Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global biochips market was valued at US$ 7,026.4 million in 2016 and is projected to record a staggering 16.2% CAGR over the forecast period (2017-2025).
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Rampant growth of the global biochips market is primarily attributed to the surging adoption of biochips for various research applications, as well as for use in personalized medicine, cancer therapies, and ongoing R&D programs carried out by the leading market players. Manufacturers across the globe are focusing on the launch of innovative biochips in order to cater to the rising demands of customers worldwide. For instance, in February 2018, Micralyne, Inc. launched the Silicon MicraFluidics technology, a line of standardized microfluidic process technologies. InDevR Inc. launched a FluChip-8G technology in February 2018, which can be used only for research purposes. InDevR Inc.’s FluChip-8G Influenza A+B Assay is based on amplification technology, DNA microarrays, and machine learning.
Furthermore, in December 2017, 3dbiosurfaces and STRATEC Consumables GmbH launched 3D NS-NC slide, which is used for proteomics studies. In November 2017, Micronit Microtechnologies, Axxicon, and Helvoet collaborated to meet increasing demand for high volume polymer microfluidic products worldwide.
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Active R&D of the biochips technology, such as microfluidics and microarrays, acts as a major growth propeller for the global market. A new biochip-based blood test has been developed to detect elevated risk for Alzheimer’s disease and pairing this test with medical and family history can advance personalized medicine significantly. Researchers from Randox Laboratories and Medical University of Vienna presented the results of this test at the 68th American Association for Clinical Chemistry (AACC) scientific meeting in 2016.
In February 2018, a team of researchers from the Osaka University, Japan, developed a diagnostic lab-on-a-chip, combining terahertz waves with a microfluidic device. Integration of recent innovations with the existing biochip technologies would further augment the efficacy of these products.
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Key Takeaways:
- Increasing competition among the global market contenders has led to higher attention of these players on continuous product development, in order to enhance their market share.
- The DNA Chips segment is expected to lead the global biochips market over the projected timeline, owing to the burgeoning use of these chips in transcriptomes and proteomes, as well as diagnosis of diseases.
- The renowned players operating in the global biochips market include Randox Laboratories, Fluidigm Corporation, Abbott Laboratories, Agilent Technologies, Inc., ThermoFisher Scientific, Inc., Bio-Rad Laboratories, Inc., Illumina, Inc., and PerkinElmer, Inc.
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