Asia Pacific region is expected to register fastest CAGR during the forecast period owing to the growth in life science industry and improving healthcare facilities in the region,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
According to TechSci Research report, "Global Biochip Market By Type (DNA Chips, Lab-On-a-Chips, Protein Chips), By Technology (Microarray v/s Microfluidics), By Application (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, Agriculture, Others), By End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostics Centers, Academic & Research Institutes, Others), By Region, Forecast & Opportunities, 2025", the market is anticipated to witness a double digit CAGR during the forecast period. Increasing prevalence of various chronic dieses like cancer, immunological disorders and other infectious diseases, especially among geriatric population is acting as a major growth factor for global biochip market. Moreover, rising demand for targeted therapies and personalized medicines, extensive R&D activities and supportive government policies are some other key factors supporting the global biochip market growth. Furthermore, ongoing technological innovations and new product launches by major players operating in the market is expected to create lucrative growth opportunities for market over the next five years.
Additionally, biochips are also finding application in the field of genomics, genotyping and proteomics. This in turn is likely to positively influence the market growth through 2025. Apart from that, various economies are increasing spending on clinical research which is further augmenting the growth of global biochips market. However, high cost of biochips and lack of awareness especially in the developing and underdeveloped countries can hamper the market growth.
Major players operating in the global biochip market are Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., Cepheid Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Dynamic Biosensors GmbH, General Electric Company, Genalyte, Inc., Hologic, Inc. and Arbor Biosciences, among others. Companies are investing on developing advanced technologies and launching new services in order to enhance their product portfolio. They are also undergoing inorganic growth strategies such as mergers & acquisitions, strategic partnerships, collaborations and joint ventures.
"Regionally, North America is expected to dominate the global biochip market through 2025 on account of the growing prevalence of various sedentary lifestyle associated diseases in the countries like United States and Canada. However, Asia Pacific region is expected to register fastest CAGR during the forecast period owing to the growth in life science industry and improving healthcare facilities in the region," said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
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