Biochip is a miniaturized integrated medical device, which performs numerous biological or biochemical reactions simultaneously. It is extremely small in size, and consists of microscope slide, which is manufactured of glass, nylon, or silicon. It is a collection of microarrays, which are arranged on a solid substrate and perform functions such as decoding genes, screening of large number of biological analytes, and finding contaminations in a few seconds.
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According to a new report published by Allied Market Research, titled, Biochips Market, by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 20182025,” the market was valued at $9,037 million in 2017, and is projected to reach $21,419 million by 2025, registering a CAGR of 11.2% from 2018 to 2025.
The drug discovery & development segment led the global biochips market in 2017, and is expected to maintain this trend during the forecast period. On the other hand, disease diagnostics segment is anticipated to record the highest CAGR from 2018 to 2025.
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The utilization rate of biochips in biotechnology and pharmaceutical companies was high in 2017. However, the academic and research institutes segment is expected to grow at a CAGR of 13.5% during the forecast period.
Key Market Players
- bioMrieux S.A.
- Bio-Rad Laboratories, Inc.
- F. Hoffmann-La Roche Ltd.
- Fluidigm Corporation
- Illumina, Inc.
- HORIBA, Ltd.
- PerkinElmer, Inc.
- QIAGEN N.V.
- Randox Laboratories Ltd.
- Thermo Fisher Scientific Inc.
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Key Finding of the Report
- The lab-on-a-chip segment accounted for nearly 37% share of the global biochips market in 2017.
- The genomics segment is expected to grow at a CAGR of 10.6% from 2018 to 2025.
- The hospitals & diagnostics centers segment accounted for around one-fourth share of the global market in 2017.
- Europe accounted for more than one-fourth share of the global market in 2017.
- LAMEA is expected to grow at a CAGR of 11.9% from 2018 to 2025.
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Human Growth Hormone (hGH) Market
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