According to a report,“Biochip Market Analysis By Type, (DNA Chips, Lab-On-a-Chip, Protein Chips, Cancer Diagnosis And Treatment, Gene Expression, Single Nucleotide Polymorphism (SNP) Genotyping, Genomics, Drug Discovery, Agricultural Biotechnology, Proteomics, Expression Profiling, High Throughput Screening), By End Use (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes), And Segment Forecasts To 2024”, published by Grand View Research, Inc., Global biochip market to reach USD 25.84 billion by 2024. Growing adoption of personalized medicine and rapid technological advancements in the biochips market along with high market demand from proteomic and genomic applications is expected to drive market growth.
Key Takeaways from the report:
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DNA chips form the largest revenue-generating segment of the biochip applications. Major contribution to this share comes from usage in cancer diagnostics/treatment and drug discovery applications. DNA chips accounted for around a third of the global market revenue in 2015. The other notable contributing segments to application of biochips include gene expression, single nucleotide polymorphism genotyping, genomic studies, and agricultural biotechnology.
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The market is expected to have a high potential for growth as the technology has numerous applications to aid the miniaturization of molecular biology and biochemical & chemical assays. Over time, such miniaturization is expected to benefit medical technologies in terms of cost and input requirements.
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DNA chips, lab-on-a-chip, protein chips, and tissue & cell arrays find a number of uses in pharmaceutical & biotechnology companies, academic & research institutes, hospitals & diagnostic centers, and other end users like point-of-care settings, forensic labs, blood banks, etc.
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North America was the largest revenue-generating region and accounted for over 45%of total revenue in 2015. This can be attributed to by the presence of government initiatives for personalized patient care coupled with the availability of a very large installed base of genetic and proteomic profiling platforms across the U.S. High market usage of next-gen sequencing techniques for molecular diagnosis and treatment used with microfluidic techniques also add to the large share. Furthermore, cancer analysis projects in a number of academic and clinical research institutes are also responsible for the region’s large share.
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Some key players operating in this industry include Abbott Laboratories; PerkinElmer, Inc.; GE Healthcare; Illumina, Inc.; Thermo Fisher Scientific, Inc.; Merck Millipore; Agilent Technologies, Inc.; Sigma-Aldrich Corporation; Fluidigm Corporation; and Bio-Rad Laboratories, Inc.
U.S. biochip market, by type, 2013 – 2024 (USD Million)
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Anticipated launch and commercialization of novel products for diagnosis and treatment including laboratory- and non-laboratory-based research are expected to further reinforce growth in demand. Improvements in accuracy, resolution, and preparation procedures for the technology coupled with reduction in costs of associated materials are expected to fuel growth over the forecast period.
Ongoing developments related to further miniaturization of biochips are expected to enhance their applicability and additional usage for genetic sequencing methodologies, such as cancer genomics. Their usage is also expected to aid reduction in the cost of genome profiling, which is a factor likely to drive demand for the next step of genetic analysis, i.e., protein expression analysis. Consequently, a growth in the number of such protein profiling studies is expected to directly fuel demand for genomic and proteomic labeling techniques through to 2024.
Grand View Research has segmented the Biochip market on the basis of type, end use, region:
Biochip Outlook, by Type (Revenue, USD Million, 2013 – 2024)
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DNA chips, by application
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Cancer diagnosis and treatment
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Gene expression
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Single Nucleotide Polymorphisms Genotyping
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Genomics.
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Drug discovery
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Agricultural biotechnology
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Others
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Lab-on-a-chip, by application
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Genomics
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IVD & POC
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Proteomics
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Drug discovery
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Others
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Protein chips, by application
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Proteomics
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Expression Profiling
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Diagnostics
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HTS
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Drug Discovery
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Others
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Tissue Arrays
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Cell Arrays
Biochip Outlook, by End Use (Revenue, USD Million, 2013 – 2024)
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Biotechnology and Pharmaceutical Companies
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Hospitals and Diagnostics Centers
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Academic & Research Institutes
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Others
Biochip Regional Outlook (Revenue, USD Million, 2013 – 2024)
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North America
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U.S.
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Canada
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Europe
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Germany
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UK
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Asia Pacific
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China
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Japan
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Latin America
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Brazil
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MEA
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South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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