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The biochip market share is expected to increase by USD 25.52 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 22.84%.
This biochip market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers biochip market segmentation by Technology (microarrays and microfluidics) and geography (North America, Europe, APAC, South America, and MEA). The biochip market report also offers information on several market vendors, including Agilent Technologies Inc., BioChain Institute Inc., Bio-Rad Laboratories Inc., Danaher Corp., Dynamic Biosensors GmbH, Fluidigm Corp., Illumina Inc., PerkinElmer Inc., RayBiotech Life, and Thermo Fisher Scientific Inc. among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increased popularity of personalized medicine is notably driving the biochip market growth, although factors such as lack of trained professionals may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the biochip industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Biochip Market Driver
The increased popularity of personalized medicine is one of the key factors driving the growth of the global biochip market. Personalized medicine is the tailoring of medical treatment to the individual characteristics of a patient. Personalized medicine, as a multi-faceted approach to patient care, improves the ability to diagnose and treat diseases. It further offers the potential to detect a disease at an earlier stage, when it is easier to provide effective treatment. Personalized medicine has increased the quality of clinical practice and targeted care pathways that ultimately lead to lower overall healthcare costs. Current inefficiencies in preventive healthcare have had a significant impact on the economies of the US and China, with healthcare contributing approximately 12%-15% of the overall expenditure of these countries. However, the growing awareness of genetic diseases helps in the advancement and development of personalized medicine that emphasizes targeted drug development. Hence, to diagnose patients correctly and develop personalized medicine, the biochips platform is expected to witness increased demand.
Key Biochip Market Trend
The increasing POC diagnostics will fuel the global biochip market growth. The diagnostic sector is undergoing a revolutionary change, with device miniaturization, movement of focal research centers close to patient locales, and growing test menus, denoting the invasion of multiparameter checking devices. Another significant change in the sector is the shift toward POC diagnostics or testing. POC testing permits patient diagnosis in an ambulance, at home, or in the hospital. It provides timely results, which enable the rapid treatment of the patient. Laboratory functions miniaturized onto biochips is a standard shift in biotechnology as it allows individual living cells and small volumes of reagent samples to be quantified on portable chips. Thus, the advent of biochips technology encourages hospitals and clinics to switch to POC diagnostics because of their expense adequacy, quick test outcomes, and speedier turnaround times. However, government and research centers, including the NIH, is supporting the growth of microsystem, sensor, and imaging technologies for POC testing. POC testing devices are integrated with various analytical functions, which can be used for diagnosing and detecting various diseases for the selection of optimal therapeutic treatments. Further, the sensor technology provides rapid analysis of blood samples.
Key Biochip Market Challenge
The lack of trained professionals is a major challenge for the global biochip market growth. The use of biochips requires technical expertise as the right sample needs to be analyzed with the correct device, failing which incorrect results could be generated. Calibration of these devices is another important aspect that needs to be taken care of for these devices to function appropriately and generate accurate results. Line inspectors may not have adequate technical capabilities to calibrate these devices, and hence, this could prevent proper intervention at the correct time in the supply chain, thereby negatively affecting product quality. Furthermore, in most cases, the data obtained from the device may sometimes be difficult to interpret without adequate personnel training. The technical expertise of medical professionals using these devices is presently inadequate, resulting in operational and technical issues. Thus, working with technologically advanced laboratory instruments can become a challenge. Moreover, the software accompanying these devices necessitates appropriate technical knowledge. Professionals with both medical expertise and software knowledge are difficult to find for companies, and this problem gets compounded as software upgrades become frequent. Therefore, the lack of skilled professionals is likely to hinder the market’s growth.
This biochip market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global biochips market as a part of the global semiconductor market, within the overall global semiconductors and semiconductor equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biochip market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the biochip market encompasses successful business strategies deployed by the key vendors. The biochip market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The biochip market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the biochip market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global semiconductor market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Technology
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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