Global Biochip Market Witnessed to Surge at an Impressive CAGR of 17.53% during the Forecast 2017-2021

Published on : Sep 06, 2017

Albany, New York, September 6, 2017: Market Research Hub (MRH) has recently announced the inclusion of a new study to its wide repository which provides comprehensive information on rapidly growing market of Biochip. The study is titled as “Global Biochip Market 2017-2021”, which includes information related to the current market status along with opportunities for the biochip in the coming years. Moreover, the study also evaluates market size for the given forecast period, by way of study, synthesis and summation of data from multiple sources.

This report starts with a clear description related to the research methodology and assumptions, followed by a precise executive summary. This portion of the report also offers a deep insight related to the various market dynamics comprising drivers, restraints, and opportunity, together with key trend analysis for the global biochip market. Biochips are considered as Bio-microsystems, which are small integrated devices used for biochemical reactions, biological monitoring, research, academic studies, drug discovery and much more. Biochips have applications ranging from disease marker identification to enhanced drug development, including a number of research applications in fields of genomics, genotyping, and proteomics.

As per the report key findings, the global biochip market to grow at a CAGR of 17.53% during the period 2017-2021. The increasing vendor’s strategic initiatives are identified to be one of the key trends contributing towards the growth of the biochip market. Nowadays, biochip technology is used to develop personalized medicine that facilitates early detection of diseases and selection of accurate treatment methods, which has bolstered its market growth. Also, the increased popularity of personalized medicine to be one of the primary growth factors for the biochip market.

As the report proceeds, market segmentation for the global biochip market is provided depending on different parameters. Depending on the fabrication technology, the market is segregated into microarrays, microfluidics. Of these, progress in the development of protein microarrays coupled with emerging classes of tissue- and cell-based biochips for various applications are factors anticipated to drive demand for biochips. Moreover, the regional segmentation of the market highlights some of the prime regions such as Americas, EMEA and APAC. The Americas is witnessing a rise in funding projects and research grants for the development of new novel drugs. At present, growing application of biochips in pharmacogenomics, growth in bioinformatics software industry and increasing use of biochip technology as alternative to animal testing are the major trends observed in the study.

In the later part, the report explores the major industry players in detail. Key vendors available in this market are Abbott, Illumina, Thermo Fisher Scientific, PerkinElmer and Agilent Technologies.

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