Biochips Market

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Global Biochips Market is valued at USD USD 8.2 Billion in 2022 and is projected to reach a value of USD 22.0 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 15.2% over the forecast period.

Biochips are bio-microarray devices extensively used to develop large-scale genomic, proteomic, and functional analyses. Within molecular biology, Biochips are used are engineered substrates that can host many simultaneous biochemical reactions. The primary drivers for the global Biochips market can be attributed to the increasing adoption of personalized medicines and improvements within next-generation sequencing (NGS). Factors such as advancements in the lab-on-a-chip combined with biomedical advancements for microfluidics-based devices are expected to contribute to industrial growth. Rising demand for epidemiological devices will further the expanding market space.

The ongoing pandemic impacted the global Biochips market as support from various pharmaceutical and academic institutions widened for rapidly developing COVID-19 vaccines. For instance, in January 2022, a group of researchers from The Czech Academy of Sciences (CAS) developed a system with a biochip for detecting the COVID-19 virus. According to the research, the biochip can be used for detecting purposes in the form of an antigen test. Additionally, in March 2022, Nutcracker, a US-based startup, received funds worth USD 167 million via series C for enhancing the RNA manufacturing platform based on a biochip. These factors are expected to contribute to the global market.

Rising utilization of Biochips for testing the viability of drugs before clinical drugs is also expected to pave the way for additional revenue for the global biochip market. The rising prevalence of chronic diseases among the global population is expected to add to the patient pool for the Biochips industry to flourish. According to the World Health Organization (WHO), an estimated 17.9 million people died from CVDs in 2019, representing almost 32% of all global deaths. The tremendous utilization of Biochips within single-cell analysis over the last decade in terms of versatile functions and improved performance graphs will fuel the industry's growth.

An expanding healthcare sector on a global scale, especially within emerging economies such as India, Brazil, Japan, Australia, and South Africa, combined with the rising number of studies, will allow the global Biochips market to grow at a sustainable pace. However, the higher costs associated with biochip instrumentation and the need for a skilled workforce in the utilization and application of Biochips will hinder the market growth to a certain extent. Additionally, a higher manufacturing cost and a low awareness level within the underdeveloped region can also cause hindrances for the global market from flourishing.

Economic Insights

Politicians, economists, and market experts disagreed on whether the world economy was approaching a recessive phase in the summer of 2022. The American Federal Reserve is committed to raising interest rates until the sky-high inflation declines. Since February 2014, there has been a conflict between Russia and Ukraine. However, it became more intense in February 2022 when Russian soldiers invaded Ukraine after establishing a sizable military presence close to the Ukrainian border. After a few days, Russia began a full-scale operation during a live broadcast, which signalled the beginning of an invasion of Ukraine on a large scale. As a result, numerous sanctions have been put in place on the Russian economy, and many European nations have refrained from doing business there.

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Top Market Trends

1. Improvement of Screening Activities: The ongoing pandemic dented the global economy during its tenure. Biochip manufacturers are slated to capitalize on the opportunities and develop novel technologies for tracking COVID-19 vaccines and various similar drug developments. In the current scenario, biotech companies increased their focus on rolling out rapid tests for combating the new strains of COVID-19.

2. Rising Applications to Contribute to Market Growth: The rising need for reducing turnaround time and miniaturizing biological and clinical tests used within research and diagnosis will increase the global Biochips market. Various applications such as disease market identification, accelerated drug development, genotyping, proteomics, and genomics will increase the utilization of Biochips.

3. Increasing Prevalence of Chronic Disorders: The increasing need for clinical and research diagnosis is driven by the increasing intensity of disorders such as cancer and diabetes. Various government agencies are initiating several programs for promoting the usage of precision medicine combined with rising funding of cancer genomics research and development.

4. Personalized Medicine to Propel Market Growth: Biochips play a pivotal role in various point-of-care and molecular diagnostics. This is expected to increase the demand for Biochips within personalized medicine. They are extremely useful for distinguishing between proteins in cancer cells and normal cells.

5. Effective Research and Development: Several pharmaceutical and biotech companies are inclining towards biochip technologies for devising effective solutions. Various organizations are aiming at drug and vaccine developments for detecting accurate strains of COVID-19. For instance, Randox announced that they were developing a novel test wherein biochip technology would detect the presence of COVID-19.

Market Segmentation

The global Biochips market can be categorized on the following: Product Type, Application, Fabrication, End User, and Regions. Based on product type, the market can be categorized into DNA chip, protein chip, and lab-on-a-chip. By application, the market can be segmented across genomics, drug development, agriculture, and others. In terms of fabrication, the market can be fragmented across microarrays and microfluidics. By end user, the market can be split between biotechnology & pharmaceutical companies, hospitals and diagnostics centres, academic & research institutes, and others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product Type

DNA Chips to Occupy Largest Market Share Owing to Rising Utilization in Academic and Clinical Diagnostic Tests

DNA chips will incorporate the largest market share in revenue and sales. DNA chips are utilized in academic research and clinical diagnostics sales for numerous disorders. Changing technological pace will lead to increased intensity of disease detection, drug development, and health monitoring. DNA chips are projected to replace traditional medical diagnostics tests such as cancer detection. These factors are expected to add to the segmental growth. DNA chips are inexpensive, rapid, and widely available, which will further contribute towards sustainable market growth. Lab-on-a-chip will grow with the fastest-growing CAGR during the forecast period owing to low costs and low sample volume in point-of-care diagnostics within emerging economies.

Based on Application

Genomics to Fuel Largest Market Share Owing to Rising Developments Within NGS

The rising development of next-generation sequencing is expected to play a pivotal role in segmental growth. Biochip manufacturers are increasingly focusing on designing miniature laboratories primarily developed for functioning within living organisms. Biochips have emerged as a pivotal tool for revolutionizing DNA sequencing techniques for paving the way for advanced gene sequencing solutions. The combination of biochip and gene sequencing technology is expected to contribute to the segmental growth of genomics. Drug development will grow with the fastest growing CAGR during the forecast period owing to rising requirements for better and more effective vaccines post-COVID-19.

Based on Fabrication Technique

Microfluidics to Register Maximum Market Value Owing to Rising demand for POC-Diagnostics Devices

Microfluidics is expected to occupy the largest market share during the forecast period owing to rising demand from microfluidics-based POC-diagnostics systems such as pregnancy tests and glucose monitoring tests. These devices are extremely sensitive, accurate, and cost-effective. Furthermore, they can detect multiple analyses from one sample. Integration of Biochips leads to automated drug discovery, DNA analysis, and biomolecular recognition. These factors are expected to contribute to segmental growth. Microarray technology is expected to grow with the fastest growing CAGR during the forecast period owing to extensive Biochips utilization within drug development to identify therapeutic candidates.

Based on End User

Biotechnology & Pharmaceutical Companies to Occupy Largest Market Share While Academic & Research Institutes to Grow with the Fastest CAGR

Biotechnology and pharmaceutical companies are expected to occupy the largest market share owing to heavy investments toward R&D programs for integrating biochip technologies within various health-based applications. Additionally, studies have indicated that a research-based product has a good chance of getting regulatory approval. Several prominent players are inclined to develop Biochips toward a new pathway to discovering and developing drugs. These factors are expected to contribute to segmental growth. Academic and research institutes will grow with the fastest-growing CAGR during the forecast period owing to the exploration of various applications for Biochips.

Based on Region

North America to Own Dominant Market Share Owing to Rising Initiatives by Government

The global Biochips market is expected to dominate the North American region. Several contributing factors, such as the increasing number of government initiatives for enhancing R&D activities through higher tax credits combined with the presence of advanced technology in the region, will propel the market value towards a higher stake. Additionally, the US boasts of an R&D tax credit that can act as a government budgetary benefit, allowing companies to carry out various research activities for innovating, developing, and enhancing products and formulates. This gives rise to a cycle of continuous development, further fuelling the market's growth.

Asia Pacific to grow with the fastest growing CAGR during the forecast period owing to a fast-paced growth in emerging economies such as China and India combined with a large patient pool. Improvements within the healthcare infrastructure and enhanced approaches toward developing technology will increase the market's scope.

Competitive Landscape

The global Biochips industry is expected to be a lucrative market space for various investments. This has enabled several startups to enter the industry rapidly with comparative ease. The dominant players are focused on developing products for various applications by indulging in partnerships, strategic collaborations, and regional expansions.

The key players in the global Biochips market include - Thermo Fisher Scientific Inc. (U.S.), Abbott Laboratories (U.S.), Agilent Technologies Inc. (U.S.), PerkinElmer Inc. (U.S.), Fluidigm Corporation (U.S.), Illumina Inc. (U.S.), GE Healthcare (U.S.), Bio-Rad Laboratories Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland) among others.

Recent Market Developments:

· July 2022: University of Massachusetts Amherst conducted research wherein molecules were isolated and detected simultaneously within the same micro device location. This research made the utilization of graphene for electrokinetic biosample processing. This development could allow for lab-on-chips to become compact.

· March 2020: Agilent Technologies, a global leader in the life sciences, diagnostics, and applied chemical market, announced that they were introducing three new microarrays for meeting the needs of cytogenetic laboratories for conducting prenatal and postnatal research.

· April 2020: Bio-Rad Laboratories, Inc., a global leader in life science and clinical diagnostic products, announced that they were acquiring Celsee Inc., a company that offers instruments and consumables for isolation detection and analysis of single cells.

Segmentation of the Global Biochips Market