Number of pages: 100 | Report Format: PDF | Published date: 06 February, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
Report Attribute |
Details |
Market size value in 2021 |
US$ 7.87 billion |
Revenue forecast in 2030 |
US$ 20.79 billion |
Growth Rate |
CAGR of 11.4% from 2022 to 2030 |
Base year for estimation |
2021 |
Forecast Year |
2022-2030 |
Historical Year |
2020 |
Segments Covered |
Type, End user and Region |
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth+ Reports, the global biochips market was valued at US$ 7.87 billion in 2021 and is expected to witness a CAGR of 11.4% during the forecast period.
Market Fundamental
Biochips (miniaturized laboratories) are specially designed and developed microchips capable of hosting large number of simultaneous biochemical reactions. Biochips can screen variety of biological analytes for various applications. A chip comprises of different probes such as DNA, RNAi, protein fragments etc. The probes bind with the targets present in the sample via a hybridization reaction. Results are obtained via biochip scanner and a subordinate microarray image analysis software. A biochip consists of two significant components: passive transponder and a reader. Some of the major types of biochips include DNA microarray, microfluidic chip, and protein microarray. DNA microarray has a large number of tiny DNA spots that hybridize to the labelled targets. Microfluidic chips are used for many reactions such as DNA analysis, molecular biology procedures and many other biochemical reactions. Affymetrix (now Applied Biosystems), a brand of DNA microarray products, invented the first biochip (called as Genechip).
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Market Dynamics
The ever increasing prevalence of immunological disorders, oncological conditions, allergies, and infective diseases is driving the expansion of global biochips market. Additionally, biochips market has been boosted due to rise in geriatric population and high demand for personalized medications. These chips are an effective way of recording personal and medical data which makes them an important tool for diagnostics, research, and medicine development. Furthermore, nanotechnology has facilitated to reduce the chip size and increase their usefulness in the field of genomics and proteomics. For instance, a Dutch company called Qurin Tests uses nanotechnology-based platform for diagnosing, tracking, and treating cancer and other diseases. An American firm, Nutcracker therapeutics in March 2022 raised US$ 167 million for evolution of their mRNA biochip manufacturing technology. In April 2021, Toray industries developed a biochip that can detect multiple allergen specific Nidus Biosciences using their Gas Expansion Molding (GEM) technology. It created microbubble arrays which are used for high-throughput screening of human primary B-cells for research and specifically for antibody drug discovery. Allergy-testing biochip technology is growing significantly and is expected to be a significant contributor to the market.
COVID-19 had a positive impact on the global biochip market as they had maximum relevance with the diagnosis of the disease. Biochips during this period played a major role for healthcare providers, researchers, and the population for the early disease identification. For researchers, biochips played an important role in assessing patient response, including antibody response, which aided researchers while developing the vaccine.
Excessive cost and lack of widespread awareness are the major restraining factors in the growth of biochips market. Additionally, sparse knowledge among emerging firms with respect to drug development and personalized medicine is further limiting the growth of biochip industry.
Market Ecosystem
The global biochips market has been analysed on three fronts: type, end user and region.
Biochips Market by Type
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Based on type the global biochips market is classified into DNA chips, protein chips, lab-on-chip, tissue arrays, cell arrays and others. DNA biochips are the highest revenue generating chips. These biochips offer high-throughput, and their use is mainly projected in cancer diagnosis and treatment. According to the American Cancer Society, 21.7 million new cancer cases and 13 million cancer deaths are expected by 2030. Growing market acceptance of biochips for cancer treatment encourages companies to introduce new technologies. Changwei System Technology Co., Ltd, a life science company, for example, began developing biochips for Cancer Differentiation Technology (CDA) and In-Vitro Diagnostics (IVD) applications in March 2022. Followed by DNA biochips, Lab-on-chip market is the other fastest growing market due to several reasons such as: requirement of low-volume reagents, high expandability, cost-effectiveness, and high sensitivity. Additionally, lab-on-a-chip systems are excellent tools in the fields like artificial disease models and toxicity studies as well as for cell research. Infectious disease diagnosis, portable disease diagnosis systems, and analyte detection are a few other major applications of LOC. Protein biochips market is estimated to grow moderately. Tracking protein activities and interactions is carried out using a protein microarray. Additionally, it is predicted that growing consumer awareness of personalized medicines will support market expansion.
Biochips Market by End User
Based on end user the global biochips market is segmented into biotechnology & pharmaceutical companies, hospitals & diagnostic centres, and academic & research institutes. The biotechnology and pharmaceutical segment accounted for highest revenue share in 2021. The companies in this sector are indulging in many R&D programs for biochip integration into varied health applications. Biotechnology and pharmaceutical companies accounted for a market share of over 45% in 2021. Moreover, due to threats such as bio-warfare and bio-terrorism adoption of biochips in pharmaceutical companies is increasing. Hospitals and diagnostic centres also had a considerable market share in 2021. This market is driven primarily by factors such as increased government funding and technological advancements. Biochips have been rapidly adopted in hospitals and diagnostic centres for patient monitoring and diagnosis purposes. In October 2020, computer scientists, electrical engineers, and biomedical engineers at the University of California, Irvine created a lab-on-a-chip that can help to research tumor heterogeneity to minimize resistance to cancer therapies. In May 2021, TU Wien, which is a major university in Austria developed biochip that could be used to produce tissue beads in the desired size and supply them with drugs or nutrients.
Biochips Market by Region
Based on the regional segmentation the biochips market is divided as North America, Europe, Asia Pacific, and rest of the world. Regional analysis showed that North America held largest share of revenue in 2021 due to the increased occurrence of cardiac and chronic diseases. Specifically, in the U.S., high incidence of diseases such as diabetes and cancer drive the region’s need for clinical diagnosis and research which is fulfilled by the presence of advanced healthcare systems in the region. Asia Pacific region is expected to grow at a faster rate during the forecast period. China and India will primarily fuel this region’s rapid growth. The key determinants of regional industry growth are increased accessibility to technologies, a large patient pool, and improvements in healthcare infrastructure. The increasing adoption of biochip technology by mature players in order to reduce overall production costs is also a significant factor driving the region's growth. The European biochip market is anticipated to grow steadily over the forecast period. Increased adoption of biochips in genomics and proteomics is seen in the U.K. and Germany.
Competitive Landscape
Some of the most prominent competing companies of biochips market are:
Strategic Development
Biochips are specially designed and developed microchips capable of hosting a substantial number of simultaneous biochemical reactions. Biochips can screen variety of biological analytes for many applications like diseases identification.
The ever-increasing prevalence of immunological disorders, oncological conditions, and infective diseases drives the expansion of worldwide biochips market. Additionally, biochips market has boosted due to rise in geriatric population and high demand for personalized medications
Key companies operating the biochips market are Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer, Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., LI-COR, Inc. and Molecular Devices, LLC.
Excessive cost and lack of widespread awareness are the major restraining reasons in the growth of biochips market. Additionally, sparse knowledge among emerging firms with respect to drug development and personalized medicine limits the further growth of biochip industry.
The biochips market is expected to witness a CAGR of 11.40% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain
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