Global Biochips Market to Reach US$22.2 Bn by 2023; Bank on Benefit of Reduced Production Cost Offered by Compact Biochips, Says Transparency Market Research

Global Biochips Market to Reach US$22.2 Bn by 2023; Bank on Benefit of Reduced Production Cost Offered by Compact Biochips, Says Transparency Market Research

PR Newswire

ALBANY, New York, November 8, 2018

ALBANY, New York, November 8, 2018 /PRNewswire/ --

The global Biochips Market is envisioned in a report by Transparency Market Research (TMR) to witness a fragmented nature of the competition due to the presence of several regional and international players. Development of new products and merger and acquisition could be among primary strategies adopted to increase penetration in the global biochips market. Players may tap into market opportunities available in emerging regions. The global biochips market marks the presence of leading players such as Cepheid Inc., Illumina Inc., and Agilent Technologies Inc.

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TMR projects the global biochips market to register a 16.9% CAGR during the forecast year 2015-2023 to attain a valuation of US$22.2 bn by the end of 2023. Among applications, in vitro diagnostics could post a higher CAGR of 17.3%. Regionally, North America is expected to dominate the global biochips market as it posts a 16.7% CAGR.

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Growing Investment in Drug Discovery to Stoke Demand for Biochips 

The global biochips market is foreseen to increase its growth on the back of the rising adoption in the healthcare and medical devices industries. Growing focus on technological advancement and high uptake of customized medicine could set the tone for significant growth of the global biochips market. Increase in research and development activities and application of biochips is predicted to augur well for the global market in the long run. Furthermore, rising awareness about the benefits of using biochips could create ample of opportunities in the coming years.

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Decreased production cost with use of compact biochips is prophesied to attract a whole lot of demand in the near future. High possibility of process automation could also push the demand in the global biochips market. In addition, rising investment in drug discovery and research is projected to provide tailwind to the global biochips market. Consumers could also increase the demand for biochips owing to the availability of molecular information. Moreover, introduction of new products is expected to attract more consumers to the global biochips market.

Fabrication of Biochips to Loom over Global Market as Strong Threat 

Tight product standards and government regulations, expensive cost of instruments offered in the global biochips market, and fabrication of biochips are envisaged to hamper the demand during the course of the forecast period. On the other hand, increasing complexity of biological systems could delay the growth of the global biochips market. These are some of the challenges that players need to face when operating in the global biochips market.

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However, there could be lucrative growth opportunities available in the global biochips market that players can cash in on. Emerging economies may create rewarding growth prospects in the biochips market as the demand continues to see a rise. Furthermore, there could be high demand for home monitoring biochips systems with the rising shift from hospital to homecare, especially in the case of geriatric patients.

The information presented here is based on a TMR report titled "Biochips Market (Type - DNA Chips, Protein Chips, and Microfluidic Devices; Application - Drug Discovery and Development, Genomics, Proteomics, and In Vitro Diagnostics) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023."

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The global Biochips Market is segmented as presented below: 

Global Biochips Market: Type 

Global Biochips Market: Application 

Global Biochips Market: Geography 

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