Global Biochips Market is Estimated to Reach $22 Billion by 2024, Says Accurize Market Research
Global biochips market report published by Accurize Market Research forecast that the global market is expected to reach $22 billion by 2024; growing at a CAGR of 15.4% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Technological advancements, expanding generic drug market and rising demand for customized medicines across the globe to drive the growth of the market
Technological advancements, expanding generic drug market and rising demand for customized medicinesfuels the demand for the global biochips market. Moreover, increasing prevalence of cancer & HIV and increasing applications in drug discovery also boosts the growth of the market.
The global biochips market has been bifurcated on the basis of type, application and geography. By type, the market is segmented into DNA chips, microfluidic devices, and protein chips. Furthermore, by applications, it is segmented into proteomics, drug discovery & development, genomics, and In vitro diagnostics (IVD).
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Italy, France, Germany and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
“DNA chips accounted for the largest market share in the type segment", says Accurize
Bytype segment,DNA chips accounted for the largest market share accounting for 39.4% in 2017, followed by protein chips with 35.5% in 2017. Moreover, In vitro diagnostics (IVD) is expected to dominate the market in the application segment with highest CAGR during the forecast period 2017-2025; owing to the rising demand for accurate detection and diagnosis of genetic disorders.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America accounted for the largest market share of 32.2%, owing to the advancements in biochip technology and increasing popularity of customized medicine. However, Asia Pacific is expected to dominate the market with fastest CAGR during the forecast period, due to increasing health-consciousness and increased spending on research & development for advanced diagnostic techniques.
Top players in the market
The key market players include Illumina Inc., Roche Diagnostics, Cepheid Inc., Agilent Technologies Inc., Affymetrix Inc., Sigma-Aldrich Corporation, Abbott Laboratories, GE Healthcare,Bio-Rad Laboratories andFluidigm Corporation, among others.
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