(MENAFN- GlobeNewsWire - Nasdaq) WASHINGTON, March 17, 2023 (GLOBE NEWSWIRE) -- Global biochips market is valued at USD 8.2 Billion in 2022 and is projected to reach a value of USD 22 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 15.2% over the forecast period 2022-2030.
Market Overview
The demand for the Biochip market is anticipated to rise in the anticipated period due to factors including the rising demand for Biochip in catalytic converters in the automobile industry and a growth in the number of marketplace funds (ETF) that invest in Biochips. Additionally, the demand for Biochip is anticipated to be driven by the metal's expanding application in electrical components, particularly multilayer ceramic capacitors (MLCCs), conductivity pastes, and electromagnetic plating.
We forecast that the microarrays category in the Biochip market will account for more than 32% of total sales by 2028. Due to the widespread use of Biochips to identify therapeutic candidates during drug discovery. Microarray technology solutions offer significant labor and improved efficiency compared to other technologies.
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Market Dynamics
Growing Adoption of Biochips in Personalized Medicine
The use of Biochips in molecular diagnostics and point-of-care diagnosis will likely lead to a great demand for these chips in advancing customized medicine. It is highly helpful for distinguishing between healthy and malignant cells' proteins. For protein-based treatments, the Biochips offer the opportunity for a quick study of the complete proteome. These chips are in high demand in personalized medicine because they are reliable tools for identifying a variety of indicators with a limited number of samples and have the capacity to diagnose and treat the condition.
Increased Technology Advancement to Drive the Market Growth
The use of Biochips in proteomics has increased along with technological development. Biochips are increasingly being used in avarious applications due to advancements in nanotechnology, which boost their functionality and lower their size while making them valuable for diagnostics, research, medication development, and toxicological studies. These chips are currently widely employed in applications for genotyping, peptides, customized medicine, and other fields, encouraging established manufacturers and young entrepreneurs to create, fund, and release new technologies on the market.
Top Players in the Global Biochips Market
Thermo Fisher Scientific Inc. (U.S.) Abbott Laboratories (U.S.) Agilent Technologies Inc. (U.S.) PerkinElmer Inc. (U.S.) Fluidigm Corporation (U.S.) Illumina Inc. (U.S.) GE Healthcare (U.S.) Bio-Rad Laboratories Inc. (U.S.) F. Hoffmann-La Roche AG (Switzerland)
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Top Trends in Global Biochips Market
One trend that Vantage Market Research (VMR) expects to see in the Biochips industry is increasing use in various applications. Multiple research applications in the areas of genomic sequencing, bioinformatics, and genomics, as well as an increase in the spending on clinical research and significant distribution of resources for genomic and proteomic investigation, all of which have a variety of uses ranging from disease marker proof of identity to accelerated drug development, have a significant impact on the Biochips market. Another trend that VMR predicts will continue in the biochips industry is the increasing adoption of Biochips for detecting allergies. Eating, dust, and other allergies have caused many people to develop fevers, skin rashes, vomiting, asthma attacks, and diarrhea. Biochips for allergy testing are a brand-new technology that is now expanding greatly. It has several allergen components that have been identified in a microarray. As a result, many studies of patient-specific sensitization patterns can be conducted using a single measure. Due to the enormous potential of Biochips for allergen research, businesses are creating novel technologies.
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Top Report Findings
Based on Product Types, the lab-on-a-chip category controls most of the Biochips market's revenue. The lab-on-chips' bifunctional processes provide incredibly rapid virus and pathogen detection technologies, which is especially useful for molecular biology. This results from customers and end-user enterprises using VR gear, such as virtual reality headsets, screens, and hand-tracking gadgets. Based on the Applications, the genomics category controls most of the Biochips market's revenue. The process of genomics is used to examine the composition and operation of an organism's genetic code. Data collection from DNA microarray and Biochip technologies has enabled extensive examination of the genetic material, which is driving demand for these chips in genomics. Based on Fabrication Techniques, the Microarrays category controls most of the Biochips market's revenue. The use of Biochips in proteomics, like microarrays, has increased with the development of technology. Protein Biochips have the potential for downsizing and a low sample utilization rate. For proteome-wide investigation, these features of microarrays are crucial. For the discovery of biomarkers and medications, proteomics is increasingly used. Based on the End Users, the hospitals and diagnostic category control most of the Biochips market's revenue. Due to the increased use of Biochips in hospitals and diagnostic facilities. Healthcare and diagnostic facilities are quickly implementing Biochips to track and monitor disease. Biochips are popular in this market because of their ability to provide high throughput without the use of bulky, sophisticated apparatus and their potential to save money and time.
Recent Developments in the Global Biochips Market
In March 2022 -A U.S.-based business, Nutcracker, raised USD 167 million via series C funding to improve the RNA production platform based on a Biochip. In May 2022- The Viennese University of Technology (TU Wien) created a Biochip-based technology that enables the production of tissue beads in exact sizes and the commercialization of those beads and pharmaceuticals through a narrow route.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on biochips Market Forecast Report (2022-2030).
Lab-on-a-Chip Category in Biochips Market to Generate a Substantial Revenue in the Forecast Period
For better understanding, based on the product type, the Biochips market is divided into DNA Chips, Protein Chips, and Lab-on-a-chip.
During the forecast period, the market for Biochips is anticipated to experience the highest CAGR for the lab-on-a-chip category. The market is rising due to the increased demand for Biochips in various fields, including molecular biology, chemistry, proteome, and cell biology. Due to the numerous benefits lab-on-chip devices provide, such as minimal reagents, high adaptability, cost-effectiveness, high parallelization, and high sensitivity, the market for these devices is projected to grow. For chemistry and microbiological investigations, these chips are particularly helpful.
On the other hand, the DNA chip category is anticipated to grow significantly because of increasing demand for identifying and diagnosing genetic abnormalities and significant investment in bioinformatics and next-generation sequencing research. It is predicted that the demand for Biochips will be fueled by advancements in the creation of protein microarrays and unlockable characters of tissue- and mitochondrial Biochips for various applications.
North America Region in Biochips Market to Generate most of the Global Revenue
North America dominates the market throughout the projection period. Due to the growing government attempts to boost R&D through tax incentives, the area is anticipated to maintain its industrial position during the projection period. The high concentration of biotechnology businesses and academic and research organizations in the area is projected to accelerate future technological developments in Biochip applications. R&D tax credits are a budgetary advantage offered by the United States federal government to businesses researching to develop, improve, or innovate on goods, services, formulae, or software.
The Asia-Pacific regional market is projected to grow at a tremendous rate. China and India will be the key drivers of this region's rapid expansion. The region's primary drivers of industry expansion are expanding access to new technologies, a sizable patient base, and advancements in the healthcare system. Another important aspect influencing the region's expansion is the growing use of Biochip technology, which mature businesses are delegating to emerging economies to reduce overall production costs.
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Global Biochips Market Segmentation
By Product Types
DNA Chips Protein Chips Lab-on-a-Chips
By Applications
Genomics Drug Development Agriculture Other Applications
By Fabrication Techniques
Microarrays Microfluidics
By End Users
Biotechnology & Pharmaceutical companies Hospitals and Diagnostics Centres Academic & Research Institutes Other End Users
By Region
North America United States Canada Mexico
Europe Germany UK France Italy Spain Rest of Europe
Asia Pacific China Japan India South Korea South-East Asia Rest of Asia Pacific
Latin America Brazil Argentina Rest of Latin America
Middle East & Africa GCC Countries South Africa Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 8.2 Billion |
| Revenue Forecast by 2030 | USD 22 Billion |
| CAGR | 15.2% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2022 to 2030 |
| Key Players | Thermo Fisher Scientific Inc., Abbott Laboratories, Agilent Technologies Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina Inc., GE Healthcare, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG |
| Customization Options | Customized purchase options are available to meet any research needs. explore customized purchase options |
Key Questions Answered in the Report:
What is the current size of the biochips market, and what is the expected growth rate for the next few years? What are the main types of biochips, and what are their respective applications? Who are the major players in the biochips market, and what are their strategies for growth? What are the key factors driving the growth of the biochips market, and what are the challenges faced by the industry? What are the major trends in the biochips market, and how are they likely to evolve in the future? What are the regional trends in the biochips market, and which regions are likely to experience the highest growth rates? What are the regulatory frameworks governing the biochips market, and how are they likely to evolve in the future? What are the major opportunities for growth in the biochips market, and how can companies capitalize on them? What are the major threats to the biochips market, and how can companies mitigate them? What are the major challenges faced by new entrants in the biochips market, and how can they overcome them?
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