The
global biochips market is estimated to reach $9 billion by 2024 from $4 billion
in 2016; growing at a CAGR of 8.6% from 2016 to 2024. The biochips market is
majorly driven by the following driving factors such as increasing demand for
customized medicines, growing applications in drug discovery and rising
occurrence of HIV and cancer. However, high cost of devices and lack of
regulations might hinder the growth of the market. Furthermore, growing
applications of biochips for the point-of-care diagnostics and development of
advanced devices for cattle disease detection and drug lead identification would
provide growth opportunities for the market.
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Type,
application and geography are the key segments of the global biochips market. Type
segment has been segmented into DNA chips, microfluidic devices and protein
chips. DNA chips was the leading sub segment with highest market share in 2016
and protein chips held the second largest market. Additionally, Application
segment includes in vitro diagnostics (IVD), proteomics, drug discovery &
development and genomics.
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The
global biochips market by geography is bifurcated into North America, Europe,
Asia-Pacific and RoW. North America held the highest market share of 32.2% in
2016, driven by growing advancements in biochip technology and rising demand
for personalized medicine. Moreover, Asia-Pacific region is anticipated to grow
at the fastest CAGR over the forecast period, owning to rising awareness and
growing investments on the R&D for advanced diagnostic techniques.
Various
strategies have been adopted by the market players to boost their geographical
presence and product portfolio. The major players in the biochips market
include Roche Diagnostics, Affymetrix Inc., Illumina Inc., Abbott Laboratories,
GE Healthcare, Fluidigm Corporation, Agilent Technologies Inc., Bio-Rad
Laboratories, Cepheid Inc., and Sigma-Aldrich Corporation, among others.
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