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The Global Biochips Market size is estimated to grow at a CAGR of 25.15% between 2022 and 2027. The market size is forecast to increase by USD 43,273.01 million. The growth of the market depends on several factors, including the growing applications of microarray biochips in drug discovery, the increase in market presence of market players with collaboration strategy, and the growing use of personalized medicines.
This biochips market report extensively covers market segmentation by end-user (biotechnology and pharmaceutical companies, hospitals and diagnostics centers, and academic and research institutes), technology (microarrays and microfluidics), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing use of personalized medicines is notably driving the market growth. Prior to the adoption of microarray biochips, drug discovery was considered to be a major component of operations in pharmaceutical companies. However, biotechnology companies have now begun to engage in some drug discovery-related activities. Microarray biochips shorten the drug pipeline timelines in drug discovery companies. Manufacturers of microarray biochips are attempting to offer better and incredibly effective solutions for drug discovery in response to the rise in end users. Multi-parameter testing, chip technology miniaturization, and flexible array technology introduction are some of these developments.
Testing a drug for both efficacy and toxicity is crucial in the drug discovery process. Typically, human hepatocytes were used in this testing. But now that microarray biochips are available, this problem is carefully and precisely addressed. Additionally, these biochips are efficient in terms of cost and perform several tasks at once. As a result, businesses use it more frequently. Due to the use of microarray technology in drug discovery, numerous pharmaceutical and biochemical companies have seen an increase in demand for this technology and related products. Hence, such factors will drive the growth of the market during the forecast period.
The increasing use of chemical microarray technology is an emerging trend in market growth. The study of genomics and proteomics makes extensive use of microarray technology. It has made it possible for several bioentities to function in parallel at the same time. All kinds of microarrays, including chemical microarrays, also known as chemical compound microarrays, protein microarrays, and DNA microarrays, are crucial for research and are in high demand.
Chemical structures are read against numerous biological targets using chemical microarray technology. Prior to immobilization, this technology was used to link chemicals directly from the chip, but this presented a problem. As a result, new technology has been created to connect dry chemicals on the same chip. This has enabled the analysis of cell-based assays using chemical microarray technology. Thus, with the increasing use of chemical microarray technology in biochips, the market in focus is expected to witness growth during the forecast period.
High costs associated with biochip R&D are major challenges impeding market growth. An important obstacle for the global market is the high cost of biochip research and development. Large investments in R&D as well as specialized manufacturing facilities and equipment are necessary for the development and commercialization of biochips. The cost of raw materials, such as reagents and oligonucleotides, can also be high. Because of these factors, biochips are expensive, which may limit their use and accessibility, particularly in places with limited resources.
The high costs associated with biochip research and development make it difficult for small and medium-sized businesses to compete in the market, which can stifle innovation and slow the pace of technological advancement. Hence, the high cost of R&D in the market in focus is a significant challenge that might hinder the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Biochips Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
IDEX Corp. - The key offerings of the company include biochips such as SmartChip Real-Time PCR System, SmartChip Probe qPCR Master Mix, and SmartChip TB Green Gene Expression Master Mix under its subsidiary called Takara Bio Inc.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the biotechnology and pharmaceutical companies segment will be significant during the forecast period. Over the past ten years, demand for biochips has increased significantly across a range of end-user industries, including biotechnology and pharmaceutical companies. Pharmaceutical and biotechnology companies use biochips for a wide range of purposes, including drug discovery, genomics, proteomics, and diagnostics.
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The biotechnology and pharmaceutical companies segment was valued at USD 4,243.35 million in 2017 and continued to grow until 2021. Genotyping, DNA methylation analysis, and gene expression analysis are a few examples of the many applications that make use of Illumina's microarray-based BeadChip technology. Pharmaceutical companies use biochips as well when creating new medications. For instance, Roche's xCELLigence system is a real-time platform for cell examination that uses microelectronic sensors to monitor cell behavior and drug response. The system is employed to evaluate the effectiveness, toxicity, and pharmacokinetics of drugs. Between 2023 and 2027, the demand for point-of-care (POC) testing and the growing popularity of personalized medicine are both expected to drive growth in the global market for biochips. As long as biotechnology and pharmaceutical companies continue to invest in research and development, the demand for biochips is expected to remain high, which will fuel the growth of the market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In terms of value and volume, North America was the largest geographic region in the global market in 2022. The market is dominated by North America in terms of consumption. This is due to the infrastructure that has been developed for genomic and proteomic research in medicine. The region has recently been involved in a number of healthcare innovation projects. The region has also experienced rapid technological advancement, particularly in the fields of robotics and drug formulations. It also heavily utilizes microarray technology for DNA sequencing and gene identification. Hence, the demand for biochips in the region is being driven by these factors.
The increase in government funding for the healthcare industry has benefited the area. During the forecast period, it is anticipated that increased funding from the National Institutes of Health (NIH) and the Biomedical Advanced Research and Development Authority (BARDA) in the US will aid in the expansion of the regional market. Due to greater awareness of the potential of regenerative medicine, there has been an increase in research projects in the US. In the US, there are about 268 businesses engaged in the research, development, and commercialization of regenerative medicine. The development of new drugs and treatments for various diseases is aided by funding for research projects, which will spur the regional biochips market's expansion during the forecast period.
The COVID-19 pandemic had a significant impact on the regional market. Demand for COVID-19 diagnostic tests and vaccine development surged in the regional market, propelling industry expansion. With the introduction of vaccines, the regional market focused on creating novel diagnostic procedures and treatments for discovered COVID-19 variants. The market benefitted from vaccination drives because these contained the spread of the virus and brought about a gradual return to normalcy in the sector. Hence, such factors are expected to drive the regional market growth during the forecast period.
The biochips market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Biochips Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 25.15% |
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Market growth 2023-2027 |
USD 43,273.01 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
22.67 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 41% |
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Key countries |
US, China, Russia, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Agilent Technologies Inc., Analis sa, Arrayit Corp., BICO Group AB, Bio Rad Laboratories Inc., Boao Bio Group Co. Ltd., Dynamic Biosensors GmbH, Eden Tech, Greiner Bio One International GmbH, Illumina Inc., INNOPSYS, Micronit BV, Nutcracker Therapeutics Inc., Perkin Elmer Inc., QIAGEN NV, Randox Laboratories Ltd., Sphere Fluidics Ltd., Takara Holdings Inc., IDEX Corp., and Thermo Fisher Scientific Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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