The introduction of biochips has enabled the automation of miniaturization and several others processes across a wide range of sectors. Currently, the healthcare sector makes the largest possible use of biochips for researching symptoms and signs of various diseases and conducting drug discovery for treating these diseases. Biochips play an important role in the automation of sophisticated processes that are used for detecting gene sequences, diseases in human bodies, and proteins on an exceptionally short notice. In the past few years, automation has helped medical practitioners to achieve accurate results in a reduced time frame, devoid of human errors. This not only reflects on the efficiency of the biochips technology but also on its long-term usage in finding solutions to complex human diseases.
Growing Applications of Biochips Show Promise of Growth to Global Market
A wide range of applications of biochips in the medical industry for treating cancer, drug research, and diagnostics are the three main growth drivers for the global biochips market. The automation of biochemical processes through the use of biochips, availability of molecular information, and the application of biochips for protein and gene identification are all expected to support the global biochips market and drive it to achieve higher revenues in the coming years. According to a research report, the global biochips market was valued at US$5.70 bn in 2014 and is anticipated to reach US$22.23 bn by 2023, surging at a CAGR of 16.9% from 2015 to 2023.
DNA Chips Emerge as Leading Type of Biochips
The global biochips market is segmented on the basis of type, application, and geography. The types of biochips available in this market are protein chips, DNA chips, and microfluidic devices. Research suggests that DNA chips accounted for a share of 40% in the global biochips market in 2014. This segment is expected to continue flourishing at a remarkable pace due to growing application of biochips in gene expression profiling, toxicological research, DNA sequencing, the discovery of drugs, and genetic engineering.
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Drug Discovery and Development Segment to Reign Global Market
On the basis of application, this market is segmented into genomics, drug discovery and development, in vitro diagnostics, and proteomics. Amongst all the application segments, the drug discovery and development segment contributed 30% to the overall revenue, climbing up the ladder to be the biggest contributor in the market. The drug discovery and development segment is likely to witness a sea change in size and earnings due to the growing number of health issues that need new drugs and medicines for appropriate treatment.
U.K. and Germany See Increased Investments in Biochips Market
Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World. Currently, North America holds a significant share in the global biochips market and is showing considerable promise. In the Asia Pacific region, India, China, and Japan biochips markets are witnessing a sudden boom and are expected to encounter massive opportunities in the near future. Meanwhile, the market’s growth rate in the U.K., Germany, and Europe is expected accelerate due to the rising number of investments in biochips technology and the burgeoning healthcare market. According to research analysts, the UAE and Latin America are also expected to show progress by making a noteworthy contribution to the global biochips market in the coming years.
The key players in the global biochips market are Agilent Technologies Inc., Affymetrix Inc., GE Healthcare Ltd., Illumina Inc., Fluidigm Corporation, and Cepheid Inc. among others.