Biochips Market

The global biochips market is expected to rise at a CAGR of about 18.4% during the forecast period 2022-2030. Global biochips market refers to the market of microelectronic-inspired devices that may contain ten to tens of millions of individual sensor embedded on a solid substrate. A biochip is an amalgamation of biosensors, microarrays, and microfluidics-based systems and act as an assortment of multiple tests on one single chip. The biochips provide multiplexing capacity to the analysis that in turn increases the test efficiency in molecular diagnostics. The biochips are used in delivery, analysis, processing, or detection of biological molecules and species. With the advances in the area of genomics and proteomics coupled with the technological advancement in the semiconductor industry the allowed micro-miniaturization of sensor the biochip market proliferated substantially. Further growth in personalized medicine coupled government funding in biotechnology act as a major driver for the growth of global biochip market. The total market revenue has been widely characterized on the basis of type that includes DNA chip, lab on a chip, protein chip and others.

Biotech and Pharmaceutical Companies to Lead the End User Segment

Biotech and Pharmaceutical companies leads the end user segment in the global biochips market by capturing largest market share of over 45% in 2021. Biotech and Pharmaceutical biochips market is anticipated to rise at a highest CAGR of 18.9% during the forecast period 2022-2030. The biochips are used in drug discovery by various pharmaceutical companies. Other than this, biochips also decode the genes for understanding the role of genes in health & disease. In addition, the biochips also offer testing of the microbes in food & DNA fingerprinting. Moreover, due to bio-warfare threats and bioterrorism, the adoption of biochips in pharmaceutical companies is increasing. Further, high investment by pharmaceutical and biotechnology companies for the development of new drug has aided the growth in biochips market. Moreover, the pharmaceutical companies are also proactively involved in investing in pharmaceutical biochips firms.

DNA Chip to Dominate the Type Segment

DNA chips leads the type segment in the global biochips market by capturing largest market share of over 36% in 2021. DNA chips market is anticipated to rise at a CAGR of 18.6% during the forecast period. The primary reason for the dominance of DNA chips is based on the principle of hybridization between two DNA strands. DNA chips are also used to detect both DNA and RNA. DNA chips are used in various applications such as agricultural biotechnology, cancer diagnosis, and treatment, drug discovery, gene expression, genomics, Single Nucleotide Polymorphism (SNP) genotyping, and others. The DNA chip market is primarily driven by technological advancement in the field of DNA biochips coupled with rising adoption of DNA chips for cancer diagnostic. The increasing prevalence of cancer is expected to drive the adoption of DNA chips in cancer diagnosis and treatment. According to World Health Organization (WHO), it is estimated that approximately $15 million people, globally, are expected to suffer from cancer by the end of 2022. Thus rising prevalence of cancer coupled with high adoption of DNA chips for diagnosis of cancer drive the DNA chip market

North America Takes the Lion’s Share

North America leads the global Biochip market by capturing largest market share of over 38.5% in 2021. North America biochips market is anticipated to rise at a CAGR of 18.7% during the forecast period. North America biochips market is primarily driven by high research and development investment in the pharmaceutical and biotechnology sector, high investment in the biotechnology sector coupled with rising market for precision medicine. Further, as per the International Federation of Pharmaceutical Manufacturers & Associations R&D intensity by the research based pharmaceutical industry, in the US where biochips account to 17.1% of the overall R&D investments of pharmaceutical companies. Further, as per Select USA, an official government website, United States is the largest medical device market globally with a total market size of ~ $140 billion aiding the biochips market in US.

Competitive Intensity to Raise Over the Forecast Period

Partnership and collaboration is the primary strategy adopted by the companies in the biochip market. Strategic partnership allows the companies to share their resources in order to serve their respective self-interest. Merger and acquisition is the secondary strategy adopted by the companies in the global biochip market. The companies increase their dominance and market share by acquiring other companies to increase their product portfolio. The intensity of competitive rivalry in the Biochips market is expected to shift from moderate in 2020 to high by 2023. The global Biochip market is highly competitive with the presence of many international players. The major companies are engaged in research and development of new Biochip. Companies are trying to compete with each other by providing the same characteristics at similar prices or by similar features at competitive prices for Biochip. Companies are focusing on new product development and collaborative research and development with research institutes to sustain in the market and strengthen their respective positions in the global market which is also increasing the competition. The major companies in the Biochip market are Thermo Fischer scientific, Agilent Technologies Inc., and Illumina Inc and Merck Gmbh. These companies combined have a net ~XXX% share in the global the Biochip market. Owing to the above mentioned reason the intensity of competitive rivalry is moderate in the Biochip market. Further with the focus of the companies in potential/emerging application area of biochips in the human/animal tracking, e-commerce systems and in replacing passports and medical records.

Historical & Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Type(2020-2030; US$ Mn)

• DNA Chips
• Lab on a Chip
• Protein Chips
• Others

By End Users(2020-2030; US$ Mn)

• Biotechnology and Pharmaceutical Companies
• Hospitals and diagnostics centers
• Academic and research Institute

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global biochips market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?