LONDON--(BUSINESS WIRE)--The global biochip market is expected to grow at a CAGR of more than 17% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global biochip market for 2017-2021. The market is segmented based on fabrication technology, which includes microfluidics and microarray.
The demand for biochips is increasing with the rising cases of chronic diseases and the need for targeted and personalized medicine. Biochips offer the capability to identify and prioritize drug targets through the parallel collaboration of an assembly of gene expressions. Moreover, even as feature magnitudes shrink, the capacity for providing expanded information content grows, thus benefitting the market. Further, the advancements in research are also proving beneficial for the market by allowing the use of the biochip technology in various fields such as gene expression, disease diagnosis, drug development, genomics and proteomics, biomedical research and clinical tests, toxicological research, agricultural biology, and pharmacogenomics.
Technavio’s research analysts categorize the global biochip market into the following segments by regions:
- Americas
- EMEA
- APAC
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Americas: largest biochip market
The biochip market in the Americas is led by the US owing to the presence of several big pharmaceutical companies that organize research studies to innovate new drugs using the biochip technology. Personalized medicine and screening of drugs are the two areas where the biochip technology is used extensively by pharmaceutical companies.
“The prevalence of improved healthcare infrastructure is another reason for the high demand for biochips in the country. Quality healthcare ensures increased affordability for the equipment and expert professional healthcare solutions. The US will be followed by Brazil, Mexico, and Canada with the improving healthcare spending in these countries, which is increasing the affordability of the product,” says Amber Chourasia, a lead analyst at Technavio for research on health and wellness.
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Biochip market in EMEA
The biochip market in EMEA is led by Europe, followed by the Middle East and Africa (MEA). In Europe, the UK, France, Sweden, and Germany are the major contributors since they are home to several research facilities and laboratories, especially in the field of biotechnology, which uses the biochip technology for testing and experimentation.
“The latest trend in the region is outsourcing activities in various stages of the manufacturing process, such as testing, to contract manufacturing organizations and contract research organizations. Vendors are likely to shift their focus toward emerging economies such as India and China in APAC, majorly due to the low cost of land, labor, and product development in the region, thereby enabling the growth of cost-effecting products,” adds Amber.
Biochip market in APAC
The biochip market in APAC is the fastest growing market with countries such as India, China, and Japan being the major contributors due to an increase in outsourcing of pharmaceutical production to these countries. Globally, major pharmaceutical companies that use biochips for drug testing are facing several challenges with the expiration of key drugs and pricing pressures.
With the shift of pharmaceutical companies to APAC, the focus will be on new drug development to resolve medical issues pertaining to the region such as autoimmune diseases, which are becoming an increasingly important health concern in the low- and middle-income countries in APAC. Further, the large elderly population results in increased disease cases and subsequent diagnoses, thereby increasing the demand for biochips.
The top vendors in the global biochip market highlighted in the report are:
- Agilent Technologies
- GE Healthcare
- PerkinElmer
- Thermo Fisher Scientific
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