Biochips are known as miniature laboratories or fundamental functional units that are capable of performing various biochemical reactions simultaneously. The size of a biochip is that of a fingernail. The biochip performs a large number of biological reactions in a few seconds such as analyzing contamination and gene decoding. The functional unit is a collection of miniaturized microarrays or test sites arranged on a solid substrate, which performs multiple tests, at the same time, to achieve speedy diagnosis with higher throughput. Biochips can also be used in biological warfare to rapidly detect chemical agents so that defensive measures can be taken.
The integration of biotechnology and electronics has led to the development of biochips that has enabled in replacement of conventional bulky sensing tools into smaller and highly efficient technology. Biochips are used for multiple applications in different spheres of technology involving diagnosis of cancer, biomolecules, blood clots, and analysis of biomarkers.
Rising adoption of biochips in drug discovery and life science research is expected to drive the global biochips market growth
Increasing need for personalized medicine and need for high speed and early diagnostics are some of the key factors driving growth of the global biochips market. Additionally, increasing healthcare awareness and rising use of biochips due to increasing prevalence of cancer are also fuelling growth of the global biochips market. According to the World Health Organization, Cancer is among the leading causes of death globally, with 14 million cases registered in 2012, where the number of new cancer cases is estimated to rise to 22 million within the next two decades. Developments related to miniaturization of biochips are expected to enhance their applicability and usage for genetic sequencing methods such as cancer genomics. Adoption and usage of biochips is also expected to reduce the expenses of genome profiling, which is a factor likely to drive demand for the advanced genetic analysis, i.e., protein expression analysis.
However, limited technical knowledge related to biochips, no proper regulatory guidelines, high instrumentation costs, and availability of alternative technologies are some of the major factors restraining growth of the global biochip market.
Pharmaceutical segment is expected to dominate the biochips market owing to the use of biochip microarray to determine the success of clinical trials of new drugs
The global biochips market is segmented on the basis of product type, application, technology, end user, and geography
On the basis of product type, the global biochips treatment market is segmented into:
On the basis of application, the global biochips market is segmented into:
On the basis of technology, the global biochips market is segmented into:
On the basis of end user, the global biochips treatment market is segmented into:
Rising prevalence of lifestyle diseases is expected to boost growth of the biochips market in North America
Regional segmentation of the global biochips market by Coherent Market Insights comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to be dominant in the global biochips market over the forecast period. Growth in the regional market is attributed to rising geriatric population and increasing prevalence of lifestyle diseases such as diabetes and cardiac disorders. According to Centers for Disease Control and Prevention, 2015, around 47% of the people in the U.S. have a risk of heart disease associated with high cholesterol, high blood pressure, and smoking. Also, according to the World Health Organization, 2016 an estimated 422 million adults are living with diabetes, with the prevalence expected to double by 2030. The biochips market in Asia Pacific is expected to witness high growth rate owing increasing research activities in emerging economies such as India, and China, large pool of patients, and rising government funding to encourage research activities.
Key players are engaged in launching and commercialization of biochips supporting growth of the market
New product launches and commercialization of novel biochip products by key players for diagnosis, treatment, and prevention including non-laboratory and laboratory-based research are expected to aid in fuelling demand. Improvement in resolution and accuracy coupled with reduction in costs of associated materials to develop cost effective products are strategies adopted by the major market players.
Key players operating in the global biochips market include Abbott Laboratories, GE Healthcare, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific, Inc., and F. Hoffmann-La Roche AG.
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