by Biochips are miniaturized devices that can detect and measure the physical, chemical, or biological properties of molecules or living organisms. Biochips contain microarrays of biological molecules like DNA, proteins, or antibodies immobilized onto a solid substrate that can interact with target analytes in a biological fluid to detect biomolecular interactions. Biochips find major applications in genomics, proteomics, drug discovery, molecular diagnostics, microfluidics, and biodefense. The growing demand for biochips can be attributed to their ability to analyze thousands of biochemical interactions simultaneously in a highly sensitive, specific, and cost-effective manner.
The global biochips market is estimated to be valued at US$ 10.71 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growing usage of biosensors in the healthcare and biotechnology sectors is expected to drive the growth of the biochips market over the forecast period. Biosensors have enabled point-of-care testing and quick detection of various diseases. For instance, biosensors help diagnose infectious diseases, cardiac disorders, cancer, and chronic diseases more efficiently. Moreover, the increasing applications of biochips in drug discovery are also expected to fuel market growth. Biochip arrays allow parallel screening of thousands of biochemically active compounds to check their interactions with biological systems and help identify new drug candidates faster. Technological advancements leading to the development of novel biochip platforms having improved sensitivity, specificity, and real-time detection capabilities are further augmenting the demand for biochips.
Segment Analysis
The Global Biochips Market Size can be segmented into DNA chips, protein chips and lab-on-a-chip. The lab-on-a-chip segment is expected to dominate the market during the forecast period. Lab-on-a-chip miniaturizes and integrates one or several laboratory functions on a single integrated circuit or chip. This leads to reduction in space, power consumption, cost of analysis and also gives faster results making it an efficient biochip technology in healthcare diagnostics.
PEST Analysis
Political: Governments across the globe are supporting research and development in biochips technology recognizing its benefits in healthcare diagnostics. Favorable regulatory policies are promoting adoption of biochips.
Economic: Rising healthcare expenditure on diagnostic tests and growing demand for point-of-care testing are fueling growth of the biochips market. The technology helps reduce costs associated with traditional diagnostic methods.
Social: Growing awareness about early disease detection is driving demand for biochips from consumers. The portable nature of biochips enables decentralized healthcare delivery in remote locations.
Technological: Advancements in microfluidics, nanotechnology and molecular biology are expanding application of biochips. Integration of artificial intelligence with biochips is also improving diagnostic accuracy.
Key Takeaways
The global biochips market is expected to witness high growth over the forecast period. The global biochips market is estimated to be valued at US$ 10.71 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
North America is projected to dominate the market during the forecast period. In North America, increasing R&D investments by government and private players in development of advanced biochips for early disease diagnosis is boosting market revenues.
Key players operating in the biochips market are IBM, Cisco, NEC, Hexagon, ESRI, NICE Systems, Haystax Technology, Splunk, Verint Systems, Hitachi Vantara, Motorola Solutions, Genetec, Palantir Technologies, Tyler Technologies, Numerica Corporation, Cyrun, Increased Safety, Qognify, Cody Systems, ShotSpotter. The growing use of biosensors and shrinking lab-on-a-chip technologies are enabling development of miniaturized and portable devices for point-of-care testing and diagnostics. This is expected to present new business opportunities to the key players in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
