NEW YORK, Sept. 22, 2016 /PRNewswire/ -- Global biochips anticipated market to reach USD 25.84 billion by 2024, according to a new report by Grand View Research, Inc. Growing adoption of personalized medicine and rapid technological advancements in the biochips market along with high market demand from proteomic and genomic applications is expected to drive market growth.
Anticipated launch and commercialization of novel products for diagnosis and treatment including laboratory- and non-laboratory-based research are expected to further reinforce growth in demand. Improvements in accuracy, resolution, and preparation procedures for the technology coupled with reduction in costs of associated materials are expected to fuel growth over the forecast period.
Ongoing developments related to further miniaturization of biochips are expected to enhance their applicability and additional usage for genetic sequencing methodologies, such as cancer genomics. Their usage is also expected to aid reduction in the cost of genome profiling, which is a factor likely to drive demand for the next step of genetic analysis, i.e., protein expression analysis. Consequently, a growth in the number of such protein profiling studies is expected to directly fuel demand for genomic and proteomic labeling techniques through to 2024.
Further Key Findings From the Report Suggest:
DNA chips form the largest revenue-generating segment of the biochip applications. Major contribution to this share comes from usage in cancer diagnostics/treatment and drug discovery applications. DNA chips accounted for around a third of the global market revenue in 2015. The other notable contributing segments to application of biochips include gene expression, single nucleotide polymorphism genotyping, genomic studies, and agricultural biotechnology.
The market is expected to have a high potential for growth as the technology has numerous applications to aid the miniaturization of molecular biology and biochemical & chemical assays. Over time, such miniaturization is expected to benefit medical technologies in terms of cost and input requirements.
DNA chips, lab-on-a-chip, protein chips, and tissue & cell arrays find a number of uses in pharmaceutical & biotechnology companies, academic & research institutes, hospitals & diagnostic centers, and other end users like point-of-care settings, forensic labs, blood banks, etc.
North America was the largest revenue-generating region and accounted for over 45%of total revenue in 2015. This can be attributed to by the presence of government initiatives for personalized patient care coupled with the availability of a very large installed base of genetic and proteomic profiling platforms across the U.S. High market usage of next-gen sequencing techniques for molecular diagnosis and treatment used with microfluidic techniques also add to the large share. Furthermore, cancer analysis projects in a number of academic and clinical research institutes are also responsible for the region's large share.
Some key players operating in this industry include Abbott Laboratories; PerkinElmer, Inc.; GE Healthcare; Illumina, Inc.; Thermo Fisher Scientific, Inc.; Merck Millipore; Agilent Technologies, Inc.; Sigma-Aldrich Corporation; Fluidigm Corporation; and Bio-Rad Laboratories, Inc.
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