Increased Use of Biochips in Healthcare Applications to Boost the Growth of Biochips Market

 
Biochips Market

The global Biochips Market is estimated to be valued at US$ 10.71 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Biochips are miniature lab devices containing microarrays of biochemical assays. They enable researchers to analyze large numbers of biomolecules simultaneously. Biochips are used in applications related to genomics, proteomics, and other fields. They utilize sophisticated fabrication technologies tominiaturize and parallelize complex biochemical assays and reactions.Biochips offer several advantages over traditional biochemical techniques such ashigh-throughput analysis, low sample volume requirement, reduced timelines, low cost, andportability. Growing applications in drug discovery and healthcare are fueling demand for biochips.

Market key trends:
One of the major trends in the biochips market is the increasing adoption of microarray technology. Microarrays allow researchers to analyze thousands of biomolecular interactions simultaneously. Technologies such as DNA microarrays and protein microarrays are widely used for diagnostic testing, gene expression analysis, and other purposes. Advancements in microarray fabrication techniques have increased probe densities, reduced feature sizes, and enhanced sensitivity of detection. Growing investments by industry players to develop newer generations of microarrays will support market growth over the forecast period. Label-free detection is another upcoming trend, enabled by technologies like surface Plasmon resonance which allow real-time analysis without use of labels. This offers advantages like reduced assay time, simplified workflow and lower costs.


Porter’s Analysis for Biochips Market
Threat of new entrants: The threat of new entrants in the biochips market is low as it requires high R&D investment and established distribution network. Existing players have economies of scale.


Bargaining power of buyers: The bargaining power of buyers is moderate as there are many players operating in the market providing substitutable products.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute raw materials and less differentiation in parts and components.
Threat of new substitutes: The threat of new substitutes is moderate as technology is continuously evolving and new advanced biosensors are emerging as substitutes.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many global and regional players competing on basis of quality, price and innovation.

Key Takeaways
The Global Biochips Market Demand is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for point-of-care testing and personalized medicine. The market size for 2023 is US$ 10.71 Bn. North America dominates the global biochips market accounting for maximum share due to presence of major players and advancements in biotechnology and genomics research. Asia Pacific is expected to witness fastest growth owing to growing R&D activities, rising healthcare expenditure and increasing demand for POC diagnostics in countries like India and China.

Key players operating in the biochips market are Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Standard BioTools, GE HealthCare, Thermo Fisher Scientific, Inc., LI-COR, Inc., QIAGEN, Randox Laboratories Ltd. Thermo Fisher Scientific dominates the market with wide product portfolio and geographical presence across the globe.

Read More:

https://www.marketwebjournal.com/biochips-market-demand-forecast-and-growth/

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