Technological advancements along with rise in utilization in cancer diagnostics, personalized medicines, and treatments facilitate the growth of the global biochips market.
According to the report published by Allied Market Research, the global biochips market generated $9.04 billion in 2017, and is estimated to reach $21.42 billion by 2025, growing at a CAGR of 11.2% from 2018 to 2025. The report offers a detailed analysis of driving factors & opportunities, key winning strategies, top investment pockets, key segments, and competitive landscape.
Technological advancements along with rise in utilization in cancer diagnostics, personalized medicines, and treatments facilitate the growth of the global biochips market. However, huge initial investments in R&D activities hinder the market growth. On the other hand, improvement in feasibility of biochips in proteomics, drug discovery, and genomics create lucrative opportunities for market players in the future.
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Based on product, the DNA chips segment held the largest share in terms of revenue in 2017, accounting for more than one-third of the total share, due to its cost-effective nature and widespread availability. However, the protein chips segment is estimated to maintain the highest CAGR of 12.9% by 2025, owing to technological advancements taking place at the great speed.
Based on end user, the biotechnology & pharmaceutical companies segment held nearly two-thirds of the total market share in 2017, owing to huge investments in the development of various biochip products. However, the academic & research institutes segment would grow at the fastest growth rate with a CAGR of 13.5% from 2018 to 2025, owing to availability of portable and user-friendly biochips that are used for academic purposes.
Based on application, the drug discovery & development segment held nearly one-third of the share of the total market in 2017, owing to wide usage of biochips for identification of the active ingredients of drugs. However, the disease diagnostics segment is expected to grow at the highest CAGR of 12.2% from 2018 to 2025, owing to increase in usage for detecting cancer and various immunological disorders.
Based on region, Asia-Pacific region is estimated to grow at the highest CAGR of 12.4% during the forecast period, owing to different factors including changing healthcare infrastructure in developing countries such as India and China. However, North America held the largest revenue share in the global biochip market, accounting for more than two-fifths of the market in 2017, owing to increase in advanced biochips adoption and high interest in the under-penetrated markets.
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Scope Of The Report
|Market size available for years||2018-2025|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||By Product, By Application and End user|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
The key companies discussed in the research include Abbott Laboratories, Illumina Inc., PerkinElmer Inc., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories Inc., Fluidigm Corporation, Agilent Technologies Inc., Cepheid Inc., GE Healthcare, and F. Hoffmann-La Roche AG.
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