Biochips market to reach USD USD 22.82B by 2029

The market has been studied for the below-mentioned segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the biochips market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the biochips treatment market are present across various countries in the above-mentioned regions.

The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as type, end-use, and others. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.

The significant players operating in the global biochips market are Abbott Laboratories, Fluidigm Corporation, Illumina, Inc., Agilent Technologies, Inc., LI-COR, Inc., Randox Laboratories Ltd, Cepheid, GE Healthcare, PerkinElmer, Inc., Bio-Rad Laboratories, Inc., Thermo Fisher Scientific, Inc., Molecular Devices, LLC., and among others. To achieve a substantial market share in the worldwide Biochips market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.

The use of biochips, which are microarray devices, enables proteomic, functional, and detailed genomic investigation. The biochip serves as a tiny reactor to detect a particular protein, DNA, antibody, or biological module analysis. A biochip’s main objective is to rapidly evaluate hundreds of biological activities. A biochip is a very effective way to record personal and medical data and can be used to track people or animals. Because of developments in nanotechnology, which increase their usefulness and reduce their size while making them important for diagnostics, research, medicine development, and toxicological studies, biochips are being employed in a growing number of applications. The current widespread use of these chips in industries like genomics, proteomics, customized medicine, and others motivates both existing businesses and budding entrepreneurs to explore, create, and market novel technology. For instance, a Dutch start-up called Qurin Tests offers sophisticated biological diagnostics using biochips. Their nanotechnology-based platform is used to track, diagnose, and treat cancer as well as other diseases. On March 14, 2022, American company Nutcracker Therapeutics raises USD 167 million for the advancement of their mRNA biochip-based manufacturing technology. In May 2021, TU Wien, a renowned Austrian institution, developed a biochip that may be used to make tissue beads of the appropriate size and feed them with medication or nutrients.

Segmentation analysis
The hospitals & diagnostics centers segment is expected to be the fastest-growing segment in 2021.
The end-use includes hospitals & diagnostics centers, biotechnology and pharmaceutical companies, and academic & research institutes. During the forecast period, the hospitals & diagnostics centers segment is anticipated to grow at the fastest rate. As hospitals and diagnostic institutes are using biochips more frequently the overall market is also growing. Hospitals and diagnostic facilities are quickly implementing biochips to track and diagnose patients. Biochips are popular in this market because of their ability to provide high throughput without the use of bulky, expensive devices as well as their potential to save money and time.

Lab-on-chip is expected to be the fastest-growing segment in 2021.
The type includes lab-on-chip, cell arrays, and DNA chips. The lab-on-chip segment is expected to witness the highest CAGR during the forecast period. The segment is growing due to the rising demand for biochips across several applications, such as molecular biology, chemistry, proteomics, cell biology, and others. The lab-on-chip market is likely to increase as a result of the many advantages lab-on-chip devices offer, including low-volume reagents, high expandability, cost-effectiveness, high parallelization, and high sensitivity. These chips are very beneficial for analytical chemistry and biological diagnostics. Additionally, lab-on-chips’ bimolecular operations offer extremely quick virus and bacteria detection technologies, which is particularly helpful for molecular biology.

Regional analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the Biochips include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.

• North America region witnessed a major share. This is likely due to an increase in the prevalence of cardiac and chronic diseases, as well as the availability of cutting-edge healthcare systems in the region, particularly in the United States. The necessity for clinical and research diagnostics is fueled by the high occurrence of diseases like cancer and diabetes in this region. Governments are initiating a number of programs to promote precision medicine, together with increasing funding for cancer genomics research and development, which is anticipated to fuel revenue growth in North America.

Country analysis
Germany
Germany’s Biochips market size was valued at USD 0.62 billion in 2021 and is expected to reach USD 1.32 billion by 2029, at a CAGR of 10% from 2022 to 2029. The region’s biochips market is growing as a result of the rising burden of chronic disease-related morbidity and mortality as well as the emergence of cutting-edge technologies. Additionally, the market demand in the region is fueled by growing applications of proteomics and genomics as well as growing demand for point-of-care diagnostics.

China
China Biochips’ market size was valued at USD 0.96 billion in 2021 and is expected to reach USD 2.37 billion by 2029, at a CAGR of 12% from 2022 to 2029. Biochip startups in China initiated academic research, to bring in investment and transform the drug discovery industry in the region which fuels the market growth. Moreover, developments in the healthcare industry in the region boost the growth of the biochips market.
India
India’s Biochips market size was valued at USD 0.85 billion in 2021 and is expected to reach USD 2.03 billion by 2029, at a CAGR of 11.5% from 2022 to 2029. Chinese biochip firms started academic research in order to get funding and improve the region’s drug development business, which drives market expansion. Additionally, the region’s improvements in the healthcare sector contribute to the market for biochips growing.

Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as ICT, healthcare, semiconductors, automobiles, etc. However, several companies operating in the healthcare sector have seen increased revenue due to significant changes in consumer preferences toward better treatment.

Furthermore, the growth of this market is mainly driven owing to the increasing research and development in healthcare sector. GreyViews