Market Highlights:
The Global Biochips Market held a market value of USD 7,300 million in 2017 and is projected to grow at a CAGR of 16.6% over the forecast period.
Due to increasing focus on research and development of cell therapies, moreover increasing applications in cancer treatment. Companies are using a trend of strategic alliance and acquisition to gain the market and minimize the competition in the market.
Additionally, the growing research and development expenditure by the government as well as private sector is likely to contribute to the market growth. As per the data by the Office for National Statistics, in 2016, the gross domestic expenditure on research and development (R&D) was Euro 33.1 billion (USD 35.2 billion) in the UK. However, the high cost of Automation may hamper the market growth during the assessment period.
Regional Analysis:
On regional basis, the Americas is anticipated to dominate the global biochips market owing to the growing R&D budgets by both government as well as commercial pharmaceutical and biotechnological companies and increasing adoption of advanced technologies in the region. Europe is expected to hold the second largest position in the global biochips market owing to the presence of strong academic & research base and availability of funding for research in the European countries. Asia Pacific has served an opportunity for developing biochips market in this region due to increasing demand for the better treatment and devices and increasing prevalence of disease like cancer. The Middle East & Africa has the least share of the global biochips market. Moreover, the major market share of the region is expected to be held by the Middle East region owing to the increasing government initiatives for the healthcare sector.
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Segmentation
The Global Biochips Market has been segmented into type, technology, and end user.
By type, the market has been segmented into DNA chips, lab-on-a-chip, protein chips, cell arrays, and tissue arrays. DNA chips is further segmented into gene expression, SNP genotyping, cancer diagnosis & treatment, genomics, drug discovery, agricultural biotechnology, and others. Lab-on-a-chip is further segmented into clinical diagnostics, genomics, IVD (In-Vitro Diagnostic) & POC (Point of care), Proteomics, Drug Discovery, and others. Protein chips is further segmented into proteomics, expression profiling, diagnostics, high-throughput screening, drug discovery, others.
Based on technology, the market has been segmented into microarrays and microfluidics.
The biochips market, by end user, has been segmented into biotechnology and pharmaceutical companies, hospitals and diagnostics centers, academic & research institutes, and others.
Key Players
Some of the prominent players in the global biochips market are Perkinelmer, Inc., Fluidigm Corporation, Agilent Technologies, Inc., Abbott Laboratories, Bio-Rad Laboratories Inc., Cepheid Inc., Illumina, Inc., GE Healthcare, Thermo Fisher Scientific, Inc, Roche Diagnostics, and others.
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