The global biochips market has been forecast to increase at a compound annual growth rate (CAGR) of 18.6% over the next five years, reaching an industry value of US$11.4 billion by 2018. This high growth rate is predominantly supported by Asia-Pacific and the European Union.
According to a recent report 'Analysis of Global Biochips Industry, 2012-2018,' among the major industry segments, biochips instruments are expected to exert the highest support to the industry with a CAGR of 20% globally.
Key factors contributing to this market growth include the growing need for high speed diagnosis, along with the high cost of deployment.
It is important to keep abreast of the main biochips platforms: DNA microarrays, protein microarrays, and lab-on-a-chip. DNA microarrays are an established technology generating substantial revenue derived from gene expression, genotyping, epigenetic, and micro-RNA applications.
An additional report, titled 'Global Biochip Markets: Microarrays and Lab-on-a-Chip,' states that protein microarrays are gaining prominence in the marketplace, while future, emerging array technologies, including tissue/cell and glycomics arrays are increasing in importance. Lab-on-chip devices are also making rapid progress in important pharmaceutical and diagnostics market segments.
The microarrays segment accounts for nearly 70% of the industry value while services indicate lesser than 15% of the market value.
Over the years, numerous drug manufacturers have been outsourcing their drug development processes to contract research organisations. Outsourcing activities reduce manufacturing and distribution costs, ensure quality of service, and reduce lead time.
They also help the sourcing companies to manage product demand and to concentrate on other competencies such as innovation and brand building.
These contract research organisations employ the latest technologies and sophisticated instruments, and thus increased outsourcing to such organisations is a positive trend for the biochips market.
For more information on the global biochips market, see the latest research: Biochips Market Research
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