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HEALTHCARE & PHARMACEUTICAL

Biochips Market Segmentation by Type (DNA Chips, Protein Chips, Lab-on-a-Chip, and Others); by Function (Multi-purpose, Bi-functional, Enzyme, and Cleaning Chips); by Fabrication Technology (Microarrays, and Microfluidics); by Application (Drug Discovery, Clinical Diagnostics, Agriculture Biotechnology, and Others); and by End-User (Pharmaceutical, Hospitals & Diagnostic Center, Academic Research Institutes, and Others) - Global Demand Analysis and Opportunity Outlook 2029

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Global Biochips Market Highlights over 2020-2029

The global biochips market is estimated to grow at a noteworthy CAGR during the forecast period, i.e., 2021-2029, owing to the rapid adoption of biochips in various research fields, such as, genomics, drug discovery, proteomics, and others. Rising prevalence of immunodeficiency diseases, cancer and other chronic ailments is estimated to boost the market growth by the end of 2029. As per the statistics of the World Health Organization, cancer is the second leading cause of death, and is responsible for about one out of every six deaths globally. Additionally, the critical role of biochips in the research processes for the advancement of medical science is estimated to encourage the market growth throughout the forecast period. Growing incidences of several novel diseases, such as the COVID-19 pandemic, and other diseases, such as, SARS, H1N1 and Ebola over the past few decades, and the need to develop novel vaccines through extensive medical research, backed by amplified funding in medical R&D activities, is also estimated to encourage the growth of the market. Moreover the rising threat of bioterrorism is estimated to generate growth opportunities for biochips market as biochips can detect bioweapons within a short span of time.

Biochips-Market-Size

Based on end-user, the global biochips market is segmented into pharmaceutical, hospitals & diagnostic center, academic research institutes, and others. Amongst these, the hospitals and diagnostic center segment is estimated to generate the highest revenue by the end of 2029, accredited to increasing need for advance medical facilities, diagnosis technologies and growing patient pool. Based on application, the clinical diagnostics segment is expected to hold the largest market share throughout the forecast period owing to the mounting cases of chronic diseases, and the need among people for early diagnosis of such diseases. CLICK TO DOWNLOAD SAMPLE REPORT

Global Biochips Market Regional Synopsis

Regionally, the global biochips market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.

The market in North America is anticipated to garner highest revenue by the end of 2029 owing to the growing adoption of personalized medicine, efficient public health care system and the availability of advanced technologies which promote the application of biochips for the discovery of new drugs. In other statistics by the WHO, as of 2018, 16.416 % of the GDP is spent on healthcare sector in the North America. Moreover, high funding for the R&D activities in the healthcare sector is projected to contribute to the market growth in the region.

The market in Asia Pacific region is expected to witness highest CAGR during the forecast period, on the back of the large population base, increase in disposable income, and improving medical facilities backed by the rapid economic development.

Global-Biochips-Market-Share

The global biochips market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

Market Segmentation

Our in-depth analysis of the global biochips market includes the following segments:

By Type

  • DNA Chips
  • Protein Chips
  • Lab-on-a-chip
  • Others

By Function

  • Multi-purpose Chips
  • Bi-functional Chips
  • Enzyme Chips
  • Cleaning Chips

By Fabrication Technology

  • Microarrays
  • Microfluidics

By Application

  • Drug Discovery
  • Clinical Diagnostics
  • Agriculture Biotechnology
  • Others

By End-User

  • Pharmaceutical
  • Hospitals & Diagnostic Center
  • Academic Research Institutes
  • Others

Growth Drivers

  • Increase in Prevalence of Chronic Diseases and the Rising Need for Early Diagnostics
  • Global Surge in R&D Investments
  • Rising Threats of Bioweapons

Challenges

  • High Cost of Biochips

Top Featured Companies Dominating the Market

  • PerkinElmer Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Dynamic Biosensors
  • Agilent Technologies, Inc.
  • Illumina, Inc.
  • Bio-Rad Laboratories, Inc.
  • Fluidigm Corporation
  • Thermo Fisher Scientific Inc. (Life Technology Corporation)
  • Cepheid (Danaher Corporation)
  • ABTECH Scientific, Inc.
  • Merck KGaA

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