Due to the presence of several small, medium, and large scale companies, the global biochips market currently exhibits a highly fragmented vendor landscape. Considering the competitive nature, the market also provides significant scope for the entry of new players, states Transparency Market Research (TMR) in a new report. Currently, companies such as Agilent Technologies Inc., Affymetrix Inc., Illumina Inc, and Fluidigm Corporation hold dominance, holding a share of 48.2% in the global biochips market.
“Development of new products, diversification of product offerings, technological advancements, and strategic partnerships are the key strategies resorted by companies to maintain lead and explore opportunities across newer market”, said a lead TMR analyst.
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According to TMR, the global biochips market is poised to expand at an impressive 16.9% CAGR between 2015 and 2023. At this pace, the market is likely to reach US$22.2 bn by the end of 2023, from a valuation of US$5.7 bn in 2014. By type, the DNA chips segment led the market with a share of 39.7% in 2014. Regionally, North America emerged dominant in 2014, however Rest of the World is projected to exhibit a higher CAGR of 17.4% from 2015 and 2023.
Ability to Diagnose Chronic Ailments in Short Time to Fuel Demand for Biochips
Growth is expected to remain persistent for the global biochips market as the investment in drug discovery increases. The use of biochips has enabled transition in the field of research and drug discovery. Their ability to detect cancer in human bodies, even before symptoms appear, has rendered them indispensable in the medical industry. Furthermore, the diagnosis of virulent diseases such as anthrax, small pox, and plague is possible in a very short time using biochips.
Besides this, the possibility of automating processes is creating new avenues for the market to explore. Biochips enable automating complex processes such as the detection of proteins, gene sequences, and diseases in human bodies. Their ability to automate diagnosis is an important driver of the global biochips market as it reflects the durability and efficiency of the biochips technology. With the advent of compact biochips, the production cost is reduced to a significant level. This will further help the market to grow in the long-run.
Stringent Regulations to Hamper Market’s Growth
Despite lucrative opportunities worldwide, the startup companies find it difficult to establish their brand image in the biochips market. The stringent regulatory barriers pose considerable threat to their longevity in the market. “Notwithstanding their expertise and knowledge, these companies are often unable to comply with government regulations due to the lack of exposure and experience,” observed the TMR report’s author. Furthermore, environmental concerns related to the use of silicon and glass as popular substrates for biochips could inhibit the market’s growth.
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Opportunities in Asia Pacific and Rest of the World to Boost Market in Forthcoming Years
The enterprises operating in the global biochips market have spotted lucrative opportunities in Asia Pacific and Rest of the World. Emerging economies such as India, Australia, China, and Japan have emerged as the key biochips market in Asia Pacific. The market also sees opportunities in the advent of home monitoring biochips systems. This will help patients living in remote areas access healthcare solutions without having to travel distances. Biochips enabled systems will be able to transmit essential information to the hospital using wireless telemetry, thus saving the travel time and enabling the treatment to begin immediately. Such technological advancements is expected to boost the global biochips market in the near future.