Global 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.
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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.
About Grand View
Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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