The Global Biochips Market was worth $7.15 billion in 2016 and estimated to be growing at a CAGR of 21.80%, to reach $19.17 billion by 2021. A biochip is an assembly of miniaturized test sites that are organized on a compact substrate, which allows many tests to be executed at the same time to reach higher throughput and speed.
Usually, the surface area of a biochip is no bigger than a fingernail. Like a computer chip that can accomplish millions of mathematical tasks in one second, a biochip can implement thousands of biological responses, such as decoding genes, in the duration of a few seconds.
The growth of the Global Biochips Market is mainly driven by factors such as an increased application in cancer study, surge in the utilization of personalized medicine, and increased commercial uses of biochips. However, factors such as an availability of substitute technologies, low commercial suitability due to higher costs, and standardization concerns are restraining the growth of the market.
The Global Biochips market is segmented based on Type, End User, and Fabrication Technology. The market for Biochips, on the basis of Type is segmented into DNA Chips, Lab-On-A-Chip, and Protein Chips. DNA Chips are further segmented into SNP Genotyping, Genomics, Agricultural Biotechnology, Gene Expression, Cancer Diagnosis & Treatment, Drug Discovery, and Others. Lab-On-A-Chips are further segmented into Clinical Diagnostics, IVD & POC, Drug Discovery, Genomics, and Proteomics. Protein Chips are further segmented into Expression Profiling, High-Throughput Screening, Proteomics, Diagnostics, and Drug Discovery. On the basis of type, DNA Chips are the largest segment, followed by lab-on-chips and protein biochips market, due to development in the proteomics and genomics field. However, enhancement in the field of recombinant proteins would assist the growth of protein biochips market. On the basis of End User, the global Biochips market is segmented into Hospitals and Diagnostics Centers, Biotechnology and Pharmaceutical Companies, Academic & Research Institutes. The Hospitals and Diagnostics Center segment dominates the market, as it is primarily driven by various factors such as increasing government funding and technological advancements.
The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa. North America is leading the global Biochips market due to technological advancements and a large pool of ageing populace. However, Asia-Pacific is developing as one of the fastest growing market due to easy access to latest technologies, and promising government schemes.
The recent developments in the global biochips market include the outsourcing of biochips technology, which would aid in decreasing labor cost and capital prerequisites. The major companies dominating the global Biochips market are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.
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