Advances in diagnostic technology, fueled by the need for fast, accurate diagnosis for patients and doctors, are coming thick and fast in the ever-evolving medical industry and stimulating the growing Biochips market.
At a basic level, biochips (also referred to as microarrays) are miniature labs that can replace repetitive laboratory work with more streamlined research and diagnostic methods. They have the potential to detect one diseased cell among many, leading to early disease diagnosis at the cellular level. This analysis also helps in early development of drugs to treat the identified disease. Like a computer chip, biochips perform simultaneous operations in a matter of seconds, offering an ultra-efficient alternative to traditional laboratory machines and tests.
The North American Biochips Market is on the cusp of shifting from a primary focus on R&D to tangible applications in DNA sequencing, clinical diagnostics and drug detection. Because of these potential uses, as well as an increase in technological innovation in the field, the market is expected to witness an improvement in its growth rate, with a CAGR of 10.24 percent from 2013-2018.
While overall projections are positive, advances in biochip technology are still facing a few serious challenges. Research in the industry is ongoing, and developing chips is a lengthy, expensive process that requires highly skilled specialists. A lack of expertise in this relatively new field, as well as the high cost of development has hindered smaller companies from throwing their weight behind chip development.
Additionally, any technologies with applications in the medical field are strictly regulated and must pass stringent quality assurance tests before being put on the market, extending the lead time of any new biochip research.
Nevertheless, thanks to outsourcing to help bring down the cost of manufacturing and distributing microarray technology, the market is still on the up and up, and is expected to reach a value of US$5.03 billion by 2018.
In the future, these increases will be encouraged by a higher demand for individualization in the medical field. Personalized medicine and pharmacogenomics, which offer patients specialized diagnosis and treatment based on their individual genetic profile, are becoming increasingly popular as hospitals continue to invest in more advanced diagnostic equipment. These advances will be instrumental in sustaining and promoting growth in the North American Biochips Market in coming years.
For more information, view our 2014-2018 Biochips Market in North America report.
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