Biochips Market to be Worth $25.92 Billion by 2030 at CAGR 13.35%: Grand View Research, Inc.
SAN FRANCISCO, Sept. 29, 2022 /PRNewswire/ -- The global biochips market size is expected to reach USD 25.92 billion by 2030, registering a CAGR of 13.35% during the forecast period, according to a new report by Grand View Research, Inc. The rising requirement for drug discovery and development coupled with the adoption of personalized medicine is likely to favor the industry's growth. Furthermore, the rise in the implementation of next-generation sequencing by biotechnology companies around the globe is pushing product demand. For instance, in December 2021, Abbott received CE Mark for the i-STAT TBI Plasma test, a portable analyzer for Traumatic Brain Injury (TBI) blood. Hence, the company is permitted to expand its footprint in the European Union. The innovation in sequencing techniques has allowed researchers to decode DNA molecules up to the level of the complete human genome.
Key Insights & Findings from the report:
- The DNA chips type segment accounted for the largest revenue share in 2021 due to the high demand for rapid and accurate detection of cancer.
- The drug discovery application segment for lab-on-chip is anticipated to grow at a faster rate during the forecast period as the biochip helps lower the overall cost of drug discovery & development.
- The biotechnology and pharmaceutical companies' end-user segment captured a significant revenue share in 2021 due to the need for personalized medicines along with the increasing drug discovery & development.
- North America held the largest revenue share in 2021 owing to high R&D investment coupled with the accessibility of capital through venture capitalists for startups and the application development of biochips in the region.
- Asia Pacific is projected to register the fastest CAGR from 2022 to 2030 owing to various initiatives by local governments to promote domestic product manufacturing
Read 150-page market research report, "Biochips Market Size, Share & Trends Analysis Report By Type (DNA Chips, Lab-on-chip, Cell Arrays), By End-use (Academic & Research Institutes, Hospitals & Diagnostics Centers), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Biochips Market Growth & Trends
Ion Torrent chip by Thermo Fisher Scientific is one of the technologies based on sequencing by the technique of synthesis. The chip is an advancement in the Next-Generation Sequencing (NGS) technology that makes massively parallel sequencing cost-effective for every lab. Hence, the development of biochips to enhance the NGS application is anticipated to support the growth of the industry. Similarly, increasing government-based initiatives to promote the domestic production of biochips is likely to support the growth in the coming years. This strategic initiative is to match the local demand for the product with the supply. For instance, in July 2022, SiPhox, Inc. received a grant worth USD 681,631 from the Baker-Polito Administration.
The financial support is to accelerate the development of a manufacturing facility for the mass production of pluggable photonic biochips. It is estimated to accelerate the output to around 5,000 biochips per month from around 100 per month to match the rising demand from biotech segments including drug discovery, vaccine development, and distributed diagnostics. Such investments are likely to supplement the industry growth in the coming years. The COVID-19 pandemic is estimated to have a positive impact on industry growth during the forecasted period. Various companies collaborated to develop innovative solutions to deal with the pandemic. For instance, in March 2020, SkyWater Technology announced the collaboration with MGI, to supply essential components for COVID-19 sequencing, including microfluidic MEMS devices.
The growing requirement for personalized medicine is likely to become a key application area for the industry in the coming years. Since biochip is emerging as an important component in molecular diagnostics, their use in point-of-care diagnostics is anticipated to smooth the development of personalized medicines. In addition, gene expression profiling through microarrays is expected to enhance the progress of personalized treatment for cancer based on molecular classification. However, the cost involved in the manufacturing of biochips is considerably high, resulting in high pricing for end-users. For instance, Josep Carreras Leukaemia Research Institute (IJC) provides microarray to researchers. The cost of GeneChip Human Gene 2.0 ST for whole-transcript expression analysis & profiling ranges from USD 456 to 593 for fresh samples.
Biochips Market Segmentation
Grand View Research has segmented the global biochips market based on type, end-user, and region
Biochips Market - Type Scope Outlook (Revenue, USD Million, 2018 - 2030)
- DNA Chips
- Cancer Diagnosis&Treatment
- Gene Expression
- SNP Genotyping
- Genomics
- Drug Discovery
- Agricultural Biotechnology
- Others
- Protein Chips
- Proteomics
- Expression Profiling
- Diagnostics
- HTS
- Drug Discovery
- Others
- Lab-on-chip
- Genomics
- IVD & POC
- Proteomics
- Drug Discovery
- Others
- Tissue Arrays
- Cell Arrays
Biochips Market - End-use Scope Outlook (Revenue, USD Million, 2018 - 2030)
- Biotechnology And Pharmaceutical Companies
- Hospitals And Diagnostics Centers
- Academic & Research Institutes
- Others
Biochips Market - Regional Scope Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of the Key Players of Biochips Market
- Abbott Laboratories
- Agilent Technologies, Inc.
- PerkinElmer, Inc.
- Fluidigm Corporation
- Illumina, Inc.
- GE Healthcare
- Bio-Rad Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- LI-COR, Inc.
- Molecular Devices, LLC.
Check out more related studies published by Grand View Research:
- Separation Systems for Commercial Biotechnology Market - The global separation system for commercial biotechnology market size is expected to reach USD 39.47 billion by 2025, according to a new report by Grand View Research, Inc. Intensive research in the field of biotechnology to develop advanced products is expected to boost growth in the coming years. Moreover, contributions of leading industrial entities in this sector for accelerating commercial production is anticipated to drive the market.
- White Biotechnology Market - The global white biotechnology market size is expected to reach USD 487.08 billion by 2024, at a CAGR of 18.2% according to a new report by Grand View Research, Inc. Rising awareness and emphasis for the adoption of greener and environment-friendly technologies in various end-use industries is expected to drive the market over the next eight years.
- Rare Disease Genetic Testing Market - The global rare disease genetic testing market size is expected to reach USD 2.52 billion by 2030, registering a CAGR of 13.94% over the forecast period, according to a new report by Grand View Research, Inc. Effective regulatory plans to combat rare disease is one of the key drivers of the industry. Furthermore, the presence of a substantial number of registries that provide data and relevant information about related diseases has aided in revenue growth over the past years. Ongoing conferences to raise awareness about rare and ultra-rare conditions are anticipated to boost the adoption of diagnostic kits and services. For instance, Ergomed and PSR Orphan Experts, with their offices in the U.K., Germany, the Netherlands, Poland, and other countries, participate in various activities that are aimed at raising awareness in this area.
Browse through Grand View Research's Biotechnology Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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