Biochips Market size is set to grow by USD 43.27 billion from 2022 to 2027 | North America is estimated to account for 41% of the market growth - Technavio
NEW YORK, Dec. 5, 2023 /PRNewswire/ -- The global biochips market size is estimated to grow by USD 43.27 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 25.15% during the forecast period. North America is estimated to account for 41% of the market growth. This is due to the infrastructure, which has been developed for genomic and proteomic research in medicine. North America has recently been involved in a number of healthcare innovation projects and has also experienced rapid technological advancement, particularly in the fields of robotics and drug formulations. Hence, such factors drive regional growth during the forecast period. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report
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Biochips Market - Segmentation Assessment
Segment Overview
This biochips market report extensively covers market segmentation by end-user (biotechnology and pharmaceutical companies, hospitals and diagnostics centers, and academic and research institutes), technology (microarrays and microfluidics), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
- The market share growth by the biotechnology and pharmaceutical companies segment will be significant for overall market growth during the forecast period. Over the past decade, demand for biochips has increased significantly across a range of end-user industries, including biotechnology and pharmaceutical companies. Pharmaceutical and biotechnology companies use biochips for a wide range of purposes, such as drug discovery, genomics, proteomics, and diagnostics.
Get Insights on the market contribution of various segments including country and region wise, for historic period (2017 to 2021) and forecast period (2023 to 2027) - Download a Sample Report
Biochips Market – Market Dynamics
Key factor driving market growth
The growing use of personalized medicines notably drives market growth. Prior to the adoption of microarray biochips, drug discovery was considered to be a major component of operations in pharmaceutical companies but biotechnology companies have now begun to engage in some drug discovery-related activities. Microarray biochips shorten the drug pipeline timelines in drug discovery companies. Manufacturers are attempting to offer better and incredibly effective solutions for drug discovery in response to the rise in end users. Multi-parameter testing, chip technology miniaturization, and flexible array technology introduction are some of examples.
Leading trends influencing the market
The increasing use of chemical microarray technology is an emerging trend in the market. The study of genomics and proteomics makes extensive use of microarray technology and it has made it possible for several bioentities to function in parallel at the same time. All kinds of microarrays, including chemical microarrays, which are also known as chemical compound microarrays, protein microarrays, and DNA microarrays, are crucial for research and are in high demand. Hence, such trends fuel the market growth during the forecast period.
Major challenges hindering the market growth
High costs associated with biochip R&D are major challenges hindering market growth. An important challenge for the market is the high cost of biochip research and development. Large investments in R&D along with specialized manufacturing facilities and equipment are necessary for the development and commercialization of biochips. The cost of raw materials, such as reagents and oligonucleotides, can also be high because of these factors, biochips are expensive, which may limit their use and accessibility, particularly in places with limited resources.
In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, challenges for the market - Request a sample report!
What are the key data covered in this Biochips Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the biochips market between 2023 and 2027
- Precise estimation of the size of the biochips market and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Biochips Market industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of biochips market vendors
Related Reports:
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The bio-based platform chemicals market size is expected to increase by USD 2.12 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 10.78%.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by End-User
- Market Segmentation by Technology
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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Website: www.technavio.com/
SOURCE Technavio
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