ALBANY, New York, May 16, 2017 /PRNewswire/ --
The global market for biochips is partially consolidated in which the top four players account for just under half the market share. Affymetrix Inc. is the dominant player and accounted for 15.7% of the market share in 2014. It was trailed by Agilent Technologies Inc., Illumina Inc., and Fluidigm Corporation in the same year.
Some of the popular strategies adopted by the leading companies to further advance their positions in the global biochips market is product innovation and development by leveraging latest technologies and strategic acquisitions. Affymetrix Inc., for example, has consistently focused on product development to satisfy requirements of its massive and diversified pool of consumers. Agilent Technologies Inc. and Illumina Inc., on the other hand, have resorted to carefully-considered partnerships and acquisitions to enhance their offerings and outreach.
A report by Transparency Market Research expects the global biochips market to expand at a robust 16.9% CAGR from 2015 to 2023 owing to rising private equity investments in biochips manufacturing, thrust on drug discovery and development, and automating of processes with the help of biochips technology. The report forecasts the global biochips market to reach a value of US$22.231 bn by 2023 from US$5.7 bn in 2014 expanding at a phenomenal rate.
Soaring Private Equity Investments in Biochips Propels Asia Pacific Market
Depending upon the type of biochips, the global market can be segmented into DNA chips, protein chips, and microfluidic devices. Among the three, DNA chips dominate the market with a leading share. Going forward, however, microfluidic devices will outpace the other two in terms of growth rate by clocking a phenomenal 17.4% CAGR between 2015 and 2023.
Geography-wise, the key segments of the global biochips market are North America, Europe, Asia Pacific, and the Rest of the World. North America accounts for maximum market share at present and in the near future will likely hold on to its leading position. The TMR report predicts the North America biochips market to reach a value of US$6.734 bn by the end of 2024. Vis-à-vis growth rate, Asia Pacific is predicted to register maximum growth due to soaring private equity investment in the healthcare sector, swift pace of economic reforms, focus of drug discovery and research, and increasing applications of biochips for automating processes.
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Use in Drug Discovery and Research Stokes Demand
Biochips have revolutionized drug discovery and research and this has resulted in a booming market. "Biochips have the ability to detect cancer before its symptoms develop in human bodies. Additionally, they can easily detect virulent diseases such as smallpox, anthrax, and plague in a very short span of time. Moreover, biochips are increasingly finding application in veterinary diagnostics," explains the lead analyst of the TMR report.
Biochips result in accurate gene sequencing within a short timeframe and hence steal a march over the usual gene and protein sequencing methods that do not yield qualitative output.
Regulatory Norms Stifling Growth
Acting as a deterrent to the global biochips market are a raft of regulatory norms associated with medical devices, namely United States Pharmacopeia (USP) and Clinical Laboratory Standards Institute (CLSI). This is particularly inconveniencing new entrants. Besides, many companies having the requisite expertise and knowledge to manufacture biochips find it difficult to abide by the norms set by governments because of their dearth of experience and exposure.
Get more information from Research Report Press Release: http://www.transparencymarketresearch.com/pressrelease/biochips-market.htm
This review is based on the findings of a TMR report, titled, "Biochips Market (Type - DNA Chips, Protein Chips, and Microfluidic Devices; Application - Drug Discovery and Development, Genomics, Proteomics, and In Vitro Diagnostics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015-2023."
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
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