Biochip Market to Witness a 12.52% CAGR By 2026
Growing prevalence of chronic as well as infectious disease and increasing demand for personalized medicine are some major factors propelling the growth of the global biochip market.
According to TechSci Research report, “Global Biochip Market By Technology (Microarray v/s Microfluidics), By Type (DNA Chips, Lab-On-a-Chips, Protein Chips, Others), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Company, By Region, Forecast & Opportunities, 2026”, the biochip market was valued at USD11694.24 million in 2020 and is expected to reach USD23890.58 million by registering a CAGR of 12.52%. The increasing prevalence of various chronic diseases like cancer, immunological disorders and other infectious diseases, especially among the geriatric population is acting as a major growth factor for the global biochip market. Moreover, the rising demand for targeted therapies and personalized medicines, extensive R&D activities and supportive government policies are some other key factors supporting the global biochip market growth. Furthermore, ongoing technological innovations and new product launches by major players operating in the market are expected to create lucrative growth opportunities for the market over the next five years. Additionally, biochips are also finding applications in the field of genomics, genotyping and proteomics. This in turn is likely to positively influence the market growth through 2026. Apart from that, various economies are increasing spending on clinical research which is further augmenting the growth of the global biochip market. However, the high cost of biochips and lack of awareness especially in developing and underdeveloped countries can hamper the market growth.
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The global biochip market is segmented based on type, technology, application, end user and region. Based on end user, the market can be fragmented into biotechnology & pharmaceutical companies, hospitals & diagnostics centers, academic & research institutes, and others. The hospitals & diagnostic centers segment dominated the market in 2020 by holding 40.53% of the market share and is expected to maintain its leading position in the market on account of the extensive use of biochips by them. This can be ascribed to the associated advantages of biochips such as affordability, time saving and ability to deliver high throughput without requiring instruments. In terms of application, the market is fragmented into drug discovery & development, disease diagnostics, genomics, proteomics, others. Out of which, the drug discovery & development application segment held the largest market share in 2020 on account of the growing development of targeted and personalized medicines for treating cancer. Also, the disease diagnostics segment is projected to witness the highest growth in the forthcoming years due to the rising demand for the detection and diagnosis of genetic disorders across the globe. Based on type, the market can be categorized into DNA Chips, Lab-On-a-Chips and Protein Chips. Out of which, the DNA chips segment dominated the market in 2020 on account of its widespread adoption and use of DNA chip products. Moreover, increased spending on research related to genomics and next-generation sequencing is further contributing to the growing demand for DNA biochips.
Major players operating in the global biochip market are Abbott Laboratories Ltd., Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Hologic, Inc., among others. Companies are investing in developing advanced technologies and launching new services in order to enhance their product portfolio and are also undergoing inorganic growth strategies such as mergers & acquisitions, strategic partnerships, collaborations and joint ventures.
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“Regionally, North America is expected to dominate the global biochip market through 2026 on account of growing prevalence of various sedentary lifestyle associated diseases in the countries like United States and Canada. However, the Asia Pacific region is expected to register the fastest CAGR during the forecast period owing to the growth in life science industry and improving healthcare facilities in the region. Additionally, major players operating in the market are expanding their business in the region especially in countries like India and China, positively influencing the growth of the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Biochip Market By Technology (Microarray v/s Microfluidics), By Type (DNA Chips, Lab-On-a-Chips, Protein Chips, Others), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Company, By Region, Forecast & Opportunities, 2026”has evaluated the future growth potential of biochip market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global biochip market.
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