New Jersey, July 03, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled “Biochip Market by Product (DNA Chip, Protein Chip, Lab-on-a-chip, others), End User, Application Region Global Industry Analysis, Market End User, Share, Growth, Trends, and Forecast 2019 to 2026”
The global biochip market is expected to grow from USD 10,231.78 Million in 2018 to USD 25,342.61 Million by 2026 at a CAGR of 12.0% during the forecast period 2019-2026. Increasing instances of life-threatening disorders, rising demand of personalized medicines, and increasing number of biochips applications are the major factors propelling the growth of the global biochip market.
The steel segment is dominating the market with the highest share of 47.20% in 2018.
The product segment is classified as DNA chip, protein chip, lab-on-a-chip, and others. The DNA chip segment is dominating the market with the highest share in 2018 owing to the increasing use of DNA chip products. The use of DNA chip has empowered the scientific community by enabling measurement of the expression levels of large numbers of genes simultaneously. A DNA chip involves an array of microscopic “spots” each carrying numerous single-stranded oligonucleotides and are widely being used in biomedical research activities.
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The biotechnology & pharmaceutical segment is dominating the market with the highest share of 46.10% in 2018.
The end user segment is divided into segments such as biotechnology & pharmaceutical companies, hospitals & diagnostics centers, academic & research institutes and others. The biotechnology & pharmaceutical companies segment is dominating the market in 2018 owing to numerous features offered by it. The utilization rate of biochips in biotechnology and pharmaceutical companies was high. The hospitals & diagnostics is the second fastest growing segment due to the adoption of biochip in new drug discovery as well as in point-of-care diagnostics has increased the consumption of these biochips in hospitals & diagnostics centers.
Genomics segment is anticipated to grow with the highest CAGR of 15.6% during the forecast period.
Application segment includes drug discovery & development, disease diagnostics, genomics, proteomics, agriculture and others. Genomics segment is anticipated to grow with highest CAGR of 15.6% during the forecast period. Genomics is defined as the study of whole genomes of organisms, and uses elements from genetics. Genomics incorporates a combination of recombinant DNA, DNA sequencing methods, and bioinformatics to sequence, assemble, and analyse the structure and function of genomes.
Regional Segmentation Analysis:
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America is dominating the market with the highest share of 41.20% in 2018. North America is dominating the market. This dominance is due to increased instances of cancer, growing geriatric population, and high adoption of biochips due to their wide applications. In addition, presence of high number of key players and availability of sophisticated healthcare infrastructure are expected to offer new growth opportunities to the market players in future. However, the Asia Pacific region is the second rapidly growing region in the market due to the existence of large population base, growing disposable income, and improvement in patient awareness about biochips.
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Competitive Analysis:
Major players of the market include bioMérieux SA, Bio-Rad Laboratories, Inc., Fluidigm Corporation, F. Hoffmann-La Roche AG, HORIBA, Ltd., Illumina, Inc., PerkinElmer, Inc., QIAGEN N.V., Randox Laboratories Ltd., Thermo Fisher Scientific Inc., Micronit Microfluidics BV, OriGene Technologies, Inc., ANALIS SA/NV, AMS Alliance, and Dynamic Biosensors GmbH. The companies are adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global biochip market. bioMérieux SA, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, and Thermo Fisher Scientific Inc. are the top leading players for the global biochip market.
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