US Biochip Products and Services Market to Reach US$ 11,151.8 Million by 2027 - Coherent Market Insights

Biochip, is a bio-microarray device used for analysis of large-scale genomics, proteomics, and functional genomics. It finds application in clinical research, diagnostics, drug development, toxicology studies, and patient selection for clinical trials.

Statistics:

The U.S. biochip products and services market is estimated to account for US$ 11,151.8 Mn in terms of value by the end of 2027.

U.S. Biochip Products and Services Market: Drivers

Approval and launch of new products is expected to propel growth of the U.S. biochip products and services market over the forecast period. For instance, in April 2019, AYOXXA Biosystems GmbH launched LUNARISTM Chemokine Kits for exploration of human (Human 11-Plex) and murine (Mouse-12-Plex) chemokine signaling pathways.

U.S. Biochip Products and Services Market: Opportunities 

R&D in biochips is expected to offer lucrative growth opportunities for players in the U.S. biochip products and services market. For instance, in May 2020, researchers from Russian Academy of Sciences, Russia, reported development of 3D biochips and optimized analytical procedures that can facilitate further studies towards practical application for hepatitis C virus detection.

U.S. Biochip Products and Services Market: Restraints

Availability of alternative technologies such as mass spectrometry and polymerase chain reaction is expected to limit growth of the market. Technologies such as mass spectrometry and polymerase chain reaction can be used as substitutes to biochips. Mass spectrometry is used to determine and analyze spectra of a number of molecules present in the sample of any material. Polymerase chain reaction is the method of amplification of a single or a few copies of DNA obtained from any source.

Key Takeaways:

The U.S. biochip products and services market was valued at US$ 5,161.8 Mn in 2019 and is forecast to reach a value of US$ 11,151.8 Mn by 2027 at a CAGR of 10.1% between 2020 and 2027. Increasing product approvals and launches during the forecast period.

Microarrays segment held dominant position in the U.S. biochip products and services market in 2019, accounting for 57.5% share in terms of value. Increasing research and development along with increasing prevalence of cancer is expected to drive the market growth.

Market Trends

Integration of biochips with next-generation sequencing. Biochip platforms for single-cell or rare-molecule analyses by next-generation sequencing facilitates convenient preparation of nucleic acids from biological systems.

Increasing development in personalized medicine is expected to aid in growth of the market. Biochips along with next-generation sequencing can be used in drug screening for personalized medicine.

U.S. Biochip Products and Services Market: Competitive Landscape

Major players operating in the U.S. biochip products and services market include, Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, and AYOXXA Biosystems GmbH.

U.S. Biochip Products and Services Market: Key Developments

April 2019: Qurin Diagnostics B.V. and Lionix International B.V. acquired Surfix B.V., a supplier of custom-made nanocoatings

January 2019: AYOXXA Biosystems GmbH signed a research agreement with one of the leading pharmaceutical companies (details were not disclosed) for the development of a series of low volume, high sensitivity multiplex protein assays intend to validate protein biomarkers in the field of ophthalmology

Segmentation

Scope of the report

• U.S. Biochip Products and Services Market, By Type:
  • Products
    • Microarrays
    • Reagents & other Consumables
    • Others
  • Services
• U.S. Biochip Products and Services Market, By Application:
  • Drug Discovery
  • Life Science Research
  • IVD Tests
  • Others
• Company Profiles
  • Abbott Laboratories *
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Strategies
  • Agilent Technologies
  • Affymetrix Inc.
  • Beckman Coulter, Inc.
  • Illumina Incorporated
  • Life Technologies Corporation
  • Randox Laboratories Ltd.
  • Surfix B.V
  • AYOXXA Biosystems GmbH
•  “*” marked represents similar segmentation in other categories in the respective section.