Biochip Market Will Be Worth $25.8 Billion By 2024: Grand View Research, Inc.
Global biochips anticipated market to reach USD 25.84 billion by
2024, according to a new report by Grand View Research, Inc. Growing adoption
of personalized medicine and rapid technological advancements in the biochips
market along with high market demand from proteomic and genomic applications is
expected to drive market growth.
Anticipated launch and
commercialization of novel products for diagnosis and treatment including
laboratory- and non-laboratory-based research are expected to further reinforce
growth in demand. Improvements in accuracy, resolution, and preparation
procedures for the technology coupled with reduction in costs of associated
materials are expected to fuel growth over the forecast period.
Ongoing developments related to
further miniaturization of biochips are expected to enhance their applicability
and additional usage for genetic sequencing methodologies, such as cancer
genomics. Their usage is also expected to aid reduction in the cost of genome
profiling, which is a factor likely to drive demand for the next step of
genetic analysis, i.e., protein expression analysis. Consequently, a growth in
the number of such protein profiling studies is expected to directly fuel
demand for genomic and proteomic labeling techniques through to 2024.
Browse full research report on Bio Vanillin Market: http://www.grandviewresearch.com/industry-analysis/bio-vanillin-market
Further Key Findings From the Report Suggest:
- DNA chips form the largest revenue-generating segment
of the biochip applications. Major contribution to this share comes from
usage in cancer diagnostics/treatment and drug discovery applications. DNA
chips accounted for around a third of the global market revenue in 2015.
The other notable contributing segments to application of biochips include
gene expression, single nucleotide polymorphism genotyping, genomic
studies, and agricultural biotechnology.
- The market is expected to have a high potential for growth
as the technology has numerous applications to aid the miniaturization of
molecular biology and biochemical & chemical assays. Over time, such
miniaturization is expected to benefit medical technologies in terms of
cost and input requirements.
- DNA chips, lab-on-a-chip, protein chips, and tissue
& cell arrays find a number of uses in pharmaceutical &
biotechnology companies, academic & research institutes, hospitals
& diagnostic centers, and other end users like point-of-care settings,
forensic labs, blood banks, etc.
- North America was the largest revenue-generating
region and accounted for over 45%of total revenue in 2015. This can be
attributed to by the presence of government initiatives for personalized
patient care coupled with the availability of a very large installed base
of genetic and proteomic profiling platforms across the U.S. High market
usage of next-gen sequencing techniques for molecular diagnosis and
treatment used with microfluidic techniques also add to the large share.
Furthermore, cancer analysis projects in a number of academic and clinical
research institutes are also responsible for the region’s large share.
- Some key players operating in this industry include
Abbott Laboratories; PerkinElmer, Inc.; GE Healthcare; Illumina, Inc.; Thermo
Fisher Scientific, Inc.; Merck Millipore; Agilent Technologies, Inc.;
Sigma-Aldrich Corporation; Fluidigm Corporation; and Bio-Rad Laboratories,
Inc.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/nutraceuticals-functional-foods-and-dietary-supplements
Grand View Research has segmented the Biochip market on the
basis of type, end use, region:
Biochip Outlook, by Type (Revenue, USD Million, 2013
- 2024)
- DNA
chips, by application
- Cancer
diagnosis and treatment
- Gene
expression
- Single
Nucleotide Polymorphisms Genotyping
- Genomics.
- Drug
discovery
- Agricultural
biotechnology
- Others
- Lab-on-a-chip,
by application
- Genomics
- IVD
& POC
- Proteomics
- Drug
discovery
- Others
- Protein
chips, by application
- Proteomics
- Expression
Profiling
- Diagnostics
- HTS
- Drug
Discovery
- Others
- Tissue
Arrays
- Cell
Arrays
Biochip Outlook, by End Use (Revenue, USD Million, 2013
- 2024)
- Biotechnology
and Pharmaceutical Companies
- Hospitals
and Diagnostics Centers
- Academic
& Research Institutes
- Others
Biochip Regional Outlook (Revenue, USD Million, 2013
- 2024)
- North
America
- U.S.
- Canada
- Europe
- Germany
- UK
- Asia
Pacific
- China
- Japan
- Latin
America
- Brazil
- MEA
- South
Africa
Access Press Release
By Grand View Research: http://www.grandviewresearch.com/press-release/global-bio-vanillin-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
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