Global biochips market is estimated to reach $22 billion by 2024 from $6 billion in 2016; growing at a CAGR of 15.5% from 2016 to 2024. There are the several driving factors of the market such as increasing population, rising rate of HIV & cancer patients, expanding generic drug market and growing demand for personalized medicines. However, lack of regulations and high cost may restrain the growth of the market. Furthermore, increasing R&D on devices for advanced cattle detection and growing applications of biochip for point-of-care diagnostics are the major opportunities of the market.
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Key segments of the global biochips market are type, application, and geography. Microfluid devices, DNA chips and protein chips are the key sub segments of the type segment. In 2016, DNA chips sub segment held highest market share, followed by protein chips. Moreover, application segment has been segmented into drug discovery & development, proteomics, in vitro diagnostics (IVD) and genomics.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global biochips market. In 2016, North America region accounted for the highest market share of 32.2%, owning to, growing popularity of personalized medicines and advancements in the field of biochips technology. Additionally, Asia-Pacific is anticipated to grow at the highest CAGR during 2016-2024, driven by increasing investments on advanced diagnostics techniques and rising health-consciousness.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the biochips market are Bio-Rad Laboratories, Affymetrix Inc., Abbott Laboratories, Agilent Technologies Inc., Illumina Inc., GE Healthcare, Fluidigm Corporation, Roche Diagnostics, Cepheid Inc., and Sigma-Aldrich Corporation, among others.
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