The global biochips market was valued at $9,037 million in 2017 and is expected to reach $21,419 million by 2025, growing at a CAGR of 11.2 percent from 2018 to 2025. A biochip is a miniature medical device used in molecular laboratories to perform multiple biochemical reactions at the same time. It can rapidly screen a large number of biological analytes for a variety of applications such as disease diagnosis and detection of dangerous biological agents in a system. It is based on microarray and microfluidic technologies, the most efficient of which is digital microfluidic biochip and has gained significant popularity in the biochemical field.
The rising prevalence of cancer, immunological disorders, and viral infections is propelling the global biochips market forward. Other factors driving market growth include an increase in the geriatric population, an increase in the number of biochip applications, and widespread adoption of personalized medications. However, factors such as the high cost of biochips and a lack of knowledge about them, particularly in emerging markets, are impeding the market growth. In contrast, increased R&D investment and government funding, as well as high potential in untapped markets in emerging economies, are expected to provide lucrative growth opportunities for the market.
The global biochips market is divided into product, application, end-user, and region segments. The market is segmented by product into DNA chip, protein chip, lab-on-a-chip, and others. Due to the high adoption of DNA chip products, the DNA chip segment accounted for the largest market share in 2017 and is expected to maintain this trend throughout the forecast period. The protein chip segment, on the other hand, is expected to grow at a significant CAGR of 12.9 percent during the forecast period.
The study's applications include drug discovery and development, disease diagnostics, genomics, proteomics, agriculture, and others.
The market is divided into biotechnology and pharmaceutical companies, hospitals and diagnostics centers, academic and research institutes, and others based on the end-user. The biotechnology and pharmaceutical companies segment held the largest share in 2017 and is expected to grow at a significant CAGR of 10.7 percent. However, the academic and research institutes segment is expected to grow rapidly during the forecast period.
The market is being studied across North America, Europe, Asia-Pacific, and Latin America. In 2017, North America had the largest market share, followed by Europe. Asia-Pacific, on the other hand, is expected to dominate the market during the analysis period due to the presence of a large population base, increase in disposable income, and improvement in patient awareness of biochips.