Biochips market

Biochips Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023 The vendor landscape of the global biochips market is extremely fragmented, speckled with a number of small, medium, and large enterprises. Considering that it is not a monopolistic scenario, the entry of new players is not restricted, giving vendors immense scope. In view of this, Transparency Market Research finds that despite being the leading players in the biochips market, Affymetrix Inc., Agilent Technologies Inc., and Illumina Inc. together accounted for only 40% of the global market in 2014, leaving room for a large group of contributors to collectively enjoy a 51% share in the biochips market that year.

“Strategic partnerships with major industry players, the development of new and innovative products, technological advancements, and diversifying product offerings are the key strategies companies have been resorting to further their sales of biochips, penetrate into newer market areas, and gain a stronger hold over the market,” the author of the TMR study states.

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Several companies have also increased focus on research and development in order to produce advanced products that align with ongoing technological shifts. Agilent Technologies is one such company. The US-based firm acquired Seahorse Bioscience, a manufacturer of tools for measuring cell metabolism, in November 2015. The acquisition has helped Agilent gain unique technological expertise that complements its mass spectrometry and separations solutions, especially in the research of metabolomics and disease. Affymetrix has also been investing large amounts of funds in the research, design, and development of new assays, arrays, and reagent products.

The rising applications of biochips in a wide range of diagnostic areas, especially in drug discovery and research and veterinary diagnostics, is a key factor boosting the global market. While the availability of molecular information and growing investments in the field will continue driving the use of biochips, TMR believes that the automation of several complex processes through the use of biochips is a major advantage that players can capitalize on.

Market Players Look to RoW for Future Growth Opportunities

The global biochips market is projected to expand at a steady 16.9% CAGR over the course of the forecast period, with the value of this market rising from US$5.7 bn in 2104 to US$22.2 bn by 2023. DNA chips form the largest segment by type in terms of revenue, with a 39.7% share in 2014. Microfluidic devices, on the other hand, are anticipated to expand at the highest CAGR of 17.4% from 2015 to 2023. Among applications, drug discovery and development is projected to witness the maximum growth through the forecast period. However, TMR predicts a slight dip in this segment’s market share. Despite this, drug discovery and development will continue to dominate the overall biochips market in terms of application.

In terms of geography, while North America emerged as the leading regional market for biochips valuing US$1.7 bn in 2014, the Rest of the World segment is forecast to expand at the fastest pace of 17.3% between 2015 and 2023. “The biochips market in RoW is presently at a nascent stage, but the growing need for diagnostics in the healthcare sectors of the various regions under this segment promises to provide players with lucrative opportunities in the near future,” the TMR analyst assures.

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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. Rising private equity investments in the biochips industry, the massive growth in the healthcare sector, and the increase in drug discovery and research are the key factors fueling the North American region’s competitive scenario.

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. The rising application of biochips in the automation of various processes is driving the APAC market, especially in countries such as Japan, India, and China. The region is anticipated to expand at a 17.0% CAGR from 2015 to 2023.

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