As per the report published by Fior Markets, the global biochip market is expected to grow from USD 10,231.78 Million in 2018 to USD 25,342.61 Million by 2026 at a CAGR of 12.0% during the forecast period 2019-2026. North America dominated the marketdue to increased instances of cancer, growing geriatric population, and high adoption of biochips due to their wide applications. In addition, presence of high number of key players, and availability of sophisticated healthcare infrastructure are expected to offer new growth opportunities to the market players in future.
Biochip Market by Product (DNA Chip, Protein Chip, Lab-on-a-chip, Others), End User, Application Region Global Industry Analysis, Market End User, Share, Growth, Trends, and Forecast 2019 to 2026.
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Leading companies in the industry include bioMérieux SA, Bio-Rad Laboratories, Inc., Fluidigm Corporation, F. Hoffmann-La Roche AG, HORIBA, Ltd., Illumina, Inc., PerkinElmer, Inc., QIAGEN N.V., Randox Laboratories Ltd., and Thermo Fisher Scientific Inc., Micronit Microfluidics BV, OriGene Technologies, Inc., ANALIS SA/NV, AMS Alliance, and Dynamic Biosensors GmbHamong others. In order to enhance the market position, key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. For instance, in June 2017, Biochips for wound healing – Complex biology and chip technology have been combined at the Vienna University of Technology. This enables customized, personalized medicine on the smallest spaces.
Biochips are defined as miniaturized laboratories, which can undertake simultaneous biochemical reactions. The biochip market is segmented on the basis of product, application and end user. The product segment is classified as DNA chip, protein chip, Lab-on-a-chip and others. The DNA chip segment is dominating the market with the highest share of 47.20% in 2018 owing to an increasing use of DNA chip products.The use of DNA chip has empowered the scientific community by enabling to measure the expression levels of large numbers of genes simultaneously. A DNA chip consist of an array of microscopic “spots” each carrying numerous single-stranded oligonucleotides and are widely being used in biomedical research activities.The end user segment is divided into segments such as biotechnology & pharmaceutical companies, hospitals & diagnostics centers, academic & research institutes and others. The biotechnology & pharmaceutical companies segment is dominating the market and valued around USD 4,716.85 Million owing to numerous features offered by it.The utilization rate of biochips in biotechnology and pharmaceutical companies was high. The hospitals & diagnostics is the second fastest growing segment due to the adoption of biochip in new drug discovery as well as in point-of-care diagnostics has increased the consumption of these biochips in hospitals & diagnostics centers. Application segment includes drug discovery & development, disease diagnostics, genomics, proteomics, agriculture and others. Genomics segment is growing with the highest CAGR of 15.6% in 2018. Genomics is defined as the study of whole genomes of organisms, and uses elements from genetics. Genomics incorporates a combination of recombinant DNA, DNA sequencing methods, and bioinformatics to sequence, assemble, and analyse the structure and function of genomes.
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Biochips are defined as miniaturized laboratories, which can undertake simultaneous biochemical reactions. These biochips are made on the basis of microarray and microfluidic technologies. Thegrowing geriatric population, increasing instances of life threatening disorders and rising demand of personalized medicines arethe majorfuelling the growth of market.But the high cost of biochipsis restricting the growth of biochipmarket. However,untapped market opportunities in the developing regionsis expected to provide numerous growth opportunities in forthcoming years.Lack of awareness in developing countries is the major challenge for the biochip market.
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