.0 Million Threshold by 2025 Globally
The Global Biochips Market, By Product Type (DNA Chips, Protein Chips, Lab-on-a-Chip, and Others), By Technology (Microfluidics and Microarray), By Application (Genomics, Proteomics, Drug Discovery & Development, and In Vitro Diagnostics), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 7,026.4 million in 2016 and is projected to exhibit a CAGR of 16.2% over the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Growth of the biochips market is attributed to increasing adoption of biochips for various research applications, applications in personalized medicine, applications in cancer therapies, and ongoing research and development by leading players to enhance technologies in biochips.
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Manufacturers are focusing on introducing innovative biochips in line with needs and demands of customers. For instance, Micralyne, Inc. launched Silicon MicraFluidics technology, a line of standardized microfluidic process technologies, which enables rapid design and deployment of microfluidic-based products in February 2018. InDevR Inc. launched a FluChip-8G technology in February 2018, which can be used only for research purposes. InDevR Inc.’s FluChip-8G Influenza A+B Assay is based on amplification technology, DNA microarrays, and machine learning. Furthermore, in December 2017, 3dbiosurfaces and STRATEC Consumables GmbH launched 3D NS-NC slide, which is used for proteomics studies. In November 2017, Micronit Microtechnologies, Axxicon, and Helvoet collaborated to meet increasing demand for high volume polymer microfluidic products worldwide.
Active research and development of biochips technology such as microfluidics and microarrays is expected to fuel growth of the global biochips market. A new biochip-based blood test has been developed to detect elevated risk for Alzheimer’s disease and pairing this test with medical and family history can advance personalized medicine significantly. Researchers from Randox Laboratories and Medical University of Vienna presented the results of this test at the 68th American Association for Clinical Chemistry (AACC) scientific meeting in 2016. Furthermore, an Israel-based company, NovellusDx, used biochip technology to recreate a patient’s genetic map to identify gene mutations driving the cancer in August 2017. This technology can help oncologists to choose the right cancer therapy for patients. In February 2018, researchers from Osaka University, Japan developed a diagnostic lab-on-a-chip, which has combined terahertz waves with a microfluidic device. Integration of recent innovations with the existing biochip technologies is expected to further improve the effectiveness of these products.
Browse 40 Market Data Tables and 34 Figures spread through 152 Pages and in-depth TOC on Biochips Market, by Product Type (DNA Chips, Protein Chips, Lab-on-a-Chip, and Others), By Technology (Microfluidics and Microarray), By Application (Genomics, Proteomics, Drug Discovery & Development, and In Vitro Diagnostics), and Region (North America, Latin America, Europe, Asia Pacific, Middle East, and, Africa) – Global Forecast to 2025
To know the latest trends and insights prevalent in the biochips market, click the link below: https://www.coherentmarketinsights.com/market-insight/biochips-market-1146
Key Takeaways of the Biochips Market:
The global biochips market is expected to exhibit a CAGR of 16.2% over the forecast period (2017 – 2025), owing to continuous product offerings by key players such as Thermo Fisher Scientific, and Illumina, Inc. in biochips market.
Increasing competition in the market has led to increasing focus of key players on continuous product development, in order to enhance their market share. This is expected to aid in market growth over the forecast period.
DNA Chips segment is expected to dominate the global biochips market over the forecast period at a CAGR of 16.2%, owing to applications in transcriptomes and proteomes, diagnosis of diseases, and others.
Microarray technology is expected to account for maximum share percentage over the forecast period due to application in diagnosis, drug discovery and development, and biotechnology.
Major players operating in the biochips market include Randox Laboratories, Fluidigm Corporation, Abbott Laboratories, Agilent Technologies, Inc., ThermoFisher Scientific, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and PerkinElmer, Inc.
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