Major players operating in the market are expanding their business in the region especially in countries like India and China
The Global Biochip Market is expected to grow at an impressive rate of around 15 per cent during the forecast period. This market, as per a report by Research and Markets is driven by the growing prevalence of various chronic and infectious disease especially in the geriatric population who are more susceptible to these diseases on account of low immunity. This has led to the increase in the demand for personalized medicine solutions or targeted therapies especially for treating diseases like cancer. This in turn is expected to positively influence the market growth over the next few years.
“Additionally, increasing R&D activities and supportive government policies further propel the market. Furthermore, ongoing technological innovations and new product launches by the major players operating in the market is expected to create lucrative opportunities for market growth through 2026,” read the report.
It continued, “However, high cost of biochips can hamper the market growth. Moreover, lack of awareness especially in the developing and underdeveloped world further impedes market growth. Besides, strict regulatory regulations imposed by the different governments across the globe further restrict the market growth during forecast period.”
The Global Biochip Market is segmented based on type, technology, application, end-user, company, and region. Based on type, the market can be categorized into DNA chips, lab-on-a-chips and protein chips. The DNA chips segment is expected to dominate the market on account of its widespread adoption and use. Based on technology, the market can be bifurcated into microarray and microfluidics.
The microarray technology is expected to dominate the market on account of its extensive use in forensic analysis and identification of drug candidates in drug discovery process. While, the microfluidics technology is expected to grow significantly on account of the increasing use of point of care diagnostic devices such as pregnancy kits, cardiac makers, blood gases, among others.
Based on end-user, the market can be fragmented into biotechnology & pharmaceutical companies, hospitals & diagnostics centers, academic & research institutes and others. The hospitals & diagnostic centers segment is expected to dominate the market on account of the extensive use of biochips by them. This can be ascribed to the associated advantages of biochips such as affordability, time saving and ability of delivering high throughput without requiring instruments.
Regionally, the Biochip market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America is expected to dominate the market on account of the growing prevalence of various sedentary lifestyle associated diseases in the country.
While, the Asia Pacific region is expected to register the highest growth through 2026. This can be ascribed to the growth in the Life science industry in the industry. Additionally, major players operating in the market are expanding their business in the region especially in countries like India and China.