The global biochips market is estimated to reach $9 billion by 2024 from $4 billion in 2016; growing at a CAGR of 8.6% from 2016 to 2024. The biochips market is majorly driven by the following driving factors such as increasing demand for customized medicines, growing applications in drug discovery and rising occurrence of HIV and cancer. However, high cost of devices and lack of regulations might hinder the growth of the market. Furthermore, growing applications of biochips for the point-of-care diagnostics and development of advanced devices for cattle disease detection and drug lead identification would provide growth opportunities for the market.
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Type, application and geography are the key segments of the global biochips market. Type segment has been segmented into DNA chips, microfluidic devices and protein chips. DNA chips was the leading sub segment with highest market share in 2016 and protein chips held the second largest market. Additionally, Application segment includes in vitro diagnostics (IVD), proteomics, drug discovery & development and genomics.
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The global biochips market by geography is bifurcated into North America, Europe, Asia-Pacific and RoW. North America held the highest market share of 32.2% in 2016, driven by growing advancements in biochip technology and rising demand for personalized medicine. Moreover, Asia-Pacific region is anticipated to grow at the fastest CAGR over the forecast period, owning to rising awareness and growing investments on the R&D for advanced diagnostic techniques.
Various strategies have been adopted by the market players to boost their geographical presence and product portfolio. The major players in the biochips market include Roche Diagnostics, Affymetrix Inc., Illumina Inc., Abbott Laboratories, GE Healthcare, Fluidigm Corporation, Agilent Technologies Inc., Bio-Rad Laboratories, Cepheid Inc., and Sigma-Aldrich Corporation, among others.
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