Over the forecast period, the biochips market is expected to increase significantly. In 2017, the market was valued at USD 7,300 million, and it is expected to rise at a CAGR of 16.6% over the forecast period. Biochips are designed to work in a biological setting, ideally inside a living organism.
The market is primarily driven by factors such as rising technological breakthroughs in biochips. Personalized medicine is also becoming more popular, as it has numerous applications in cancer genomics. Furthermore, expanding biochip applications will drive market expansion over the forecast period. Biochips, for example, may execute thousands of biological processes in a matter of seconds.
However, the high cost of instruments and strict regulatory constraints may limit the market's expansion.
According to the National Cancer Institute, 1,735,350 new cancer cases were reported in the United States in 2018, with 609,640 persons dying from the disease.
Segmentation
The biochips market has been divided into three categories: type, technology, and end user.
DNA chips, lab-on-a-chip, protein chips, cell arrays, and tissue arrays are the several types of chips available. Gene expression, SNP genotyping, cancer diagnosis and therapy, genomics, drug development, agricultural biotechnology, and other applications are all covered by DNA chips. Clinical diagnostics, genomics, IVD (In-Vitro Diagnostic) & POC (Point of Care), Proteomics, Drug Discovery, and others are all types of lab-on-a-chip. Proteomics, expression, and protein chips are the three subcategories of protein chips.
The market has been divided into microarrays and microfluidics based on technology.
Biotechnology and pharmaceutical firms, hospitals and diagnostics centres, academic and research institutes, and others are among the end users of biochips.
The global market for biochips has been divided into four regions: the Americas, Europe, Asia-Pacific, and the Middle East and Africa. The biochip market in the Americas has been separated into two parts: North America and South America, with the North American market divided into the United States and Canada.
The European biochips market is divided into two categories: Western Europe and Eastern Europe. Germany, France, the United Kingdom, Italy, Spain, and the rest of Western Europe make up the Western Europe biochips market.
