ALBANY, New York, April 13, 2016 /PRNewswire/ --
According to a new market report published by Transparency Market Research "Biochips Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," the biochips market was valued at US$5.70 bn in 2014, growing at a CAGR of 16.9% from 2015 to 2023 to account for US$22.23 bn by 2023.
Biochip technology is extremely complex and superior to the conventional methods that emphasize on manual operations. Biochips help in the automation of complex processes in order to detect gene sequences, proteins, and diseases in human bodies at a relatively short notice. Automation of such processes ensures accurate results, and reduces time and human errors. Automation of processes with the help of biochips has become extremely important as it reflects the efficiency and durability of biochips technology. The automation workflow through the use of biochips is measured in terms of sample processing time, throughput time, and capacity handled. This improves the efficiency of workflow and reduces wastage from manual operations. Therefore, automation of processes with the help of biochips is largely being used and preferred by a large number of consumers, thus driving the growth of the global biochips market.
Multiple functional units can be integrated and put together in a single chip with the help of biochip technology. These compact biochips allow large-scale production of micro-sized devices, thereby reducing the cost of single unit components. Large scale production and use of compact biochips reduces the overall manufacturing cost of biochips. Compact-sized biochips are in huge demand as compared to the bulky instruments that were used earlier and served the same purpose as biochips. The surge in demand has taken place because a biochip can facilitate multiple analytical and complex protocols rapidly in an inexpensive manner. The obsolete bulky instruments that were used previously were heavy, expensive, and not very accurate in their results. However, start-up companies in the biochips market are facing huge challenges due to regulatory barriers. A lot of companies have the expertise and knowledge to manufacture biochips but due to their lack of experience and exposure, such companies are unable to comply with the government regulations and standards.
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By type, market is divided into three segments: DNA chips, protein chips and microfluidic devices. In 2014, DNA chips were the largest contributor in global biochips market, accounting for a market share of around 40%. Increasing application of biochips in areas such as discovery of drugs, gene expression profiling, DNA sequencing, toxicological research, alternative splicing detection, diagnostics and genetic engineering among others are the major reasons motivating the growth of DNA chips.
By application, market is divided into four segments: drug discovery and development, genomics, proteomics and in vitro diagnostics. In 2014, drug discovery and development segment was the largest contributor in biochips market, accounting for a market share of around 30%. Rising incidences of health issues and requirement of new drugs and medicines for cure are the major factors influencing growth of drug discovery and development segment.
By geography, North America is the largest market of biochips in the world, followed by Asia Pacific. Moreover, biochips market has huge scope and opportunity in the emerging markets of Asia Pacific and Rest of the world (RoW). Countries such as India, China, Japan, UAE, Brazil, South Africa and Australia among others are the major biochips market falling under the Asia Pacific and RoW regions. Increasing investments in the biochips technology coupled with improved diagnostics applications and automating of processes with the help of biochips are set to improve the biochips market in the coming years.
Browse In Detail Regional Analysis: http://www.europlat.org/global-biochips-market.htm
Some of the leading players mentioned in the report are: Affymetrix Inc. (U.S.), Illumina Inc. (U.S.), GE Healthcare Ltd. (U.K.), Cepheid Inc. (U.S.), Fluidigm Corporation (U.S.) and Agilent Technologies Inc. (U.S.) among others. The report provides company market share analysis of the various industry participants. Key players have also been profiled on the basis of company overview, financial overview, business strategies and recent developments in the field of biochips.
Global Biochips Market: By Type
- DNA Chips
- Protein Chips
- Microfluidic Devices
Global Biochips Market: By Application
- Drug Discovery & Development
- In Vitro Diagnostics
Global Biochips Market: By Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World (RoW)
- Latin America
- South Africa
The report provides a cross-sectional analysis of by type and of by application segments with respect to the above mentioned regions.
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