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The global biochip market size was valued at USD 6.7 billion in 2023, driven by the rising prevalence of chronic diseases, and increased preference for personalized medicine across the globe. The market is expected to grow at a CAGR of 14.36% during the forecast period of 2024-2032, with the values likely to rise from USD 14.2 billion in 2024 to USD 41.4 billion by 2032.
Biochips, also known as miniaturized laboratories, are portable medical devices that allow many biochemical reactions to occur simultaneously. They are integrated with biosensors, which can screen a diverse spectrum of biological materials including DNA, antibodies, proteins, and enzymes. Technological advancements in the biomedical sector have led to a continuous reduction in the size of biochips. The small size of biochips, in return, has resulted in high output and lower manufacturing costs.
Biochip market demand has experienced a surge due to the rising prevalence of chronic diseases. Chronic diseases are responsible for 74% of global mortality each year, affecting around 41 million people, according to the World Health Organization (WHO). Cardiovascular diseases cause 17.9 million deaths whereas cancers account for 4.1 million deaths. To address the alarming rise of chronic diseases, appropriate therapeutic and diagnostic solutions are needed. Biochips can facilitate quick and accurate diagnosis of diseases like cancer, enabling prompt treatment of patients with chronic conditions.
In addition, the increased adoption and demand for personalized medicine is expected to accelerate the market growth. Other market drivers include technological advancements pushing the development of innovative products, along with a significant increase in strategic partnerships among prominent biotechnology companies.
Novel Innovations Driving the Biochip Market Growth
One significant trend in the biochip market is the development of innovative products to meet rising demand in the healthcare sector. In November 2023 , a novel biochip imitating the retina of the eye was developed by an international team of scientists led by Francesca Santoro, a researcher at RWTH Aachen University, Germany. Based on light-sensitive molecules and conductive polymers, the new biochip can improve the integration of retinal implants in the human body in the coming years. Since the retina-like biochip is made of non-toxic organic materials, it will be more suitable for biological systems as compared to silicon-containing semiconductor components.
Therapeutic Developments in Biochip Technology
Several companies are leveraging interdisciplinary research to discover potential therapeutic solutions, poised to elevate the biochip market share in the forecast period. In November 2023 , a startup company Axoniverse started by Arizona State University students, developed a biochip called Axomini which integrates both biology and biocomputational technology. The biochip attempts to utilize the neuron’s natural communication mechanism to process information. The company intends to create biochips that mimic complex biological patterns, similar to the ones witnessed in Alzheimer’s disease to aid both therapeutic and technological advancements.
Market Breakup by Technology
Market Breakup by Type
Market Breakup by Application
Market Breakup by End User
Market Breakup by Region
North America holds the largest share of the biochip market owing to the technological advancements in the healthcare infrastructure in the region. With its rising applications across wide range of sectors such as drug discovery and development, the market demand for biochips is growing notably. Diagnostic screening is another significant area of biochips application. In August 2023 , Opteev Technologies, a health safety technology in the United States announced that it would file a patent for its latest multiplex biochip that can test multiple pathogens including SARS-CoV-2. The polymer-based biochip is integrated with artificial intelligence to ensure quick and accurate detection of a virus or bacteria within a minute.
Europe also holds a significant biochip market share which can be attributed to the presence of major research institutes and leading biotech companies in the region. In Asia Pacific, the large population size has fuelled the demand for innovative biochips. With the growing impetus of the government to improve healthcare facilities, developing economies in the region are expected to offer lucrative growth opportunities for the key market players in the coming years.
In July 2023 , a Lebanese biotech company DLOC Biosystems (DLOC) announced a strategic partnership with a product design and technology innovation consultancy, 42 Technology (42T). The company plans to leverage the product development partner to develop its fully automated 3D human-on-chip technology. 42T will collaborate with the in-house engineering team of DLOC to optimize the design of DLOC biochips and work on the design prototype of the human-on-chip system. Such events of collaboration facilitate the sharing of resources and expertise, thus aiding in the expansion of biochip market size in the forecast period.
The key features of the market report include patent analysis, grants analysis, funding analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Application |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 6.7 billion in 2023 driven by the rising prevalence of chronic diseases across the globe.
The market is anticipated to grow at a CAGR of 14.36% during the forecast period of 2024-2032, likely to reach a market value of USD 41.4 billion by 2032.
The increased preference for personalized medicine and the growing technological advancements in the biomedical industry are fuelling the demand for technologically advanced biochip devices.
One of the significant trends in the market is the development of innovative biochips to meet the rising demand in the healthcare sector. In November 2023, a novel biochip imitating the retina of the eye was developed by an international team of scientists. Based on light-sensitive molecules and conductive polymers, the new biochip could be more suitable for biological systems as compared to silicon-containing semiconductor components.
The various technologies in the market are microarray and microfluidics.
Based on the type, the market is segmented into DNA chips, lab-on-a-chips, and protein chips, among others.
Major end users of biochips include hospitals and diagnostic centers, academics and research institutes, and biotechnology and pharmaceutical companies, among others.
Biochips are used in drug discovery and development, disease diagnostics, genomics, and proteomics, among others.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Key players involved in the market are Abbott Laboratories Inc., Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, BioMérieux SA, HORIBA, Ltd., QIAGEN N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., and Cepheid (Danaher Corporation).
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