Biochip Market Analysis Growth Demand, Key Players, Share Size, and Forecast To 2029
Global Biochip Market: Overview
The growth of personalized medicine has increased manifold, which is expected to accentuate the demand for electronic biochips. Consumers utilize these biochips for the purpose of medical analysis. An American company, Affymetrix, has developed the very first biochip called GeneChip (DNA microarrays). These products come with many individual DNA sensors that are utilized sensing defects. Biochip plays an important role in the in the field of biology research, which comprises disease biology and systems biology. There has been a considerable rise in the clinical applications of this product, which is likely to foster growth of the global biochip market over the timeframe o0f analysis, from 2019 to 2029.
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A biochip refers to a set of reduced microarrays placed on a solid substrate enabling several experiments to be done simultaneously so as to gather high throughput within a very less period of time. This gadget comes with countless biosensors or sensor elements. Every biochip is regarded as a microreactor capable of identifying a specific analyte, such as an antibody, biological molecule, DNA, protein, or an enzyme. The main function of a biochip is to conduct several biological reaction within a very short period of time, such gene decoding. Growing prominence of the product is expected to trigger growth of the global biochip market in the years to come.
The three important parameters considered for segmentation of the global biochip market include technology and region. The objective of such segmentation is to offer a clearer, 360-degree view of the market.
Global Biochip Market: Notable Developments
The global biochip market has come across some important developments in the recent years. One of such developments pertaining to the market is mentioned below:
- In August 2019, US-based Agilent Technologies Inc. acquired BioTek Instruments. The latter is a prominent distributor, manufacturer, and designer of novel instrumentation in the life sciences sector. With this acquisition, it is expected that Agilent Technologies will make an expansion of ir presence and improve its expertise in the procedure of cell analysis. This move is further expected to fortify the position of the company in the rapidly developing areas of immunotherapy and immuno-oncology.
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Some of the key players in the global biochip market comprise the below-mentioned:
- Agilent Technologies
- Sigma-Aldrich Corporation
- Calipher Life Sciences Inc.
- Bio-Rad Laboratories Inc
- Life Technologies Corporation
Global Biochip Market: Key Trends
The global biochip market is marked with the presence of several drivers, restraints, and opportunities. These market dynamics are expected to shape the contours of the market over the assessment period, from 2019 to 2029.
Increased Use Biochips in the Biotechnology Sector to Fuel its Demand in the Market
The rapid growth of the global biochip market is primarily driven by its widening scope of application in several segments of biotechnology. Biochips are finding growing utilization in various research and development activities in the biotechnology sector, such as in molecular diagnostics, genomics, and drug screening and development. Biochips have gained popularity in a wide variety of diagnostic applications owing to its ability to make detection of gene sequences, and protein chips. There has been a rapid rise in the diagnostics and treatment of various illnesses, such as cancer and this factor is estimated to play an important role in the growth of the global biochip market over the tenure of assessment, from 2019 to 2029.
Global Biochip Market: Geographical Analysis
North America is estimated to emerge as one of the leading regions in the global biochip market over the timeframe of forecast, from 2019 to 2029. The North America market is expected to offer high growth opportunities to the market players, thanks to the presence of leading medical technology companies in the region, particularly in the US. In addition, augmented use of personalized medicines together with drug screening is anticipated to foster growth of the North America market in the years to come.
The global biochip market is segmented as:
- North America
- United States
- Asia Pacific
- Southeast Asia
- The Middle East
- Saudi Arabia
- South Africa
- Latin America
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