The new report by Expert Market Research titled, ‘Global Biochips Based In-vitro Diagnostics Market Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global biochips based in-vitro diagnostics market, assessing the market based on its segments like applications, end-uses, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028):15.5%
Recent advancements in biochip technology and increased investment in genomics and proteomics research and development programmes are major factors driving the global biochips-based in-vitro diagnostics market. Other than that, the rise in the geriatric population and their vulnerability towards diseases are driving the market. This, coupled with the increasing preference for personalised medicines, will help the market grow at a promising rate in the coming years. The market’s ability to grow and flourish is aided by the presence of a large drug development pipeline. Aside from that, continued expenditures on the lab-on-a-chip array, protein microarrays, and DNA microarray research and development will help the industry grow. Such investments are likely to benefit the global market in the long run.
Industry Definition and Major Segments
A biochip is a collection of various tests on a single chip that allows the analysis to be multiplexed, increasing test efficiency. Biosensors, microarrays, and microfluidics-based systems are all prominent bio/tissue chip technologies, but Lab on a Chip is the most significant (LOC). Bio/tissue chips can be used for almost any type of in-vitro diagnostic (IVD), including DNA applications (gene expression, cancer diagnosis and treatment, genomics, SNP genotyping, drug discovery, agricultural biotechnology, etc), lab on chip applications (diagnostics, drug discovery, proteomics, genomics, IVD & POC, high throughput screening, and so on), and so on.
The major applications of the market are:
DNA Applications
Lab-on-chip Applications
Protein Micro-array Applications
Others
By end use, the market is classified into:
Hospitals and Clinics
Research Institutions
Diagnostic Centres
Others
On the basis of region, the market is segmented into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
Increased adoption of next-generation sequencing and rising need for cancer diagnostics and treatment are the major factors driving the biochips based in-vitro diagnostics demand in the market. The rising number of key players in the biochip market and the growing number of bio/tissue chips applications indicate a promising market during the forecast period. Biochips for diagnosis, such as uTAS devices, and implanted devices for efficient therapies, such as trauma monitoring, are examples of real-world applications pushing the in-vitro diagnostics area. The global biochips based in-vitro diagnostics market is predicted to grow as a result of these applications.
Key Market Players
The major players in the market are Greiner Bio One International GmbH, SCHOTT AG, Randox Laboratories Ltd., PerkinElmer, Inc., and HORIBA, Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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