Biochips market Size Worth USD 29.77 Billion in 2032 | Emergen Research

Rising adoption of bio chips for analyzing biomolecules, proteins, and Deoxyribonucleic Acid (DNA) is a major factor driving Biochips market revenue growth

Vancouver, Jan. 16, 2024 (GLOBE NEWSWIRE) — The global biochips market size was USD 9.64 Billion in 2022 and is expected to register a rapid revenue CAGR of 12.1% during the forecast period. Rising adoption of bio chips for analyzing biomolecules, proteins, and Deoxyribonucleic Acid (DNA) is a major factor driving market revenue growth.

Clinical research institutions are significantly deploying AI and ML based algorithms for analyzing complex variables and patterns in datasets. These patterns are incredibly useful in personalized treatment recommendation.

In addition, rising prevalence of Noncommunicable Diseases (NCDs) is another key factor driving revenue growth of the market. According to the World Health Organization (WHO), NCDs kill 41 million people per year, accounting for 74% of all deaths worldwide.

However, stringent regulatory requirements in the development of biochips is a key factor, which could restrain market revenue growth. Commercialization of biochips are highly dependent on compliances, such as the U.S. Food and Drug Administration (FDA), and European Medicines Agency (EMA), may delay the product development process and affect overall market dynamics.

In addition, acquisition costs associated with biochips are expensive owing to high Research & Development (R&D) cost incurred by companies as well as government. Moreover, manufacturing of biochips requires various technologies such as sensing chemistry, microarray, and signal processing.

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Segment Insights

Chip Type Insights:

On the basis of chip type, the global biochip market is segmented into lab on a chip and micro array

The lab on a chip segment accounted for largest revenue share in the global biochips market in 2022. This is because lab on chip technology is a cost-effective technology, which offers faster and precise results compared to traditional laboratory techniques. Research on lab-on-a-chip focuses on several applications, including human diagnostics, DNA analysis, and chemical synthesis. In addition, rising adoption of lab on chip in the healthcare industry is another factor driving revenue growth of this segment.

Application Insights:

The drug discovery segment is expected to significantly large revenue share in the global biochips market during the forecast period

On the basis of application, the global biochips market is segmented into clinical diagnostics, drug discovery, genomics and proteomics, and others.

The drug discovery segment is expected to account for significantly large revenue share in the global biochips market during the forecast period. This is due to rising need of biochips to provide potential drug targets by identifying various genetic attributes associated with diseases. Pharmaceutical industries are leveraging biochips for efficient identification and selection of suitable drug candidates.

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Regional Insights:

The North America market accounted for largest revenue share in the global biochips market in 2022 due to rising healthcare spending and aging population. According to American Medical Association (AMA), the healthcare spending in the U.S. was USD 4.3 trillion, which is approximately USD 12,900 per person in 2021.

In addition, rising prevalence of chronic diseases is another factor driving market revenue growth of this region. According to Centre for Disease Control and prevention (CDC), 6 out of 10 Americans have one chronic disease, such as heart disease, stroke, cancer or diabetes, which lead to death and disability in the people of the U.S.

The Asia Pacific market is expected to register fastest growth rate in the global biochips market over the forecast period attributed to increasing health risks related to infectious diseases. According to the United Nations International Children’s Emergency Fund (UNICEF), every year, there are around 1,400 cases of pneumonia per 100,000 children, or 1 case per 71 children, with South Asia holding the highest rate.Companies are developing innovative products for medical front line to reduce complexities in instant testing. For instance, in January 2023, ALiA BioTech launched biochip panels designed for detection of respiratory infection and tropical fever.

In addition, increasing geriatric population in countries in Asia Pacific is another factor driving market revenue growth of this region. According to The Economic and Social Commission for Asia and the Pacific (ESCAP), older population is projected to increase 1.3 billion by 2050

Scope of Research

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Major Companies and Competitive Landscape

The global biochips market is consolidated, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new biochips products and solutions.

Some major players included in the global biochips market report are:

• Abbott
• Agilent Technologies
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• Standard BioTools
• Thermo Fisher Scientific Inc.
• PerkinElmer Inc. 
• Micronit B.V.
• Illumina, Inc. 
• BIOMÉRIEUX
• QIAGEN
• Synbio Technologies
• F. Hoffmann-La Roche Ltd.  
• GE HealthCare
• Cepheid
• BioNTech SE
• Personalis, Inc.
• NantHealth, Inc.
• Oxford Nanopore Technologies
• Bionano Genomics

Strategic Development

• On 1 August 2023, Opteev Technologies announced the filing of a patent for a new multiplex biochip that can precisely identify Flu, SARS-CoV-2, RSV and respiratory pathogens. The new polymer-based biochip is intended for testing multiple pathogens that can cause these respiratory infections.
• On 19 June 2023, ACRO Biosystems Anuero partnered with Diagnostic biochips to launch in vivo electrophysiology solutions for neuroscience research. Together, the two companies are committed to a collaborative effort to accelerate neurological drug discovery and commercialization.
  

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For the purpose of this report, Emergen Research has segmented the global biochips market on the basis of chip type, product, application, end-use, and region:

• Chip type Outlook (Revenue, USD Billion; 2019-2032)
  • Lab on a chip
  • Micro array
• Product Outlook (Revenue, USD Billion; 2019-2032)
  • Instruments
  • Reagents and consumables
• Application Outlook (Revenue, USD Billion; 2019-2032)
  • Clinical diagnostics
  • Drug discovery
  • Genomics and proteomics
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2032)

• Biotech companies
• Hospitals
• Diagnostics center
• Research institutes

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Turkey
    • Rest of Middle East & Africa

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