The global biochips market size is expected to reach $25,92-billion by 2030, registering a CAGR of 12,66% during the forecast period, according to a new report by Grand View Research.
The rising requirement for drug discovery and development coupled with the adoption of personalised medicine is likely to favor the industry’s growth.
In addition, the rise in the implementation of next-generation sequencing by biotechnology companies around the globe is pushing product demand.
The growing requirement for personalised 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 personalised 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.
Highlights of Biochips Market Report include:
* The DNA chips type segment accounted for the largest revenue share in 2022 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 and development.
* The biotechnology and pharmaceutical companies end-user segment captured a significant revenue share in 2022 due to the need for personalised medicines along with the increasing drug discovery and development.
* North America held the largest revenue share in 2022 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 2023 to 2030 owing to various initiatives by local governments to promote domestic product manufacturing.