The Europe Biochips Market was worth $1.93 billion in 2016 and estimated to be growing at a CAGR of 21.94%, to reach $5.21 billion by 2021.
The medicinal importance of miniaturised biological microarray chips, generally known as biochips, has produced a transforming effect on the global healthcare industry. The extensive variety of biochip applications and products have propelled the growth of the market at an extraordinary level.
Biochip products consist of microarrays of biochemical particles, which are assembled on a silicon or glass plate. These devices have functions in gene sequencing, proteomics, genomics, clinical diagnosis, and drug discovery.
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The growth of the Biochips market is mainly due to factors such as rise in the utilization of personalized medicine, demand for high speed diagnostics and increasing government funding. In addition, growing healthcare awareness is also boosting the growth of the biochips market.
However, inadequate technical awareness related to biochips, low acceptance due to high cost and accessibility to alternate technologies are some of the major factors limiting the growth of the market in this region.
The Europe Biochips market is segmented based on Type, End User, and Fabrication Technology. The market for Biochips, on the basis of Type is segmented into DNA Chips, Lab-On-A-Chip, and Protein Chips.
DNA Chips are further segmented into SNP Genotyping, Genomics, Agricultural Biotechnology, Gene Expression, Cancer Diagnosis & Treatment, Drug Discovery, and Others. Lab-On-A-Chips are further segmented into Clinical Diagnostics, IVD & POC, Drug Discovery, Genomics, and Proteomics.
Protein Chips are further segmented into Expression Profiling, High-Throughput Screening, Proteomics, Diagnostics, and Drug Discovery. On the basis of type, DNA Chips are the largest segment, followed by lab-on-chips and protein biochips market, due to development in the proteomics and genomics field.
However, enhancement in the field of recombinant proteins would assist the growth of protein biochips market. On the basis of End User, the Biochips market is segmented into Hospitals and Diagnostics Centers, Biotechnology and Pharmaceutical Companies, Academic & Research Institutes.
The Hospitals and Diagnostics Center segment dominates the market, as it is primarily driven by various factors such as increasing government funding and technological advancements.
The Europe market has been geographically segmented into Germany, U.K, France, Spain, and Italy. Europe is the second largest market with a global share of 28% and is projected to grow at one of the highest CAGRs during the forecast period due to various reasons such as easy access to latest technologies, a large patient pool, and promising government policies.
The recent developments in the global biochips market include the outsourcing of biochips technology, which would aid in decreasing labor cost and capital prerequisites. The major companies dominating the Biochips market in this region are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.
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