The demand within the global biochips market has been rising on account of advancements in the domain of molecular biology and testing, finds Transparency Market Research (TMR). The manufacture of biochips was a revolutionary feat for the technological sector, and the market vendors are still reaping revenues through it. The competition in the global biochips market is expected to rise in the years to follow. This is because a large number of entities want to leverage the lucrative nature of the market to their advantage. The entry of new manufacturers of biochips in the market has disrupted the competitive dynamics of the market. The level of fragmentation in the global biochips market has increased as no single vendor has a lion’s share of the market.
The global biochips market consists of several vendors who have attained expertise in manufacturing. This propensity of the biochips market has generated new growth opportunities within the market. The large-scale vendors in the global biochips market are focusing on retaining their efficiency of production and pace of sales. Furthermore, these vendors have established direct contact with the healthcare and medical fraternity to ensure a regular inflow of demand. Some of the key vendors in the global biochips market are Cepheid Inc., Affymetrix Inc., GE Healthcare Ltd., and Fluidigm Corporation.
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Transparency Market Research (TMR) predicts that the global biochips market would expand at a robust CAGR of 16.90% over the period between 2015 and 2023. Furthermore, the total value of the global biochips market is projected to reach US$22.2 bn by 2023, rising up from a value of US$5.7 bn in 2014. On the basis of geography, the global biochips market is led by the North American region.
Use of Biochips in the Medical Sector to Aid Market Growth
The global biochips market is projected to expand in size and increase in revenues over the forthcoming years. This majorly owes to the increasing usage of biochips in the medical industry. These chips can be embedded inside the body to track and monitor a number of medical parameters. Furthermore, the need for improved diagnostics and treatment is also projected to bring in voluminous revenues into the global biochips market. Digital microfluidic biochips are amongst the most commonly used chips across several industries. This factor also needs to be evaluated while gauging the growth dynamics of the global biochips market. The storage function and operations of microfluidic biochips have played a key role in driving demand.
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North America to Lead Market Growth
The global biochips market has attracted voluminous revenues in recent times. The market for biochips in North America has especially been expanding at a stellar pace over the past decade. This majorly owes to the supremacy of microarray fabrication technologies in the US and Canada. Furthermore, the presence of key tools for studying surface chemistry and biology has also generated a plethora of opportunities within the global market. The healthcare industry across the US has remained steadfast in adopting new technologies and aids. This factor is also expected to reek of growth within the global biochips market in the years to come.
This post was originally published on Market Research Sheets
