A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Biochips – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 20; Released: February 2022
Executive Pool: 3911
Companies: 69 – Players covered include Agilent Technologies, Inc.; Bio-Rad Laboratories, Inc.; CapitalBio Technology Inc.; Cepheid Inc.; Fluidigm Corporation; Hoffman-La-Roche Ltd.; Illumina, Inc.; OcimumBiosolutions Ltd.; PerkinElmer, Inc.; Takara Bio Inc.; Takara Bio USA, Inc.; Thermo Fisher Scientific Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Type (DNA Chip, Lab-on-a-Chip, Protein Chip, Other Product Types); Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Agriculture, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Latin America; Rest of World.
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ABSTRACT-
Global Biochips Market to Reach $25.4 Billion by 2026
Biochip represents a solid substrate on which miniaturized test sites or microarrays are arranged. Biochip microarray technology is a testing platform where several experiments are performed at the same time to achieve rapid results and high throughput. Biochips (for example, lab-on-a-chip) thus serve as a “mini laboratory” where multiple analytes from a single sample are tested simultaneously. This replaces the need for several single-analyte assays, multiple blood draws, and higher reagent volumes, all of which also take up more time. Biochips provide exceptional resource, cost, and time savings. The device can be used for rapidly screening a number of biological analytes for a wide range of applications, including disease diagnosis and detection of hazardous biological agents in a system. Biochips are designed on the basis of microfluidic and microarray technologies, among which digital microfluidic biochips have gained significant popularity in the biochemical field owing to their high efficiency.
Amid the COVID-19 crisis, the global market for Biochips estimated at US$15.9 Billion in the year 2022, is projected to reach a revised size of US$25.4 Billion by 2026, growing at a CAGR of 11.7% over the analysis period. DNA Chip, one of the segments analyzed in the report, is projected to grow at a 10.6% CAGR to reach US$9.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lab-On-a-chip segment is readjusted to a revised 12.3% CAGR for the next 7-year period. This segment currently accounts for a 30.6% share of the global Biochips market.
The U.S. Market is Estimated at $6.3 Billion in 2022, While China is Forecast to Reach $2.4 Billion by 2026
The Biochips market in the U.S. is estimated at US$6.3 Billion in the year 2022. The country currently accounts for a 40.07% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$2.4 Billion in the year 2026 trailing a CAGR of 13.9% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.9% and 10.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.7% CAGR while Rest of European market (as defined in the study) will reach US$2.8 Billion by the close of the analysis period.
One of the prominent factors driving growth for the market for biochips at the global level is the increasing chronic disorders prevalence, especially among the fast rising elderly population in countries across the world. Increasing cancer incidence has also augmented biochips usage for early identification of cancer cells. Biochips are being increasingly used in the development of personalized and targeted drugs for treating various cancers. Increasing interest among consumers in maintaining healthy lifestyles has also been resulting in demand growth for the chips. The COVID-19 pandemic had also led many pharmaceutical and biotechnology companies to increase their focus on creating more advanced biochips capable of detecting coronavirus. Biochips have been successfully employed by several companies for developing COVID-19 diagnostic tests. These lab-based tests score over traditional options owing to their ability to deliver faster results and allow users to process multiple specimens simultaneously. Growing microfluidic technology advancements have also over the years led to development of engineered biochips for numerous laboratory procedures. There are also now digital microfluidic biochips. Another important factor driving growth for the market is the growing consumer interest in less invasive surgeries. Increasing nanotechnology upgradations also promote market growth.
Protein Chip Segment to Reach $5.5 Billion by 2026
Protein chip or protein array represents a high throughput technique to investigate protein function and monitor their expression level. They are utilized as a popular technology for basic R&D. Protein microarrays involve proteins on glass membranes, micro titer wells, mass spectrometer plates and beads, to which probes labeled with fluorescent dyes are added. The fluorescent signal emitted by the probe-protein reaction can be read via a laser scanner and qualifies and quantifies the protein. Technological advancements in diagnostics, increasing prevalence of cancer and rising demand for personalized medicine, are all factors that boost the protein chip market. In the global Protein Chip segment, USA, Canada, Japan, China and Europe will drive the 12.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.2 Billion will reach a projected size of US$5.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$516.1 Million Billion by the year 2026. More
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