Biochips market size to grow by USD 43,273.01 million from 2022-27

The global biochips market size is estimated to grow by USD 43,273.01 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 25.15% during the forecast period. North America is estimated to account for 41% of the market growth. This is due to the infrastructure, which has been developed for genomic and proteomic research in medicine. North America has recently been involved in a number of healthcare innovation projects and has also experienced rapid technological advancement, particularly in the fields of robotics and drug formulations. Hence, such factors drive regional growth during the forecast period.

Biochips market – Segmentation assessment
Segment overview
This biochips market report extensively covers market segmentation by end-user (biotechnology and pharmaceutical companies, hospitals and diagnostics centers, and academic and research institutes), technology (microarrays and microfluidics), and geography (North America, Europe, APAC, Middle East and Africa<, and South America).

• The market share growth by the biotechnology and pharmaceutical companies segment will be significant for overall market growth during the forecast period. Over the past decade, demand for biochips has increased significantly across a range of end-user industries, including biotechnology and pharmaceutical companies. Pharmaceutical and biotechnology companies use biochips for a wide range of purposes, such as drug discovery, genomics, proteomics, and diagnostics.

Biochips market – Market dynamics
Key factor driving market growth
The growing use of personalized medicines notably drives market growth. Prior to the adoption of microarray biochips, drug discovery was considered to be a major component of operations in pharmaceutical companies but biotechnology companies have now begun to engage in some drug discovery-related activities. Microarray biochips shorten the drug pipeline timelines in drug discovery companies. Manufacturers are attempting to offer better and incredibly effective solutions for drug discovery in response to the rise in end users. Multi-parameter testing, chip technology miniaturization, and flexible array technology introduction are some of examples.

Leading trends influencing the market
The increasing use of chemical microarray technology is an emerging trend in the market. The study of genomics and proteomics makes extensive use of microarray technology and it has made it possible for several bioentities to function in parallel at the same time. All kinds of microarrays, including chemical microarrays, which are also known as chemical compound microarrays, protein microarrays, and DNA microarrays, are crucial for research and are in high demand. Hence, such trends fuel the market growth during the forecast period.

Major challenges hindering the market growth
High costs associated with biochip R&D are major challenges hindering market growth. An important challenge for the market is the high cost of biochip research and development. Large investments in R&D along with specialized manufacturing facilities and equipment are necessary for the development and commercialization of biochips. The cost of raw materials, such as reagents and oligonucleotides, can also be high because of these factors, biochips are expensive, which may limit their use and accessibility, particularly in places with limited resources. Technavio