The global Biochips market is valued at $10.61 billion in 2018 and envisioned to be developing at a CAGR of 21.80%, to attain $28.44 billion by 2023. A biochip is a set of microarrays organized on a strong substrate which allows hundreds or masses of complicated biochemical reactions which include deciphering genes in a few seconds. Biochips are utilized in a fashion of packages such as studies utility in biotechnology consisting of genomics and proteomics, drug screening and improvement and molecular diagnostics. It additionally offers different diagnostic applications along with microfluidics technology, microarray, and biosensors.
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Factors affecting market growth:
Development of targeted and personalized medicines (+)
Rising healthcare expenditure (+)
Increasing applications in drug discovery (+)
Availability of substitute technologies (+)
Technological innovations (+)
Insufficient knowledge for manufacturing of biochips (-)
Standardization concerns (-)
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The Global Biochips market is geographically segmented into
Middle East and Africa
North America is leading the worldwide Biochips market because of technological advancements and a massive growth of aging population. However, Asia-Pacific is growing as one of the fastest developing market due to development of latest technology, and promising government schemes.
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The leading companies of the market include Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.
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