Since 2011, the global biochips market has been undergoing many changes and various industry alliances. With major mergers, partnerships, and acquisitions, the global biochips market has given growth opportunities to new entrants. With all this, the market has experienced many changes in the competitive dynamics. Over the past few years, biochips are being influenced by next-generation sequencing (NGS) applications. NGS applications are expected to continue to increase due to enhanced informatics support and low costs. In the near future, emerging markets for biochips in diagnostics are also expected to gain traction.
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Key advancements in biochips are expected to impact markets, as their use becomes ubiquitous in a range of processes from diagnostics to drug development. Going forward, the global biochips market is expected to experience a shift from research and development tools to clinical applications. This change is the result of the ongoing demand for accurate and sensitive diagnostics that are easy to use and suitable for automation. Primarily, NGS-based tests are suitable for cancer diagnosis as they have the capacity to examine particular genes.
Asia Pacific to be Dominant Contributor in Global Biochips Market
The growing application of biochips in the medical sector, especially for treating cancer and for drug research, is expected to propel the global biochips market in the near future. Apart from this, factors such as automation of biochemical procedures and the availability of molecular information are predicted to boost the global biochips market in the years to come. The development of biochips has enabled the growth of automated processes. Lab equipment has become efficient and smaller due to the growing use of biochips. Also, biochips are able to perform numerous biochemical reactions simultaneously. The growing application of biochips for protein and gene identification is expected to benefit the global biochips market in the near future.
The global biochips market is segmented on the basis of application, region, and type. By region, the global biochips market is divided into Asia Pacific, North America, Europe, and Rest of the World. Currently, North America dominates the global biochips market followed by Rest of the World.
Mergers and Acquisitions to Play Big Role in Growth of Global Biochips Market
Some of the applications of biochips are vitro diagnostics, proteomics, drug discovery and development, and genomics. By type, the global biochips market is classified into protein chips, microfluidic devices, and DNA chips.
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Some of the leading companies operating in the global biochips market are Affymetrix Inc., GE Healthcare Ltd., Fluidigm Corporation, Illumina Inc., Agilent Technologies Inc., and Cepheid Inc. The increasing mergers and acquisitions are expected to give new entrants a chance to contribute more in the global market. However, with mergers and acquisitions, leading players are expected to maintain their dominance in the years to come.
The global biochips market has huge growth potential in the years to come due to the increasing investment in drug discovery activities. However, there are a few factors that could restrict the growth of the global biochips market in the near future. Companies manufacturing biochips have to fulfill many regulations regarding medical devices laid down by the United States Pharmacopeia (USP) and Clinical and Laboratory Standards Institutes (CLSI).