The Global Biochip Market size was valued at USD 11.42 Billion in 2020 and is forecast to reach USD 27.51 Billion, at a CAGR of 11.7% through 2028, according to a new report by Reports and Data. The market growth is driven by increasing application of biochip in proteomics, genomics, and drug discovery, coupled with high investment in R&D.
Biochip technologies have a significant impact on genomic research. Various fields such as drug discovery, gene discovery, medical diagnostics, and toxicological research, are benefitting from the use of biochip technologies. Biochip technology is expensive, and its high cost is associated with the complexity of technology, various resources and extensive R&D that goes in for the product manufacturing. Several research institutes are focusing on enhancing the precision of the product while reducing costs and time. Rise in R&D investment, government funding and high potential in untapped markets is expected to offer lucrative growth opportunities for the biochip market.
Top Companies Profiled in the Report Include:
BioMrieux S.A., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Fluidigm Corporation, HORIBA, Ltd., PerkinElmer, Inc., Illumina, Inc., QIAGEN N.V., Thermo Fisher Scientific Inc., and Randox Laboratories Ltd., among others.
The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
The report has gather vital information about recent mergers and acquisitions, joint ventures, collaborations, partnerships, brand promotions, R&D activities, and government and corporate deals, among others through extensive primary and secondary research. The report also offers detailed analysis of each competitor along with their financial standing, global market position, product portfolio, manufacturing and production capacity, and business expansion plans.
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Biochip market in these key regions.