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Oct 1, 2020 12:00 PM ET

Global Biochips Market Set for Rapid Growth, to reach Value USD 20.99 billion by 2025

iCrowd Newswire - Oct 1, 2020

Zion Market Research has published a new report titled “Biochips Market by Product (Lab-on-a-chip, Protein Chip, DNA Chip, and Others), Application (Disease Diagnostics, Drug Development & Discovery, Proteomics, Agriculture, Genomics, and Others), and End User (Hospitals, Diagnostics Centers, Pharmaceutical & Biotechnology Companies, Research & Academic Institutes, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025” According to the report, global demand for Biochips market was valued at approximately USD 9.98 billion in 2018, and is expected to generate revenue of around USD 20.99 billion by end of 2025, growing at a CAGR of around 11.3% between 2019 and 2025.

Global Biochips Market

A biochip is an assembly of constricted microarrays that are placed on a durable substrate that authorities many investigations to be executed at the equivalent time to attain a greater throughput in minor time. Every biochip can also be considered as a micro reactor which can sense a precise analyte like an enzyme, antibody, biological molecule, protein, or DNA.

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Factors such as rising occurrence of cancer, swelling frequency of immunological disorders and viral infections, growing elderly people, rapidly expanding biochip applications, and rising adoption of tailored medicine will act as major driving factors in the growth of global biochips market. Scientific advancements and increasing research and development investment will act as an opportunity for the market players in the biochips market. Nonetheless, high price of biochips and low consciousness in developing regions will restrict the growth of global biochips market.

The global biochips market has been split into application, product, and end user. The application segment has been divided into disease diagnostics, drug development & discovery, proteomics, agriculture, genomics, and others. The drug development & discovery segment accounted for the highest market share in 2018 due to multiple applications.

Based on product, biochips market has been segmented into lab-on-a-chip, protein chip, DNA chip, and others. The DNA chip segment accounted for the highest market share in 2018 due to increasing use of DNA chip products.

The end user segment has been divided into hospitals, diagnostics centers, pharmaceutical & biotechnology companies, research & academic institutes, and others. The pharmaceutical & biotechnology companies segment accounted for the highest market share in 2018 due to heavy use of biochips in the industry.

Regionally, the breast milk substitutes market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. North America will be the leading region during the forecast period. U.S. accounted for the highest share in the North America region due to presence of major market players and rapid uptake of latest technology. Europe is expected to be the second major market. The key reasons are presence of skilled researchers and high healthcare expenditure. Asia Pacific will grow at the topmost CAGR due to presence of large population, rise in awareness regarding biochips. The Latin America region will grow at a significant rate during the assessment period. The Middle East & Africa region is expected to exhibit definite progression in the anticipated time-frame.

The report also includes detailed profiles of key players such as Bio-Rad Laboratories, Inc., bioMérieux SA, Illumina, Inc., F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Fluidigm Corporation, HORIBA, Ltd., PerkinElmer, Inc., Randox Laboratories Ltd., and QIAGEN N.V. among others.

This report segments the Global Biochips Market as follows:

Global Biochips Market: By Product

Global Biochips Market: By Application

Global Biochips Market: By End User

Global Biochips Market: By Region

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Keywords:    Biochips Market

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