The biochips global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Biochips Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – 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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Scope Of Biochips Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Biochips Market Overview
Market Drivers -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.
Market Trends – Major companies in the biochips market are concentrating their efforts on developing cutting-edge technologies like organ-on-a-chip platforms, aiming to revolutionize drug discovery and development processes. Organ-on-a-chip platforms are advanced microfluidic devices engineered to replicate the physiological characteristics and functions of human organs in a scaled-down format. For instance, in April 2024, Boston Micro Fabrication (BMF), a US-based nanotechnology research company, launched BMF Biotechnology Inc. BMF Biotechnology Inc. specializes in Biochips, also known as organ-on-a-chip platforms, designed to cultivate large-scale tissues in vitro. This innovation facilitates the accelerated development of new drugs and cosmetics by providing a platform for testing and research outside of the human body.
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
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Regional Insights – 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.
Key Companies – 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
Table of Contents
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
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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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