Biochips Market to Eyewitness Stunning Growth by 2025
A biochip is a miniature medical device used in molecular laboratories to perform multiple biochemical reactions simultaneously. It can rapidly screen multiple biological analytes for an array of applications such as disease diagnosis and detection of hazardous biological agents in a system.
Rising rates of cancer, immune disorders, and viral infections are primarily responsible for the growth of the global biochip market. Other factors driving the market growth include growth in geriatric population, increase in number of biochip applications and high adoption of personalized medicine. It is built on the basis of microarray and microfluidic technology, in which the digital microfluidic biochip is highly efficient and has gained considerable popularity in the biochemical field.
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Factors such as high cost of biochips and lack of awareness about it mainly hinder the growth of the market in emerging nations. Conversely, increase in R&D investment as well as government funding and high untapped market potential in emerging economies are expected to provide lucrative growth opportunities for the market.
Key Advantages of Biochip Market:
· In-depth analysis of the global biochip market with current trends and future forecasts to clarify investment prospects from 2018 to 2025.
· A comprehensive analysis of the factors driving and restraining the market growth is provided.
· Identification of key drivers for changing market conditions, growth opportunities and major companies influencing this market globally and regionally are provided.
· Key players are profiled and their strategies are thoroughly analyzed to understand the competitive outlook in the market.
The educational and research institutes segment is expected to register a high growth rate during the forecast period. The presence of a large population, increase in disposable income, and improvement in patient awareness about biochips is expected to dominate the Asia-Pacific market during the analysis period. Among these, biotechnology and pharmaceutical companies accounted for the largest share in 2017 and are expected to grow at a significant CAGR of 10.7%. Depending on the end user, the market is classified into biotechnology and pharmaceutical companies, hospitals and diagnostic centers, educational and research institutes, and others.
The global biochip market is segmented based on product, application, end user, and region. On the basis of product, the market is segmented into DNA chip, protein chip, lab-on-a-chip and others. The DNA chip segment held the largest market share in 2017 and due to high adoption of DNA chip products, this trend is expected to continue throughout the forecast period. However, the protein chip segment is expected to grow at a significant CAGR of 12.9% during the forecast period.
Major players in the Market
· bioMrieux S.A.
· Bio-Rad Laboratories, Inc.
· F. Hoffmann-La Roche Ltd.
· Fluidigm Corporation
· Illumina, Inc.
· Horiba, Ltd.
· Perkin Elmer, Inc.
· QIAGEN N.V.
· RANDOX LABORATORIES LTD.
· Thermo Fisher Scientific Inc.
