The global biochips market is estimated to be valued at US$ 10.71 Bn in 2023 and is expected to exhibit a CAGR of 12 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biochips are known as lab-on-a-chip devices that integrate multiple laboratory functions on a single integrated circuit or microchip. They are replacing traditional detection methods and have advantages like low cost, speed, precision, automation.
Market key trends:
The increasing demand for point-of-care testing and home-based diagnostic products is expected to drive the growth of the biochips market during the forecast period. Biochips allow tests to be conducted outside of clinical settings with portable, easy-to-use devices. This enables quicker diagnosis and disease monitoring. New product launches focused on developing affordable and simple biochips for at-home sample collection and testing will expand access to healthcare diagnostics.
Market Key Trends:
The biochips market has been witnessing rising demand for personalized medicine. Biochips help facilitate customized diagnosis and treatment of diseases based on an individual's genetic makeup. They allow high-throughput screening of vast amounts of biological and chemical entities rapidly and cost-effectively. With the ability to integrate millions of assays on a single device, biochips are enabling more personalized approaches to critical medical areas like oncology. Miniaturization of assays is also being enabled through biochips, making customized therapy affordable and accessible even in developing countries.
SWOT Analysis
Strengths: Biochips offer high sensitivity, specificity and reproducibility in detection. They enable parallel, rapid and cost-effective analysis of large numbers of biomolecular interactions.
Weaknesses: Biochip technology is still in a developing stage and commercialization is yet to reach full potential. Complexities exist in chip design, surface chemistry and fabrication processes.
Opportunities: Scope for developing multi-parametric biochips for simultaneous testing of multiple biomarkers. Growing demand for POC testing and decentralized diagnostics offer opportunities.
Threats: Heavy R&D investments required to advance technology. Commercial success depends on development of user-friendly, cost-effective platforms. Stringent regulatory pathway limits quick adoption.
Key Takeaways
The Global Biochips Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for personalized medicine and point-of-care testing. The market size for biochips was valued at US$ 10.71 Bn in 2023.
North America dominated the global market in 2023 due to presence of major players and robust healthcare infrastructure. However, Asia Pacific is expected to grow at a highest CAGR owing to rising healthcare spending, increasing collaborations between academia and industry players in countries like China and India.
Key players operating in the biochips market are Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Standard BioTools, GE HealthCare, Thermo Fisher Scientific, Inc., LI-COR, Inc., QIAGEN, Randox Laboratories Ltd
Regional analysis: North America accounted for largest share of global biochips market majorly due to presence of advanced research capabilities and healthcare infrastructure in the US and Canada. However, Asia Pacific region is expected to exhibit highest growth during forecast period due emerging countries like China and India increasing investments in healthcare and life science research sectors.
Key players: Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Standard BioTools, GE HealthCare, Thermo Fisher Scientific, Inc., LI-COR, Inc., QIAGEN, Randox Laboratories Ltd.
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