Global biochips products and services market is expected to gain lucrative growth over the forecast period owing to its increasing applications in drug discovery, genomics and proteomics. Rising incidence of diabetes mellitus, hypertension and various forms of cancer is also expected to be a high impact rendering driver for the market. Rising demand for targeted and personalized medicines for treatment of cancer and other chronic disorders is expected to further boost the market growth. Need for high speed diagnostics, increased investments in drug discovery and life science research are also important factors contributing to the growth of global biochips products and services market.
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The market is bifurcated into product and application. Global biochip market based on product is segmented into DNA biochips, tissue biochips, protein biochips, lab-on-chips and carbohydrate biochips. As of 2014, DNA biochips held the highest share in the market owing to their wide use in biotechnology and drug discovery. Protein chips are expected to be the fastest growing segment over the forecast period owing to many advancements taking place in the application of protein chips. Biochips market based on application is segmented into gene sequencing, cancer diagnosis, genomics & toxicogenomics, proteomics and drug discovery. Cancer diagnosis held the largest share in 2014 as a result of many biochip companies that are largely producing diagnostic biochips.
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Geographically, the biochips products and services market is segmented into North America, Europe, Asia Pacific, Latin America and MEA. As of 2014 North America held the largest share owing to factors such as increased genetic diagnosis, rise in geriatric population, high incidences of lifestyle diseases, favorable government policies. Asia Pacific is expected to be the fastest growing region due to the factors such as, rapid development in technology, increased government initiatives in healthcare sector and manufacturing cost advantage.
The key players contributing to the global biochips products and services market includes Illumina Inc., Abbott Laboratories, GE Healthcare Ltd, Fluidigm Corporation, Perkin Elmer, Bio-Rad Laboratories, Life Technologies, Affymetrix, Inc Agilent Technologies Inc., Roche NimbleGen, Luminex Corporation, EMD Millipore and Agilent Technologies Inc. The strategies adopted by these companies to gain edge over competitors are strategic alliances and collaborations to launch new products as well as to maximize geographical reach.
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