Albany, NY -- (SBWire) -- 06/27/2019 --The contours of the global Biochip market dynamic are constantly changing, and are shaped by various macroeconomic factors and trends in the healthcare industry. These trends have also changed the directions of investments, especially in emerging markets. In recent years, new frontiers in the Biochip market have come to the fore propelled by implementation of regulatory norms put forth by governments in developing and developed regions. New healthcare guidelines will likely put a significant bearing on new product developments in nascent as well as established markets over 20ab – 20cd (forecast period). Changing nature of demands of patient populations and rapid technological advances, notably in healthcare IT, are expected to open and support new paradigms in the global Biochip market.
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The biochips market growth outlook is positive with significant growth potential for DNA microarray. There is pressure on biochip manufacturers to reduce prices of biochips from medical diagnostic companies and research organizations as biochip prices are limiting the growth of the market. At the same time, increasing use of biochips in pharmaceutical research and development activities, concerns regarding animal testing, rising use of DNA microarrays for cancer diagnosis is contributing to the growth of the biochips market.
The biochips market reached a value of nearly REDACTED in 2018 and is expected to grow at a compound annual growth rate (CAGR) of REDACTED to nearly REDACTED by 2023. Biochips are mainly usedfor clinical research and testing, drugs screening and DNA analysis.
The market for biochips is relatively concentrated. Major players in the market are Thermo Fisher Scientific, Inc., Roche Holding AG, Illumina, Inc., Danaher Corp. and QIAGEN N.V.
The DNA microarray segment accounted for the largest share of the biochips market in 2018 at REDACTED. The highest growth is projected to come from the DNA microarray segment, which is forecast togrow at a CAGR of REDACTED. Major factors for this growth included increasing use of DNA microarray incancer diagnosis and forensic sciences.
North America was the largest region in the biochips market, accounting for REDACTED of the global market. It was followed by Western Europe and Asia-Pacific. Going forward, Asia-Pacific is expected to witness the fastest growth in the biochips market, estimated at grow at a CAGR of REDACTED, followed by North America which is expected to grow at a CAGR of REDACTED.
The market is challenged by restraints such as unclear regulatory guidelines, skill shortage and ethical and privacy concerns relating to biochips.
Report Scope:
This research report categorizes the biochips market by type. Product types include DNA microarray, protein microarray, tissue/cell and glycan microarrays and lab-on-a-chip.
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Report Includes:
- 36 data tables
- An overview of the global market for biochips
- Analyses of global market trends, with data from 2014 to 2018, and projections of compound annual growth rates (CAGRs) through 2023
- Country-specific data and analysis for USA, China, Spain, Italy, France, India, Japan, Russia, Brazil, UK and Australia
- Insight into the historic and forecast data of the market
- Description of market dynamics, including drivers and restraints
- Discussion of key mergers and acquisitions in the market
- Profiles of major companies in the industry, including Danaher Corp., Illumina, Inc., Qiagen N.V., Roche Holding AG, and Thermo Fisher Scientific
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What's Driving the Biochip Market Report? : By Key Players - Danaher Corp, Illumina, Inc, Qiagen NV, Roche Holding AG, Thermo Fisher Scientific
Recent research and the current scenario as well as future market potential of "Biochip: Global Markets to 2023".