This market research report presents a detailed segmentation of the global biochip market by product (microarray, analysis software, biochips instruments, and reagents), by application (drug discovery, diagnostics and treatment, research and consumables, forensics medicines, and others), and by geography (APAC, Europe, North America, and ROW). The key leading vendors identified in the market are Agilent Technologies, Cellix, Illumina, and PerkinElmer.
Technavio has released a new market research report on the global biochip market, which is expected to grow at a CAGR of around 17% between 2016 and 2020. Biochips are used for diverse applications including research in biotechnology such as proteomics and genomics, molecular diagnostics, and drug screening and development. Lab-on-a-chip, DNA chip, and protein chips are the different types of biochips available in the market. North America is the largest market for biochips, owing to the presence of a well-developed infrastructure for medical research and genomic and proteomics studies.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The emergence of microarray technology equips researchers with specialized techniques to carry out extensive research in molecular biology. With the latest development of nanoarrays, researchers can efficiently print thousands of binding sites on a single conventional microarray spot. Also, advanced and specialized methods to express and purify proteins help companies build recombinant proteins library. The rising demand for microarrays will bolster this market’s growth potential during the forecast period,” says Debasish Nayak, Lead Analyst, Chemicals & Materials, Technavio Research
The drug discovery and development segment dominates this market, occupying for an impressive market share of nearly 32%. This segment involves the discovery and development of NCE to provide new and more adequate drugs for the treatment of diseases. Much of this segment’s growth can be attributed to the extensive use of biochips for the development of highly specific drug molecules. Also, the rising focus on drug discovery and development has led to the growth of microarray in the market.
Global biochips market in drug discovery and development segment 2015-2020 ($ billions)
Source: Technavio, 2016
The major players in the global biochip market are Agilent Technologies, Cellix, Illumina, and PerkinElmer. The market is highly competitive owing to the presence of well-established players. The competitive environment is expected to increase due to factors like the discovery of new applications and advances in technologies, growth in the personalized medicine market, and increased government spending and private investment in the healthcare sector and R&D.
A more detailed analysis is available in the Technavio report, Global Biochip Market 2016-2020.
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