Advancements in Biochip techniques, growing prevalence of various diseases, and increasing need for rapid and accurate diagnosis are key factors fueling global market growth

The global Biochip market size is expected to reach USD 8677.7 Million by 2028 and register a CAGR of 12.6%, according to the latest report by Reports and Data. Rising prevalence of cancer, growing adoption of Biochip technology in various applications such as cancer research, genetic disease diagnosis, and personalized medicine are key factors driving global market revenue growth. 

Biochip is a laboratory tool used for measuring patterns of several genes simultaneously. It is a collection of microscopic DNA spots that are attached to a solid surface that aid in measuring expression of large number of genes at once. These microarrays are extensively used in gene expression, early-stage cancer detection, and drug discovery. The Biochip market is gaining significant traction in recent years. Increasing applications of Biochip technique, rapid growth in genomics and medical sector, rising prevalence of several chronic diseases and growing adoption of microarray techniques to detect various infectious diseases is boosting demand for Biochip across the world. Factors such as growing adoption of genetic testing, rising research and development activities in pharmaceutical and biotechnology sector, and rapid developments in healthcare infrastructure and facilities are boosting market growth. Moreover, increasing investments by leading players to develop more efficient and enhanced Biochips is expected to boost growth of the global Biochip market during the forecast period. In addition, growing focus on RD in cancer is projected to open lucrative opportunities for key players going ahead. 

Key companies profiled in the report include

Illumina, Affymetrix, Biometrix Technology, Arrayit, Sengenics, WaferGen, Applied Microarrays, Savyon Diagnostics, Scienion AG, Gyros AB, Agilent Technologies, Roche NimbleGen Inc., ProteoGenix, NextGen Sciences, Discerna, and Luminex Corporation

The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Biochip market.

The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.

The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.

The key geographical regions analyzed in the market report are:

• North America (U.S.A., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Biochip Market Segmentation based on Types:

Type Outlook (Revenue in USD Million, 2018–2028)

• Complementary Biochips (cDNA) 
• Oligonucleotide Biochips (oDNA)

Biochip Market Segmentation based on Application:

Application Outlook (Revenue in USD Million, 2018–2028)

• Gene Expression Analysis
• Genotyping
• Genome Cytogenetics
• Drug Delivery
• Other

End-Use Outlook (Revenue, USD Million, 2018 - 2028)

• Diagnostic Centers
• Hospitals Clinics
• Biotechnology Pharmaceutical Industries 
• Academic Research Institutes
• Others

Some Key Highlights from the Report:

• The Oligonucleotide Biochips (oDNA) segment is expected to register highest revenue CAGR throughout the forecast period. The oBiochips are preferred over cDNA as they offer more hybridization specificity and are thus used for analyzing gene expression and single nucleotide polymorphisms.  
• Among the application segment, the drug discovery segment is projected to account for fastest revenue growth over the forecast period, owing to increasing prevalence of infectious diseases, cancer, and growing demand for Biochips in drug discovery processes including disease pathway identification, compound screening, and clinical trials. 
• The academic research institutes segment is projected to account for significant revenue growth during the forecast period owing to extensive use of Biochip in ongoing research and development activities and government funds for various research projects. 
• North America is expected to account for largest revenue share in the global Biochip market over the forecast period. Technological advancements in genomics, high prevalence of age-related chronic diseases, and access to modern research facilities are key factors contributing to global market revenue growth. In addition, high investments in research and development activities and presence of key players are fueling market growth. 
• The market in Asia Pacific is expected to register fastest revenue throughout the forecast period. Increasing investments in genomic research, high prevalence of diseases, and rising awareness about genetic testing are boosting market revenue growth.

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