Dublin, December 20, 2021 – The global biochips market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of around 15% during 2021-2026. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Biochips refer to a miniaturized medical device that includes a wide collection of microarrays for performing multiple biochemical reactions simultaneously. They contain numerous biosensors that enable the screening of several biological analytes such as enzymes, proteins, DNA, biological molecules, antibodies, etc. Biochips are primarily used in drug discovery, in-vitro diagnostics, gene expression profiling, single nucleotide polymorphism genotyping, agricultural biotechnology, etc. As a result, they are widely adopted across various pharmaceutical and biotechnology companies, research and academic laboratories, and healthcare facilities.
The increasing prevalence of chronic disorders along with the rising geriatric population is currently driving the demand for biochips in the medical sector. In recent times, the growing incidences of cancer have also augmented the use of biochips for the early detection of cancerous cells in the body. In line with this, biochips are increasingly being adopted for developing targeted and personalized medicines for cancer treatment.
Additionally, the growing consumer health concerns towards several viral infections and immunological disorders are also propelling the demand for biochips in new drug discovery and development activities. For instance, with the outbreak of the COVID-19 pandemic, several biotechnology and pharma companies are focusing on developing novel biochips for detecting the infection in the body. Moreover, rising advancements in microfluid technology have led to the introduction of specifically engineered biochips for various laboratory procedures.
Furthermore, numerous R&D activities in the biotechnology sector have also led to the emergence of digital microfluidic biochips. The changing consumer inclination towards minimally invasive surgeries coupled with rising upgradations in nanotechnology are further driving the demand for biochips. Apart from this, the growing investments in the healthcare sector pertaining to cancer genomics, human proteome, and DNA-analysis are further anticipated to catalyze the global biochips market.