Increasing application of biochips in drug discovery, proteomics, and genomics coupled with high investment in R&D of the product is fueling the market growth.
Market Size – USD 9.21 Billion in 2018, Market Growth - CAGR of 11.7%, Market Trends – Increase in popularity of personalized medicine.
NEW YORK, May 06, 2019 (GLOBE NEWSWIRE) -- The Global Biochip Market is forecast to reach USD 23.97 Billion by 2026, according to a new report by Reports and Data. Biochip is a costly technology. The complexity of technology, various resources and research and development in the product are the factors that increase the price of the technology. Manufacturers and research institutes are focusing their work to increase the precision of the product while reducing the costs and time. The high cost of biochip and lack of knowledge of the product is hindering the growth of the market in the emerging nations.
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In the year 2017, research institutes of Stanford University School of Medicine have developed a method to produce reusable and cheap diagnostic lab-on-a-chip with the help of an inkjet printer, which was worth 1 cent per chip.
North America is forecasted to dominate the market. Increase in geriatric population and increase in chronic and cardiac diseases are the key factors propelling the market growth owing to the high-quality healthcare system. Presence of major local companies also boost the market in North America.
Further key findings from the report suggest
- Wide applications of DNA chip in biotechnology and drug discovery led the market to hold the largest market share of 35% in the year 2018.
- Improvement in the field of recombinant proteins also support the growth of the Protein chip segment. It is forecasted to hold the highest annual growth rate of 12.8% throughout the forecast period.
- Microfluidics dominates the market with a share of 53% in the year 2018. The growth in demand for point-of-care diagnostic devices such as pregnancy test kits and glucose monitoring is forecasted to boost the microfluidics segment.
- Glass segment held the largest market share of 33% in the year 2018. Polymers segment held the largest market share of 26% in the year 2018.
- Compared with polymer-based biochips, glass-based substrates are less sensitive to heat and organic environments.
- Biochip technologies have a significant impact on genomic research. Various fields such as gene discovery, drug discovery, toxicological research, and medical diagnostics, will benefit from the use of biochip technologies.
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- Proteomics is forecasted to hold the largest market share of 24% in the year 2026.
- Proteomics is used to find out when and where proteins are expressed, how proteins are modified and rates of protein degradation, production, and steady-state abundance.
- In Vitro diagnostics held a market share of 13% in the year 2018. Applications of biochips extend to almost every form of in-vitro diagnostics (IVD) such as DNA application, Lab-on-chip application, protein microarray application, and other array applications.
- Academic and research institutes are forecasted to hold a market share of 25% in the year 2026. Research and development are being carried out in various institutes to encourage the growth of the market.
- Europe is forecasted to hold a market share of 27% in the year 2026. Presence of market players such as biomerieux s.a., F. Hoffmann-La Roche Ltd. QIAGEN N.V. and Randox Laboratories Ltd. are fueling the market.
- Key participants include bioMrieux S.A., F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Inc., Fluidigm Corporation, Illumina, Inc., HORIBA, Ltd., PerkinElmer, Inc., QIAGEN N.V., Randox Laboratories Ltd., and Thermo Fisher Scientific Inc. among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Biochip Market on the basis of product, technology, substrate materials, applications, end users, and Region:
Product Outlook (Revenue, USD Billion; 2016-2026)
- DNA Chip
- Lab-on-chip
- Protein Chip
- Others
Technology Outlook (Revenue, USD Million; 2016-2026)
- Microfluidics
- Microarray
Substrate Materials Outlook (Revenue, USD Billion; 2016-2026)
- Glass
- Polymers
- Silicon
- Others
Applications Outlook (Revenue, USD Billion; 2016-2026)
- Genomics
- Proteomics
- Drug Discovery and Developments
- In Vitro Diagnostics
- Disease Diagnostics
- Agriculture
End Users Outlook (Revenue, USD Billion; 2016-2026)
- Pharmaceutical and Biotechnology Company
- Academic and research institute
- Hospitals and diagnostic centers
- Other end users
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2026)
- North America
- U.S.
- Europe
- UK
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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