The biochips market revenue by the end of 2021 was US$ 5.6 Billion. The biochips market is expected to reach US$ 18.9 Billion by 2032, as it is estimated to grow at a CAGR of 11.8% from 2022 to 2032.
| Attributes | Details |
|---|---|
| Estimated Year (2022) Market Value | US$ 6.2 Billion |
| Projected Year (2032) Market Value | US$ 18.9 Billion |
| CAGR% (2022 to 2032) | 11.8% |
| Top 5 Vendor Market Share | Around 35% |
Biochips are small devices resembling integrated circuits built from organic molecules and used for analyzing organic molecules related to living organisms. Biochips are developed based on microfluidic and microarray technology. One type of theoretical biochip is a small device built from large organic molecules such as proteins that can perform the functions like processing and data storage like an electronic computer.
Another type of biochip is a small device that can perform rapid, small-scale biochemical reactions to identify genetic sequences, airborne toxins, environmental pollutants, or other biochemical constituents. Biochips, e.g., lab-on-a-chip, act as minilabs to simultaneously test multiple analyses from a single sample. Biochips save a lot of resources, costs, and time. The device can be used to rapidly screen a wide variety of biological samples in a single system for a wide range of applications, including the detection of hazardous biological agents and disease diagnosis.
The biochips market is estimated to grow at a CAGR of 11.8% for the forecast period.
The use of biochips for disease diagnosis and treatment opens new doors for the biochip industry in the global market. Biochips are increasingly being used as diagnostic tools for diseases such as cancer, as biochips allow doctors to monitor biological processes in patients without the need for invasive procedures such as biopsies.
It also helps detect early signs of illness before symptoms appear, thus allowing doctors to treat patients effectively and prevent full-blown illness later. Biochips can also be embedded in medical devices such as pacemakers and insulin pumps.
This trend will increase the potential for biochips as more patients choose biochips over traditional treatments such as surgery and drugs due to their fewer side effects and improved quality of life.
Biochips play an important role in point-of-care diagnostics and molecular diagnostics and are expected to lead to increased demand for biochips in the development of personalized medicine. It is very useful to distinguish between proteins in cancer cells and normal cells. Biochips enable rapid analysis of the entire proteome for protein-based therapeutics. Moreover, these chips are reliable tools for detecting various biomarkers in a limited number of samples and can diagnose and treat diseases, thus increasing the demand for these chips in personalized medicine.
North America was estimated to hold the largest market share for the biochips market with a market share of 28.7% for 2021 and South Asia and the Pacific are estimated to be the fastest growing region for the forecast period with a CAGR of 12.2%.
Due to the region's large domestic income and the presence of key industry participants, an aging population, rising rates of lifestyle diseases, and an increased incidence of cardiac ailments, North America has a dominant position in the global biochip market.
South Asia and the Pacific have a huge populations, creating a large demand for healthcare services. Investments and developments in medical technologies and development in biochip technologies globally can be seen in this region and allow the market to grow.
The need for clinical and research diagnosis is driven by the high frequency of diseases like cancer and diabetes. The USA Government is initiating a number of programs to promote precision medicine, together with increasing funding for cancer genomics research and development, which is anticipated to fuel revenue growth in the USA. For instance, USA President Biden announced the Cancer Moon shot in February 2022, with the goal of lowering the death rate from cancer by at least 50% over the following 25 years.
The rapid expansion of biochip applications, particularly those for drug development, forced numerous Research and Development organizations and teams to find a method that was both economical and effective. The country has a large expenditure on Research and Development in healthcare and has several companies which operate in this sector, these factors can allow the growth of the biochips market in the USA.
Gene expression, drug discovery, point of care and in vitro diagnosis, proteomics, and genomics are a few applications for biochips. The market for biochips is dominated by the German economy in Europe.
The demand for biochips in Germany is rising quickly due to the growing use of these devices in biomedical research and biotechnology. The growing use of biochips in microarrays and proteomics is the main driver driving the German market for biochips. The main factor impeding the expansion of the regional biochip market is the accessibility of substitute technologies.
Major market players are growing their operations, particularly in India. A growing number of studies have fuelled the demand for LOC models in India, contributing to the expansion of the market as a whole. Microarray chips are increasingly being used to diagnose viral infections in animals in India. The growth of the market is being driven by biochip start-ups and the expansion of lab-on-a-chip research. India, meanwhile, is anticipated to experience development. This can be attributed to the expansion of the life sciences sector of the economy. Major market companies are also growing their businesses, particularly in countries like India.
Together, India has a sizable patient population, making these extremely attractive investment opportunities. As a result of encouraging government initiatives for biotechnology-related research and development, India is one of the most profitable healthcare markets as a result. India is home to an increasing number of research projects, which have increased demand for lab-on-a-chip (LOC) models and aided in the expansion of the industry as a whole. In addition, academic research has been started by biochip businesses in an effort to attract funding and change the drug development sector.
Lab-on-chip gadgets give various advantages, like low volume reagents, high parallelization, expense productivity, high responsiveness, and high expandability. These chips have high performance and convenience in logical science and biomedical diagnostics. Likewise, bimolecular activity lab-on-chips give super-fast results for microscopic and infectious organisms.
This will be helpful for atomic science. Biochips will grow in popularity as a result of increased spending on cutting-edge genomic research, sequencing, and growing interest in hereditary problem analysis. The market is also expected to grow globally due to the growing number of genomics consumers and hereditary issues.
Due to the above-mentioned reasons, lab-on-chip is estimated to grow at a CAGR of 12.5% over the forecast period.
Several diseases are in existence today that do not have a perfect cure or drug developed to tackle, for example, various types of cancers, the common cold, AIDS, etc. Diseases on the other hand are constantly evolving and making the older antibodies obsolete.
Biochips can help in the progress and development of drugs and antibodies against such diseases and for the same reason, drug discovery, and development is estimated to have held the largest market share of 29.5% for 2021 and is also estimated to dominate the biochips market with regards to the application of biochips.
Health research institutes use research biochips for diagnostics and focus on analyzing patients and screening. The organizations are enjoying weighty research and development projects to coordinate biochip innovation in different well-being applications.
To better understand various types of diseases and certain diseases which have made breakthrough cases in human beings over the past few years like monkeypox and COVID-19, biochips can find numerous applications in health research institutes.
Companies that develop biochips are predominantly in the healthcare and pharmaceutical industries. Biochips are still in a developing phase and for this reason, several universities and research institutions are trying to use and develop biochips as well.
| Attribute | Details |
|---|---|
| Market value in 2021 | US$ 5.6 Billion |
| Market CAGR 2022 to 2032 | 11.8% |
| Share of top 5 players | Around 35% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Billion for Value |
| Key Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, and the Middle East & Africa |
| Key Countries Covered | USA, Canada, Germany, UK, France, Italy, Spain, Russia, China, Japan, South Korea, India, Australia & New Zealand, GCC Countries, Turkey, and South Africa |
| Key Segments Covered | Product, Application, End User, and Region |
| Key Companies Profiled |
|
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Some leading of the biochips are Agilent technologies, Thermo Fisher Scientific, Takara Bio Inc and Capheid Inc.
South Asia and Pacific is estimated to have the highest growth for the biochips market during the forecast period of 12.2%.
Improving the various medical and healthcare studies and processes.
Drug discovery and development had the largest market share for the biochips market of 29.5% in 2021.
Disease diagnostics has the highest CAGR of 12.4% for the forecast period.
UK, USA, China, Germany, and India.
The market share of South Asia and Pacific for the year 2021 for the biochips market was 13.4%.
North America had a market share of 28.7% in 2021 for biochips market.
India has the highest CAGR for the forecast period, which is 12.7%.
The estimated market value for biochips market for the year 2022 is US$ 6.8 Billion.
For East Asia region, the CAGR for the forecast period is estimated to be 9.7% for the biochips market.
Biochips Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
