The Global Biochip Market is forecast to reach USD 26.77 Billion by 2027, according to a new report by Reports and Data. Biochip is a costly technology. The complexity of technology, various resources, and research and development in the product are the factors that increase the price of the technology. Manufacturers and research institutes are focusing their work on improving the precision of the product while reducing the costs and time. The high cost of biochip and lack of knowledge of the product is hindering the growth of the market in emerging nations.
In the year 2017, research institutes of Stanford University School of Medicine developed a method to produce reusable and cheap diagnostic lab-on-a-chip with the help of an inkjet printer, which was worth 1 cent per chip.
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North America is forecast to dominate the global market. An increase in the geriatric population and a surge in occurrences of chronic and cardiac diseases are the key factors propelling the market growth owing to the high-quality healthcare system. The presence of major local companies also boosts the market in North America.
Further key findings from the report suggest:
- Wide applications of DNA chip in biotechnology and drug discovery led the market to hold the largest market share of approximately 35% in the year 2019.
- Improvement in the field of recombinant proteins also supports the growth of the Protein chip segment. It is estimated to hold the highest annual growth rate of 12.8% through the forecast period.
- Microfluidics dominated the market with a share of 53% in the year 2019. The growth in demand for point-of-care diagnostic devices, such as pregnancy test kits and glucose monitoring, is forecast to boost the microfluidics segment.
- The Glass segment held the largest market share of around 33% in the year 2019.
- The Polymers segment held the largest market share of over 26% in the year 2019.
- Compared to polymer-based biochips, glass-based substrates are less sensitive to heat and organic environments.
- Biochip technologies have a significant impact on genomic research. Various fields, such as gene discovery, drug discovery, toxicological research, and medical diagnostics, will benefit from the use of biochip technologies.
- Proteomics is forecast to hold the largest market share of 24% by the year 2027.
- Proteomics is used to find out when and where proteins are expressed, how proteins are modified, and rates of protein degradation, production, and steady-state abundance.
- In-Vitro diagnostics held a market share of around 13% in the year 2019. Applications of biochips extend to almost every form of in-vitro diagnostics (IVD) such as DNA application, Lab-on-chip application, protein microarray application, and other array applications.
- Academic and research institutes are speculated to hold a market share of 25% by the year 2027. Research and development are being carried out in various institutes to encourage the growth of the market.
- Europe is forecast to hold a market share of 27% by the year 2027. Presence of market players such as biomerieux s.a., F. Hoffmann-La Roche Ltd. QIAGEN N.V. and Randox Laboratories Ltd. are fueling the market.
- Key participants include bioMrieux S.A., F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Fluidigm Corporation, Illumina, Inc., HORIBA, Ltd., PerkinElmer, Inc., QIAGEN N.V., Randox Laboratories Ltd., and Thermo Fisher Scientific Inc. among others.
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For the purpose of this report, Reports and Data segments the Global Biochip Market on the basis of product, Technology, Substrate Materials, Applications, End-Users, and Region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- DNA Chip
- Protein Chip
Technology Outlook (Revenue, USD Billion; 2017-2027)
Substrate Materials Outlook (Revenue, USD Billion; 2017-2027)
Applications Outlook (Revenue, USD Billion; 2017-2027)
- Drug Discovery and Developments
- In Vitro Diagnostics
- Disease Diagnostics
End-user Outlook (Revenue, USD Billion; 2017-2027)
- Pharmaceutical and Biotechnology Company
- Academic and research institute
- Hospitals and diagnostic centers
- Other end users
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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