Biochips Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1970
Biochips Market size is gaining enormous traction in the healthcare and medical devices domain and will witness robust growth through 2027. The adoption of biochip technology is increasing at a steady rate as technological advances circling around disease diagnosis and prevention gather pace.
Biochips have become an important tool in the biotechnology space that could revolutionize DNA sequencing technologies and enable advanced gene sequencing solutions. Biotech has been used in next-generation sequencing in recent years and is transforming direct-to-consumer genetic screening, clinal genomics, stem cell research, neuroscience, and other areas.
R&D organizations and educational institutions are also making active efforts to boost the development of novel biochip solutions. Citing an instance, in October 2020, a team of engineers at the University of California had built a lab-on-a chip that can help analyze tumor heterogeneity and reduce resistance to cancer therapies. The innovative biochip combines AI with nanoparticle printing for analyzing cancer cells. Low cost and ease of manufacturing could allow for wide application of the technology in developing countries.
The DNA chips industry is slated to grow at a rapid pace during the forecast timeframe. DNA chips are experiencing robust demand in research and development activities for identifying changes in gene sequences associated with particular diseases. DNA chips, also called DNA microarrays, are used to not only perform clinical diagnostic tests but also to determine which drugs might be best prescribed for the patient, allowing personalized patient care.
The Europe biochips market is expected to record commendable gains by the year 2027, with rapidly advancing healthcare infrastructure and increasing investments in research and development by biotech firms. Also, the rising occurrence of various chronic, infectious, and autoimmune diseases will present favorable growth opportunities to the regional market.
Abbott Laboratories, Thermo Fisher Scientific, Becton Dickinson and Company, F. Hoffmann-La Roche, Agilent Technologies, Illumina, PerkinElmer, Novus Biologicals (Bio-Techne), Bio-Rad Laboratories, and Origene Technologies some of the prominent biochip companies worldwide.
Biochip technologies are being increasingly used in sequence engineering, which is why the biochips market players are focusing on improving scalability and performance of their products. These companies are also focusing on overcoming technological, regulatory, and standardization related barriers to ensure that biochips become mainstream in the near future. In November 2020, for instance, Australian manufacturer Archer Material had commenced the development of AI biochips to simplify disease detection.
Evolving landscape of the biochips market amid COVID-19
The market is poised to grow at a notable pace amid the coronavirus pandemic on account of the improving research applications related to the discovery of COVID-19 related vaccines and drugs. The ability of biochips to detect gene sequencing have fueled their acceptance, particularly in the research and development space. These trends will only gain momentum owing to the exceptional ability of biochips to fast-track the diagnosis of different diseases and detect toxic biological agents.
As the COVID-19 pandemic progresses, top biochip manufacturers are capitalizing on the opportunity and accelerating the development of fast, reliable COVID-19 tests, vaccines, and drugs. For example, in November 2020, Singapore based biotechnology company Cell ID had developed a portable PCR test kit called the Quiz PCR Biochip which can confirm COVID-19 positivity within five minutes with 97-100% sensitivity to COVID-19.
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