Global Biochips Market is expected to grow at a CAGR of 18.4% during the forecast period 2022-2030


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.

Healthcare & life science biochips in the vertical segment of biochips market is expected to rise at a CAGR of 18.7% during the forecast period. The biochips are finding their application in hospitals & diagnostics centers due to the offerings provided by biochips within the hospitals & diagnostics centers. In addition, the surge in Point of Care (POC) diagnostics has also lifted the adoption of biochip in hospitals and diagnostic centers. As the laboratory functions are miniaturized on to the biochips, allowing individual cells to get quantified on the portable biochips. Therefore, the biochip technology allows hospitals to adopt the POC diagnostics, as the chips offer quick test outcomes in molecular diagnostics, speedily turnaround times, and expense adequacy.

Protein Chip in the type segment of biochips market is expected to rise at a highest CAGR of 18.9% during the forecast period. The protein biochips are expected to be adopted to a larger extent as they automate and helps in analyzing the protein identification. Protein chips have emerged as a highly effective tool in identification of autoantibodies and allergen reactivity, detection of toxins and bacteria and in cancer profiling. The growing cancer cases globally and the need for early detection and cure of cancer is expected to be a key driver for the biochip market by protein chips. However, Expression profiling is the systematic process of measurement of gene activity of several thousands of genes at one time correspondingly to develop a global picture of cellular function. This expression profiling recognizes genes in tissues and cells which produces RNA and is helpful in making proteins and carries genetic information. This technology is expected to be widely adopted in healthcare industry due to the rising prevalence of cancer and infectious diseases.

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Asia Pacific biochips market is expected to rise at a highest CAGR of 19.3% during the forecast period. Asia Pacific biochips market is primarily driven by high investment in the biotechnology sector coupled with growth of precision medicine in Asia pacific. In the Chinese 13th five-year plan, the National Health and Planning Commission (NHFPC) and the Ministry of Science and Technology of China have planned to invest on the China’s precision medicine plan aiding growth in Asia pacific biochips market. Asia Pacific biochips market is expected to rise substantially 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.

KEY MARKET MOVEMENTS

  • The global biochips market is expected to rise at a CAGR of about 18.4% during the forecast period 2022-2030.
  • Healthcare & life science biochips in the vertical segment of biochips market is expected to rise at a CAGR of 18.7% during the forecast period.
  • Protein Chip in the type segment of biochips market is expected to rise at a highest CAGR of 18.9% during the forecast period.
  • Asia Pacific biochips market is expected to rise at a highest CAGR of 19.3% during the forecast period.
  • Partnership and collaboration is the primary strategy adopted by the companies in the biochip market.
  • The intensity of competitive rivalry in the Biochips market is expected to shift from moderate in 2020 to high by 2023.
  • 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.

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