Hyderabad, India -- (SBWIRE) -- 01/15/2018 -- The Global Biochips Market was worth $7.15 billion in 2016 and estimated to be growing at a CAGR of 21.80%, to reach $19.17 billion by 2021.

A biochip is a collection of miniaturized test sites (microarrays) arranged on a solid substrate that allows many tests to be performed at the same time in order to achieve higher throughput and pace. Typically, a biochip's surface area is no larger than a fingernail. Like a computer chip that can perform millions of mathematical operations in one second, a biochip can perform thousands of biological reactions, such as decoding genes in few seconds.

A genetic biochip is designed to freeze into place the structures of many short strands of DNA (deoxyribonucleic acid), the basic chemical instruction that establishes the characteristics of an organism. Effectively, it is used as a test tube for real chemical samples. A specially designed microscope can determine where the sample hybridized with DNA strands in the biochip.

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The growth of the Global Biochips Market is mainly driven by factors such as an increased application in a cancer study and customized medicine, the diverse applications of biochips, growing technological advancements are the major drivers for the biochips market.

However, unclear regulatory guidelines, high instrumentation costs, low commercial suitability, availability of substitute technologies and absolute quantification of specific mRNA, standardization concerns are restraining the growth of the market. may restrain the market growth to a certain extent.

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The Global Biochips market is segmented based on Type, End User, and Fabrication Technology. The market for Biochips, on the basis of Type is segmented into DNA Chips, Lab-On-A-Chip, and Protein Chips. DNA Chips are further segmented into SNP Genotyping, Genomics, Agricultural Biotechnology, Gene Expression, Cancer Diagnosis & Treatment, Drug Discovery, and Others. Lab-On-A-Chips are further segmented into Clinical Diagnostics, IVD & POC, Drug Discovery, Genomics, and Proteomics. Protein Chips are further segmented into Expression Profiling, High-Throughput Screening, Proteomics, Diagnostics, and Drug Discovery. On the basis of type, DNA Chips are the largest segment, followed by lab-on-chips and protein biochips market, due to development in the proteomics and genomics field. However, enhancement in the field of recombinant proteins would assist the growth of protein biochips market. On the basis of End User, the global Biochips market is segmented into Hospitals and Diagnostics Centers, Biotechnology and Pharmaceutical Companies, Academic & Research Institutes. The Hospitals and Diagnostics Center segment dominates the market, as it is primarily driven by various factors such as increasing government funding and technological advancements.

The market has also been geographically segmented into North America, Europe, Asia-Pacific, Latin

America and Middle-East & Africa. North America is leading the global Biochips market due to technological advancements and a large pool of ageing populace. However, Asia-Pacific is developing as one of the fastest growing market due to easy access to latest technologies, and promising government schemes.

The recent developments in the global biochips market include the outsourcing of biochips technology, which would aid in decreasing labor cost and capital prerequisites. The major companies dominating the global Biochips market are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.

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