Biochip Market Size, Share, Growth and Trend Analysis Report
by Susan Hill Business ConsultantGlobal biochip 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.
- 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.
Access full research report on global biochip
market:
www.grandviewresearch.com/industry-analysis/biochips-market
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Created on Sep 20th 2019 05:59. Viewed 518 times.