Biochips Market Size And Strategies 2024-2033 – Growth Analysis, Outlook, Overview

Biochips are miniaturized devices containing an array of biological molecules, such as deoxyribonucleic acid (DNA), proteins, or cells, immobilized on a solid substrate. They combine biological elements with electronic systems to examine and handle biological data and are commonly used in medical diagnostics, genetic sequencing, and other biotechnological fields.

Sizing and Forecast

The biochips market size has grown rapidly in recent years. It will grow from $10.86 billion in 2023 to $12.62 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%.  The growth in the historic period can be attributed to increased demand for personalized medicine, high prevalence of chronic diseases, technological innovations, expanded applications in drug discovery, growth in investments in research and development, and supportive regulatory frameworks.

The biochips market size is expected to see rapid growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 16.4%.  The growth in the forecast period can be attributed to increasing adoption in point-of-care diagnostics, expanding applications in drug development, rising demand for personalized medicine, advancements in microfluidics technology, growing investments in research and development, expanding collaborations between biotechnology companies and academic institutions, and emerging opportunities in agricultural biotechnology. Major trends in the forecast period include advancements in microfluidics technology, emphasis on developing biochips for liquid biopsy applications, rising demand for multiplexed assays for simultaneous detection of multiple analytes, integration of artificial intelligence for data analysis, and the emergence of novel biochip platforms.

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Segmentation & Regional Insights

The biochips market covered in this report is segmented –

1) By Type: Deoxyribonucleic Acid (DNA) Chips, Protein Chips, Lab-On-Chip, Tissue Arrays, Cell Arrays

2) By Technology: Microarrays, Microfluidics

3) By Application: Drug Discovery And Development, Agriculture, Genomics, Disease Diagnostics, Proteomics, Other Applications

4) By End-User: Biotechnology And Pharmaceutical Companies, Academic And Research Institutes, Hospitals And Diagnostic Centers, Other End-Users

North America was the largest region in the biochips market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biochips market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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 Major Driver Impacting Market Growth

The increasing adoption of personalized medicines is expected to propel the growth of the biochips market going forward. Personalized medicine refers to tailoring medical treatment to individual characteristics, such as genetics or lifestyle, to optimize effectiveness and minimize adverse effects. The growing demand for personalized medicine is driven by its potential to provide more effective treatments, advancements in genomics, increasing disease complexity, and regulatory support. Biochips aid in personalized medicine by allowing for precise and individualized treatment plans tailored to a person’s genetic profile. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Thus, the increasing adoption of personalized medicines is driving the growth of the biochips market.

Key Industry Players

Major companies operating in the biochips market are Thermo Fisher Scientific Inc., Roche Diagnostics International Ltd, Zoetis Inc., Agilent Technologies Inc., PerkinElmer Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Tecan Group Ltd., Cepheid Inc., Randox Laboratories Ltd., Takara Bio Inc., Oxford Nanopore Technologies plc, Luminex Corporation, Fluidigm Corporation, Micronit Microtechnologies B.V., Sphere Fluidics Limited, Sengenics, Arrayit Corporation, CustomArray Inc., Partek Incorporated, NanoCellect Biomedical Inc., Dolomite Microfluidics, Biocartis NV

The biochips market report table of contents includes:

1. Executive Summary
2. Biochips Market Characteristics
3. Biochips Market Trends And Strategies
4. Biochips Market – Macro Economic Scenario
5. Global Biochips Market Size and Growth
…
32. Global Biochips Market Competitive Benchmarking
33. Global Biochips Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biochips Market
35.Biochips Market Future Outlook and Potential Analysis
36. Appendix

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