Global Biochips Market to Reach US$ 64.3 Billion by 2032, Fostered by Increasing Prevalence of Chronic Disorders

According to the latest report by IMARC Group, titled "Biochips Market Report by Product Type (DNA Chip, Protein Chip, Lab-On-a-Chip, Enzyme Chip), Fabrication Technique (Microarray, Microfluidic), Analysis Method (Electrophoresis, Luminescence, Mass Spectrometry, Electrical Signals, Magnetism), Application (Molecular Analysis, Diagnosis, Non-Biological Usage), End User (Pharmaceutical and Biotechnology Companies, Hospitals and Diagnostics Centers, Academic and Research Institutes, and Others), and Region 2024-2032," the global biochips market size reached US$ 19.6 Billion in 2023. Biochips are miniaturized medical devices that are used in molecular laboratories to carry out several biochemical reactions simultaneously. They can rapidly screen a number of biological analytes for an array of applications, such as disease diagnosis and detection of hazardous biological agents in a system. They offer several advantages, including the ability to perform high-throughput analysis, allowing researchers to analyze thousands of samples in a short amount of time, and are also highly sensitive and specific, enabling the detection of low concentrations of biomolecules with high accuracy. They are utilized to determine gene expression, detect mutations, identify proteins, and screen for drug candidates. Consequently, they are used in a variety of applications, such as genomics, proteomics, and drug discovery. They can also be adopted in medical diagnostics, including detecting infectious diseases or cancer biomarkers. 

Global Biochips Market Trends:

The increasing prevalence of chronic disorders among the masses is driving the global market. Coupled with this, the growing consumer health concerns about several viral infections and immunological disorders are propelling the demand for biochips in new drug discovery and development activities. Moreover, the development of advanced biochip technologies, such as microfluidics and nanotechnology, has led to the creation of more sophisticated and efficient biochips that can perform a wide range of diagnostic and research applications, which is augmenting the market. Additionally, the increasing demand for non-invasive diagnostic tools is supporting the demand for biochips since they offer a non-invasive way to diagnose diseases, thereby reducing the risks and costs associated with invasive diagnostic procedures. Besides, the governments of several countries are heavily investing in biochip research and development to advance healthcare and life sciences research, which is creating a positive market outlook. The market is further driven by the widespread utilization of biochips in agriculture to analyze plant and soil samples, allowing for more precise and efficient farming practices. In line with this, the extensive adoption of biochips to monitor environmental conditions and detect pollutants in air, water, and soil is further strengthening the demand worldwide. Furthermore, the growing investments in the healthcare sector pertaining to cancer genomics, human proteome, and DNA analysis are impacting the market favorably. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 64.3 Billion by 2032, exhibiting a growth rate (CAGR) of 13.7% during 2024-2032. 

Market Summary:

• On the basis of the product type, the market has been divided into DNA, protein, lab-on-a-, and enzyme chips.
• Based on the fabrication technique, the market has been segmented into microarray and microfluidic.
• On the basis of the analysis method, the market has been bifurcated into electrophoresis, luminescence, mass spectrometry, electrical signals, and magnetism.
• Based on the application, the market has been classified into molecular analysis (hybridization, protein, immunological, biomolecules, biomarker, and others), diagnosis (gene diagnosis, oncology, inflammatory and others), and non-biological usage.
• On the basis of the end user, the market has been categorized into pharmaceutical and biotechnology companies, hospitals and diagnostics centers, academic and research institutes, and others.
• Based on the region, the market has been segregated into North America (United States, Canada), Europe (Germany, France, United Kingdom, Spain, Russia, Italy, and others), Asia Pacific (China, Japan, India, South Korea, Australia, and others), Latin America (Mexico, Brazil, Argentina, others), Middle East and Africa (Turkey, Saudi Arabia, the United Arab Emirates, and others).
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Agilent Technologies, Inc., bioMérieux SA, Bio-RAD Laboratories, Inc., CapitalBio Corporation, Dynamic Biosensors GmbH, EMD Millipore Corporation, Fluidigm Corporation, Illumina, Inc., Perkinelmer, Inc., and Thermo Fisher Scientific Inc.

Report Coverage:

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