Biochips Market | Thanks to Rising Adoption of Personalized Medicines

The global biochips market is considered as a highly fragmented market with a large number of international and domestic players operating across the globe, states a new report presented by Transparency Market Research. Innovations and technological advancements are predicted to support the growth of the overall market throughout the forecast period. The entry of new players, rising number of mergers and acquisitions, and the development of new products are some of the key strategies that are being adopted by the leading players that are estimated to enhance the market penetration in the coming few years. In addition to this, the key players in the market are likely to emphasize on targeting the developing economies, which holds immense growth opportunities. Thanks to these, the market is projected to enhance the competitive landscape of the market in the next few years. The players engaged in the biochips market across the globe are Agilent Technologies Inc., Illumina Inc., Cepheid Inc., GE Healthcare Ltd., Affymetrix Inc., and Fluidigm Corporation.

In 2014, the global biochips market stood at US$5.7 bn and is projected to reach US$22.2 bn by 2023. The market is further estimated to exhibit a promising 16.90% CAGR between 2015 and 2023, states the research study by Transparency Market Research. The North America market for biochips is likely to lead and hold a key share of the market in the next few years. The rise in the demand for biochips from the healthcare sector is expected to support the market growth in North America and register a healthy 16.70% CAGR between 2015 and 2023.

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Increasing Number of Applications to Propel Global Biochips Market

A significant rise in the adoption of personalized medicine and the increasing focus on technological advancements are the key factors that are projected to encourage the development of the global biochips market throughout the forecast period. The rise in the number of applications, thanks to the rising research activities is likely to support the growth of the market in the near future. In addition to this, the rise in the awareness among the consumers related to the benefits of using biochips is estimated to push the demand across the globe.

In addition to this, the lucrative opportunities that are being offered by the global biochips market are attracting a large number of new players to enter the market and enhance their penetration across the globe. The developing economies, around the world, holds promising growth prospects, owing to which, the market is likely to witness substantial growth in the coming few years.

Unclear Regulatory Framework to Curb Growth of Biochips Market

The global biochips market, on the other hand, is estimated to face a few challenges in the next few years, owing to which the market may witness a downfall in the near future. The high cost of instrumentation and the unclear rules and regulations in the biochips market are predicted to restrict the market growth in the coming few years. In addition to this, the rising complexity of the biological systems is another key factor hampering the overall growth of the market throughout the forecast period.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia