The growing application of biochips in the medical sector for drug research, cancer treatment, and diagnostics has turned out to be the driving force behind the rapid growth of the global biochips market. This market has gained much prominence in a short span of time owing to the rising need for speedy, effective, low-cost, and accurate methods of decoding genes, detecting biomarkers, and performing complex biochemical reactions.
The market is headed for steady growth in the coming years with favorable economic reforms and significant growth in the pharma sector backing its progress. Large and established players have been benefiting from increasing investments in drug discovery and research.
For start-up companies, however, regulatory barriers pose a tough challenge. Be that as it may, the global biochips market is projected to expand at a favorable pace of 16.9% from 2015 to 2023.
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Crucial Role of Biochips in Drug Discovery and Development
Biochips are used in various applications, the key ones being genomics, drug discovery and development, in vitro diagnostics (IVD), and proteomics. Over the years, the development of biochips has increasingly influenced the growth of the miniaturization of products and the automation of processes. The application of biochips in drug discovery and development accounted for the largest share in 2014 at 27.2%.
Looking at the shares of each of the four application segments it can be deduced that the use and role of biochips in the aforementioned categories is equally vital. The IVD segment is projected to register the highest CAGR of 17.3% from 2015 to 2023, according to TMR.
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Declining Market Shares of Developed Regions Give Emerging Economies Hope
The geographical segmentation of the global biochips market includes Europe, North America, Asia Pacific, and Rest of the World (RoW). North America has been the largest revenue generator in the biochips market, accounting for a 30.7% share in 2014. Although the region is anticipated to lose market share by a slight percentage over the forecast period, it will continue to dominate the global market registering a 16.7% CAGR.
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Favorable economic reforms and surging mergers and acquisitions among major biochips companies are the leading driving forces of the Europe biochips market. This region, too, is anticipated to lose market share by revenue from 2015 to 2023. The Asia Pacific biochips market, on the other hand, is forecast to witness a sure albeit small rise in market share by revenue by the end of the forecast period.
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