Global biochips market is estimated to witness high growth, owing to rising healthcare expenditure and increasing adoption of personalized medicines
Global biochips market is estimated to be valued at USD 11.50 Bn in 2024, exhibiting a CAGR of 15.8% over the forecast period (2024-2031). Rising demand for point-of-care testing and increasing investment in healthcare sector can drive biochips market growth in the near future.
Market Dynamics:
Global biochips market growth is driven by –factors like increasing healthcare expenditure and adoption of personalized medicines. Rising disposable income and growing awareness about various diseases have increased healthcare spending worldwide. According to the data published by World Bank, global healthcare expenditure as a percentage of GDP increased from 9.92% in 2000 to 10.02% in 2020. This rising expenditure encourages investments in advanced disease diagnostic technologies including biochips. Furthermore, growing need for personalized treatment of various chronic diseases like cancer can also drive the market growth. Biochips help in analyzing molecular characteristics of individual patients, which enables selection of customized treatment plans. This increases efficacy and success rate of therapeutics. Biochip manufacturers are extensively working on developing unique gene expression profiles and molecular signatures of different diseases using micro and nanotechnologies.
Growing demand for point-of-care testing for early disease detection can drive the market growth
Growing demand for point-of-care testing can drive the global biochips market growth. With advancements in microfluidic technologies and miniaturization of components, biochips enable fast and efficient disease diagnostics at the point-of-care. This allows for early detection of diseases and timely clinical interventions. Biochips integrated with lab-on-chip technologies have significantly reduced diagnostic turnaround times. Moreover, their portability allows for diagnostic testing outside of traditional labs in locations such as physicians’ offices, homes and field settings. This has increased patient access to diagnostic testing, which is particularly important for infectious disease outbreaks, biowarfare threats and other medical emergencies. The ease of use and quick results with biochips has boosted their adoption for point-of-care disease screening, management of chronic diseases and other medical applications.
Increasing investment in genomics and proteomics research can drive the market growth
Substantial investment by governments and private organizations in genomics and proteomics research can drive the global biochips market growth. Genomics research including sequencing of entire human genomes and understanding genotype-phenotype correlations have generated huge volumes of complex biological and clinical data. Efficient analysis of this big data requires high throughput and sensitive detection platforms. Biochips with their ability to analyze thousands of biomolecular interactions simultaneously on a single microarray have emerged as important tools facilitating genomics and proteomics research. Growing R&D focus on developing personalized medicines based on a patient's genome can boost demand for advanced biochip technologies.
High cost of biochip development and manufacturing can pose significant challenges
Global biochips market growth can be hampered by high cost associated with development and manufacturing of biochips. Designing and fabricating biochips requires specialized infrastructure and skilled technical expertise. Integration of various components like chemistries, biomarkers and electronics onto a single microarray platform further increases expenses. Production processes involving microfluidics, surface chemistry and semiconductor technologies also boosts manufacturing costs. Costs arising from failure or defects during complex microfabrication procedures can also affect market profitability negatively. The high costs preclude widespread commercialization and clinical adoption of biochips. Moreover, frequent technology updates result in short product life cycles necessitating continuous R&D investments further escalating expenses. All these factors increase the price of biochips, thus, limiting their adoption, especially in price-sensitive developing regions.
Stringent regulatory framework for approval can delay market launch of new products
Stringent regulatory environment for approval of biochips before clinical use can hamper the market growth. As biochips are classified as IVD medical devices, these need to undergo rigorous preclinical testing and clinical validation trials to demonstrate safety, efficacy and analytical performance. Obtaining regulatory approvals from agencies like the FDA involves extensive documentation and compliance with various quality standards. This delays the launch of new biochip platforms and associated tests. Moreover, differing regulatory pathways across countries lead to region-specific approvals potentially, thus, restricting global market access. The compliance burden and prolonged approval timelines increase the overall business expenses and risks deterring investments especially by small companies. Harmonization of regulations can help address this challenge and accelerate biochip translation from lab to market.
Growing applications in infectious disease testing can present lucrative opportunities
Growing demand for infectious disease testing at point-of-care can offer significant opportunities for biochips market players. Existing biochips have found success in detecting pathogens causing influenza, HIV, hepatitis and tuberculosis. However, due to emergence and re-emergence of new infectious diseases, widespread epidemic threats and increasing global healthcare costs, there exists major potential to develop affordable and easy-to-use biochips for rapid diagnosis of a broad range of infections. This can help initiate timely treatment, curb disease spread and save lives. Growing requirements for disease surveillance, biowarfare agent detection and infection prevention in settings like hospitals can also offer growth opportunities. Development of low-cost and portable microarray platforms integrated with sample-to-result capabilities can especially benefit resource-limited areas.
Advancements in microfluidics and nanotechnology can unlock new applications
Advancements in microfluidics and nanotechnology have the potential to unlock exciting new applications for biochips and offer opportunity for the global biochips market growth. Microfluidic and nanotechnology enable miniaturization of diagnostic labs onto a single chip known as micro-total analysis systems or 'lab-on-a-chip'. This has wide ranging benefits for healthcare applications like point-of-care testing. Using micro- and nanofabrication techniques, highly complex networks of microchannels can be manufactured on silicon, glass or polymer chips to carry out biological and chemical assays that normally require large benchtop instruments. Samples like blood or urine can be rapidly processed on-chip with reactions occurring in nanoliter volumes, thus, yielding results much faster than conventional methods. This holds great promise for fast, portable and low-cost testing near the patient with applications in fields like infectious disease diagnostics, drug development and personalized medicine.
Link: https://www.coherentmarketinsights.com/market-insight/biochips-market-1146
Key Developments
- In May 2024, Visionary Holdings Inc., a prominent private education provider specializing in artificial intelligence and life sciences, announced its collaboration with B. Braun Biochip Technology Group of Canada to establish Visionary Biotechnology Group Co., Ltd. in Toronto. This collaboration is anticipated to significantly impact both economic and social spheres, further extending Visionary Group's global influence in biotechnology and offering considerable value to investors across short, medium, and long-term horizons.
- In October 2022, MicrobioSeq (CD Genomics) launched its Phage Whole-Genome Sequencing technology that is designed to advance biomarker discovery and non-antibiotic treatment development. Leveraging next-generation sequencing and long-read sequencing technologies, including Illumina HiSeq, Nanopore, and PacBio SMRT sequencing, CD Genomics provides virus/phage sequencing services that support comprehensive research in structural and comparative genomics.
- In October 2022, Thermo Fisher Scientific Inc. enhanced its Applied Biosystems Chromosome Analysis Suite (ChAS) software through a collaboration with Genoox, a company known for its community-driven genomic data. This upgrade incorporates Genoox’s cloud-based AI platform, Franklin, enabling ChAS users to benefit from an automated, flexible workflow that delivers immediate, consistent, and reproducible cytogenetic analysis results.
Key Players: Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer, Inc., Fluidigm Corporation, Illumina, Inc., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Standard BioTools, GE Healthcare, F. Hoffmann-La Roche AG, QIAGEN, Randox Laboratories Ltd, LI-COR, Inc., Merck KGaA, Becton, Dickinson and Company, Arrayit Corporation, Nanostring Technologies, Inc., GnuBio, Inc.
