Biochips Market Size, Share, Trends, Growth and Forecast 2028

Biochips Market Size And Industry Analysis

The global Biochips Market Size was valued at $12,005 million in 2021 and is projected to reach $25,568 million in 2028. The market is likely to grow with a high CAGR of 11.3% during the forecast period. The report presents comprehensive projections on the growth factors, opportunities, and restraining factors. It also covers the geographical market along with comprehensive competitive landscape analysis.

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Biochip Market: Overview

Biochip is a biosecurity miniaturized medical device which helps in tracking accurate information. Additionally, it is massively used in molecular biology. These chips are capable of undergoing thousands of biological reactions in less time.

COVID-19 Impact:

The outbreak of the Covid-19 pandemic is likely to positively impact the growth of the global biochip market. Its growing applications align with the innovation of the Covid-19 vaccines and drugs, which in turn also contributes to the growth of the market during the pandemic. Its ability to find the gene sequences along with an array of biochemical constituents is likely to play an imperative role in fueling the adoption rate of biochips, particularly among the academic research space. Among the Covid-19 pandemic, the biochip companies are looking forward to capitalizing on the opportunities in the current market landscape. The growing initiatives by the government and big private firms to develop novel solutions to fast track the development of the Covid-19 vaccines and drugs.

Biochip Market: Growth Drivers

Growing usage of biochips in diverse areas will drive the growth of the global market.

Biochip technologies are widely deployed across different areas, including microbiology, DNA analysis, clinical pathology, pharmacology, proctology, and biochemistry, among others. The ongoing research activities will fuel the usage of biochip technologies, particularly in the healthcare industry, which in turn will further expand the usage of biochips in the mainstream market in the forthcoming years. Biochip technology is also being used in sequence engineering, which is likely to augment the growth of the global biochip market and improve the performance & scalability of biochips solutions. Biochip manufacturers are emphasizing innovating distinct aspects of their miniature laboratory that can function properly with living organisms.

Biochips have also emerged as a crucial aspect to revolutionize DNA sequencing technology. Furthermore, it is likely to pave the way for advanced gene sequencing solutions. The combination of gene sequencing technology and biochip will address a number of biological tissues in the rare cell, single-cell, and red molecule analysis. However, biochip technology is growing continuously, and its throughput capacity is likely to expand the scope to diverse applications ranging from population-centric clinical studies to the detection of rare bacteria. Manufacturers are investing heavily in biochips for single-cell analysis. Investments are also likely to contribute towards the improvement of biochips and their versatile functions to enhance performance graphs exponentially.

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Biochip Market: Restraints

High cost is a major restraining factor in the global market.

The high cost associated with the instrumentation of biochips is hampering the growth of the global market in emerging markets. However, companies are making efforts to lower the final costs, but still, the cost is quite expensive in developing markets.

Biochip Market: Challenges

Lack of knowledge is a huge challenge in the global market.

Lack of expertise in biochip technology is one of the major challenges in the global biochip market. It is an emerging technology that requires intense training.

Biochip Market: Opportunities

Growing prevalence of chronic disease is likely to create new opportunities in the global market.

The high prevalence of viral infections, immunological and cancer diseases is likely to open new avenues in the global market. The constant spike in the geriatric population will also expand the scope of biochip technology.

Biochip Market: Segmentation

The global biochip market can be segmented into application, end-user, product, and region.

By application, the market can be segmented into agricultural, proteomics, genomics, disease diagnostics, drug discovery & development, and other applications.

By end-user, the market can be segmented into academic & research institutes, hospitals & diagnostic centers, pharmaceuticals, and others.

By product can be segmented into the lab on a chip, protein chip, DNA chip, and others.

Recent Developments

In March 2022, $167 million was raised by Nutcracker Therapeutics in Series C financing to enhance its RNA platform and scale up its mRNA pipeline. Nutcracker is dedicated to developing RNA therapeutics with the use of its biochip-based manufacturing platform. The company believes the funding, directed by ARCH Venture Partners, will allow it to expand its pipeline of mRNA treatment for cancer and improve its platform technology.

Biochip Market: Regional Landscape

Asia Pacific to govern the global market during the forecast period

Asia Pacific accounts for the largest share in the global biochip market due to the fast proliferating pharmaceutical and healthcare sector in the region. Also, the increasing investment in biochip technologies is further likely to complement the growth of the regional market. The ongoing technological advancements, scientific studies, and research & development activities are likely to play a crucial role in the development of the regional market in the forthcoming years.

North America is among the fast-growing regions in the global market due to the growing focus of big organizations on developing cutting-edge biochem technology.

Report Scope:

Biochip Market: Competitive Landscape

Some of the significant players in the global biochip market include :

• Thermo Fisher Scientific Inc.
• Randox Laboratories Ltd.
• PerkinElmer
• Illumina
• Fluidigm Corporation
• F. Hoffmann-La Roche Ltd.
• Bio-Rad Laboratories
• bioMerieux S.A.

Global biochip market is segmented as follows:

By Product

• DNA Chip
• Protein Chip
• Lab-on-a-chip

By End User

• Biotechnology & Pharmaceutical Companies
• Hospitals & Diagnostics Centers
• Academic & Research Institutes

By Application

• Drug Discovery & Development
• Disease Diagnostics
• Genomics
• Proteomics
• Agriculture

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa