LONDON--(BUSINESS WIRE)--The global biochip market size is poised to grow by USD 19.71 billion during 2020-2024, progressing at a CAGR of 22% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
Personalized medicine’s growing popularity and demand is expected to drive the growth of the Biochip market. The medicines are personalized as per the patients needs which suits the individual characteristics of the person is a multi-faceted approach. This improves the ability to diagnose and effectively treat the disease as this technique facilitates early diagnosis. These biochips play an important part in the development of these medicines, as it improves the ability to diagnose and effectively treat the disease. It is also expected that during the forecast period the growing incidences of genetic and terminal diseases will influence the demand for personalized medicine for targeted drug development. This will increase the demand for biochips which will result in the growth of this industry.
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Report Highlights:
- The major biochip market growth came from the microarray segment in 2019. The global use of microarray for technological as well as medical purposes is one of the key reasons for its growth.
- North America was the largest Biochip market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increasing presence of the pharmaceutical companies in the US.
- The global biochip market is fragmented. Agilent Technologies Inc., BioChain Institute Inc., Bio-Rad Laboratories Inc., Fluidigm Corp., General Electric Co., Illumina Inc., PerkinElmer Inc., Prescient Medicine Holdings Inc., RayBiotech Life, and Thermo Fisher Scientific Inc. are some of the major market participants. To help clients improve their market position, this biochip market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global biochip market 2020-2024 is expected to have negative impact. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Rising Use of Biochips in Safety Detection of Agriculture Products will be a Key Market Trend
The rising use of biochip technology in the agriculture industry is turning out to be one of the major trends in the biochip industry. Biochip helps in the detection of pathogenic microorganisms, biological toxins, pesticide residues, and antibiotics. Microchips help in providing early warning to agricultural products' monitoring with a rapid response system and, thus, enhance the agricultural products' safety detection system. Therefore, significantly helping the agriculture industry from the loss it faces every year.
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Biochip Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist biochip market growth during the next five years
- Estimation of the biochip market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the biochip market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of biochip market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Technology
- Market segments
- Comparison by Technology
- Microarrays - Market size and forecast 2019-2024
- Microfluidics - Market size and forecast 2019-2024
- Market opportunity by Technology
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Agilent Technologies Inc.
- BioChain Institute Inc.
- Bio-Rad Laboratories Inc.
- Fluidigm Corp.
- General Electric Co.
- Illumina Inc.
- PerkinElmer Inc.
- Prescient Medicine Holdings Inc.
- RayBiotech Life
- Thermo Fisher Scientific Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
