The medical significance of miniaturised or microscopic biological microarray chips, commonly known as biochips, has caused a revolutionising effect on the global healthcare industry. The global ICT and electronics sector has reaped benefits by incorporating latest scientific research in biochip technology into various medical fields such as bioinformatics or molecular biology. The wide range of biochip applications and products have catapulted the growth of the global biochips market size at a remarkable level.
The variable functionality of biochips is considered as a crucial advancement in medical technology. Performing abundant calculations in a few seconds and assessing the gene-decoding data by sending it to a computer quickly are the key features that have led to robust adoption of biochips.
The global biochips market value is set to increase at a substantial CAGR through 2020. The principal trend driving the growth of the biochips market is their efficacy in identifying various cancerous diseases.
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Recent research in biotechnology has proved the gravity of medical benefits deduced by the use of biochips. The most crucial part of its medical approach is detection of cancerous cells and restricting their metastasizing in bloodstreams. The rising adoption of biochips as an integral component of cancer dialysis is inciting the growth of its global market. The influence of digital microfluidic biochips is growing in several biomedical fields, assisting the detection of bioterrorism agents and the analysis of gel-based and plate-based DNA arrays.
Drivers of the Global Biochips Market
Biochips are widely used to detect viral and bacterial agents that cause prevalent diseases such as anthrax, plague and smallpox. Detecting malignant cells in the body of a cancer patient helps the diagnosis in cancer treatments.
Growth of personalised medicine has increased the demand for electronic biochips used for medical analysis by individual consumers.
Less-invasive clinical procedures for installing biochips in the patient’s body are generating higher adoption in global medical organisations. Improving diagnostic methods and lowering expense through technical developments is also driving the demand for biochips.
Even though the benefits drawn from biochip use are way more conducive for the market’s growth, there are a handful of compelling factors to limit the expanse of the global biochips market. Lack of proper knowledge about biochip technology is a prominent restraint lowering the demand for biochip products.
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The irregularities arriving in healthcare coverage around the world are also more likely to challenge the growth of biochips market. Variable cost and adoption of biochip technologies is likely to affect the personalisation of medicine, eventually lowering the revenues of the global biochips market.
To understand the biochip market outlook in depth, its global market is categorised into various segments based on,
Type of Applications
Microarray Type (Product Type)
Biochips Market: Key Competitors
Companies such as Cepheid Inc., Sigma Aldrich Corp., EMD Milliproe, Calipher Life Sciences Inc. and Agilent Technologies are some of the top players in the global market for biochips. Affymetrix Inc., another leading biochip manufacturer, was the first company to introduce commercial biochips called GeneChips. Redefining strategies involved in location of manufacturing facilities, technology outsourcing, consumer base enhancement, and mergers and alliances have helped shape up the competition in the global biochips market.