The biochip market is expected to witness significant growth throughout the forecast period because of an increasing application of biochips in genomics, proteomics and drug discovery. The global biochips market is expected to be driven by factors such as increasing use of biochips in the treatment of cancer, technical developments in genetic research, and increasing incidences of cancer in the global population.
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The increasing usage of biochips for drug discovery applications is expected to fuel their demand in the drug discovery segment through to 2022. Furthermore, owing to the increasing investment into drug discovery research projects supported by government and corporate funding, growing application of personalized medicine, rising incidences of cancer, and decreasing production cost are also expected to contribute to the growth of the biochips market throughout the forecast period. Recent developments in wireless technology such as advanced biosensors and short range wireless communication are further expected to promote growth of this market through to 2022.
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The geographical analysis for the biochip market divides it into North America, Europe, Asia-Pacific, Latin America and MEA. In 2014, the largest market share was occupied by North America. This large market share can be attributed for by the increasing usage of biochips in the biopharmaceutical and biotechnological research in the region, higher susceptibility of cancers in the population and increasing median age. Asia pacific is expected to provide lucrative opportunities for growth throughout the forecast period owing to increasing healthcare technological investment, growing incidences of cancer and increasing awareness towards personal care.
Furthermore, major market participants in the biochip market such as Affymetrix Inc., Illumina Inc., and Fluidigm Corporation have moved their manufacturing operations to Singapore in order to take advantage of the benefits offered by the country and expand their presence in the Asia Pacific markets. The global biochip market is highly competitive owing to emergence of new entrants in the market and the presence of well established firms. The prominent participants in the biochips market include Biochain Institute Inc., EMD Millipore, Cepheid Inc., Agilent Technologies Inc., Calipher Life Sciences Inc., and Sigma Aldrich Corp., Affymetrix Inc., Illumina Inc., and Fluidigm Corporation.
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