2025-2034 Growth Prospects of the Biochips Market: Key Trends and Opportunities Analyzed
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How Significant is the Anticipated Growth Rate of the Biochips Market from 2025 to 2034?
Rapid expansion has been witnessed in the biochips market size over the past few years. It is projected to rise from $12.62 billion in 2024 to $14.72 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.6%. Factors contributing to the growth during the historic period include a surge in demand for personalized healthcare, a high incidence of chronic illnesses, technological advancements, the broadening scope of applications in drug discovery, increased funding for research and development, and supportive regulatory policies.
There is predicted to be a swift surge in the biochips market size in the forthcoming years, with projections saying it will increase to $26.94 billion by 2029, enjoying a compound annual growth rate (CAGR) of 16.3%. This impressive growth during the projected period can be credited to factors such as growing adoption in point-of-care diagnostics, wider applications in drug development, increased demand for personalized medicine, advancements in microfluidics technology, a boost in research and development investment, broadening cooperation between biotech companies and education institutions, and burgeoning opportunities in the agricultural biotechnology field. Some dominant trends during this forecast period will be ongoing progress in microfluidics technology, focus on generating biochips for liquid biopsy applications, rising consumer demand for multiplex assays for simultaneous identification of several analytes, inclusion of artificial intelligence for data interpretation, and the emergence of new biochip platforms.
How Are the key drivers expanding the growth of the Biochips Market?
The biochips market is expected to expand due to the growing acceptance of personalized medicines. Personalized medicine, which tailors medical treatment to an individual’s unique traits such as genetics or lifestyle to optimize efficiency and limit negative side effects, is seeing a rise in demand. This increase is due to its ability to deliver more effective treatments, advancements in genomics, a rise in disease complexity, and support from regulators. Biochips facilitate personalized medicine by enabling the creation of accurate, individualized treatment schemes based on a person’s genetic makeup. As an illustration, the Personalized Medicine Coalition, a non-profit organization based in the US, reported that the FDA approved 16 new personalized therapies for patients with rare diseases in 2023, up from six in 2022, in February 2024. Consequently, the rise in the adoption of personalized medicines is propelling the growth of the biochips market.
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Who Are the Dominant Players Pushing the Boundaries of the Biochips Market?
Major companies operating in the biochips market are:
• Thermo Fisher Scientific Inc.
• Roche Diagnostics International Ltd.
• Zoetis Inc.
• Agilent Technologies Inc.
• PerkinElmer Inc.
How Are Market Trends Revolutionizing the Biochips Industry in Recent Times?
Leading companies in the biochips market are focusing on developing innovative technologies like organ-on-a-chip platforms with an aim to transform the drug discovery and development procedures. These organ-on-a-chip platforms are state-of-the-art microfluidic devices designed to imitate the features and functions of human organs on a smaller scale. For example, in April 2024, Boston Micro Fabrication (BMF), an American nanotechnology research organization, introduced BMF Biotechnology Inc., which specializes in Biochips or organ-on-a-chip platforms. These are designed to nourish large-scale tissues in vitro and this breakthrough makes the process of creating new drugs and cosmetics quicker by offering a platform for testing and research beyond the human body.
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What Major Market Segments Define the Scope and Growth of the Biochips Market?
The biochips market covered in this report is segmented –
1) By Type: Deoxyribonucleic Acid (DNA) Chips, Protein Chips, Lab-On-Chip, Tissue Arrays, Cell Arrays
2) By Technology: Microarrays, Microfluidics
3) By Application: Drug Discovery And Development, Agriculture, Genomics, Disease Diagnostics, Proteomics, Other Applications
4) By End-User: Biotechnology And Pharmaceutical Companies, Academic And Research Institutes, Hospitals And Diagnostic Centers, Other End-Users
Subsegments:
1) By Deoxyribonucleic Acid (Dna) Chips: Gene Expression Chips, Snp (Single Nucleotide Polymorphism) Chips, Dna Microarrays
2) By Protein Chips: Antibody Arrays, Protein Microarrays, Peptide Arrays
3) By Lab-On-Chip: Microfluidic Devices, Biosensors
4) By Tissue Arrays: Tumor Tissue Arrays, Normal Tissue Arrays
5) By Cell Arrays: Cell-Based Biochips, Cell Signaling Arrays
Which Geographic Areas Are Influencing the Growth of the Biochips Market?
North America was the largest region in the biochips market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biochips market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Biochips Market Classified and Defined in Market Analysis?
Biochips are miniaturized devices containing an array of biological molecules, such as deoxyribonucleic acid (DNA), proteins, or cells, immobilized on a solid substrate. They combine biological elements with electronic systems to examine and handle biological data and are commonly used in medical diagnostics, genetic sequencing, and other biotechnological fields.
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