According to a new report published by Allied Market Research, titled, Biochips Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 20182025," the market was valued at $9,037 million in 2017, and is projected to reach $21,419 million by 2025, registering a CAGR of 11.2% from 2018 to 2025.
Biochip is a miniaturized integrated medical device, which performs numerous biological or biochemical reactions simultaneously. It is extremely small in size, and consists of microscope slide, which is manufactured of glass, nylon, or silicon. It is a collection of microarrays, which are arranged on a solid substrate and perform functions such as decoding genes, screening of large number of biological analytes, and finding contaminations in a few seconds.
The biochips market is anticipated to exhibit significant growth in the near future, owing to factors such as rise in prevalence of life-threatening disorders, surge in number of aged people who are susceptible to cancer, increase in applications of biochips, and high demand for personalized medicines. However, high cost of biochip products and lack of knowledge about biochips hinder the market growth. On the contrary, increase in R&D investments as well as government funding and high growth potential in developing regions are expected to provide numerous opportunities for the market growth.
The DNA chip segment accounted for the largest share in 2017, owing to high availability of DNA chips as compared to other products. However, the protein chip segment is expected to grow at the high CAGR from 2018 to 2025.
The drug discovery & development segment led the global biochips market in 2017, and is expected to maintain this trend during the forecast period. On the other hand, disease diagnostics segment is anticipated to record the highest CAGR from 2018 to 2025.
The utilization rate of biochips in biotechnology and pharmaceutical companies was high in 2017. However, the academic and research institutes segment is expected to grow at a CAGR of 13.5% during the forecast period.
Key findings of the Biochips Market :
The lab-on-a-chip segment accounted for nearly 37% share of the global biochips market in 2017.
The genomics segment is expected to grow at a CAGR of 10.6% from 2018 to 2025.
The hospitals & diagnostics centers segment accounted for around one-fourth share of the global market in 2017.
Europe accounted for more than one-fourth share of the global market in 2017.
LAMEA is expected to grow at a CAGR of 11.9% from 2018 to 2025.
North America accounted for more than 40% share of the global market in 2017, and is expected to remain dominant throughout the forecast period. This is attributed to increase in incidence of cancer, growth in geriatric population, and adoption of biochips due to their wide applications. In addition, presence of high number of key players and availability of sophisticated healthcare infrastructure are expected to offer new growth opportunities to the market players in future.