The overall market size of biochips is estimated to grow at a CAGR of 18.4% from 2015 to 2020 to reach $17.75 billion by 2020. The base year considered for the study is 2015 and the forecast for the market size is provided for the period between 2015 and 2020. In the current market scenario, biochips are increasingly adopted in various applications in the field of genomics, drug discovery, and proteomics. In addition, the development of targeted and personalized medicines for the treatment of cancer and technological advancements in biochips are also supporting the growth of biochip products.
Companies operating in biochips market majorly focused on inorganic growth strategies, such as acquisitions, agreements, collaborations, and partnerships. Thermo Fisher Scientific is among the leaders in the biochips market, with a strong presence in different locations across the globe. The company marked its leadership position through the acquisition of Affymetrix Inc., the first company to commercialize DNA microarrays. Through this acquisition, Affymetrix added complementary products in genetic analysis, which are used in cytogenetics, genotyping, and gene expression, to the company’s life sciences portfolio. The U.S. is the major market for the company and it generates a large part of its revenue from this market; for instance, in 2015, it generated around 50.7% of its revenue from the U.S.
With more than 15 years of experience and expertise in the manufacturing and development of sequencing and array-based solutions, Illumina, Inc. is a pioneer in the field of genetic analysis. The company serves a wide base of consumers and has a strong brand image. Illumina, Inc. generated more than half of its revenue from the U.S. in 2015. The product segment accounted for 85% of the total company revenue in 2015; whereas, the services and other segment has a significant growth outlook in the near future. The company focuses on new product launches and acquisitions as its major growth strategies to sustain its position in the biochips market. For instance, in December 2015, Illumina and bioMérieux (France) launched bioMérieux EpiSeq, an innovative NGS service for epidemiological monitoring and control of healthcare-associated infections.
Biochips Market Size & Share by Type (DNA Chip (Genomics, Drug Discovery, Gene Expression) Lab-on-a-chip (IVD & POC, Proteomics), Protein Chips), Fabrication Technology (Microarrays, Microfluidics), End user (Academics Institutes, Diagnostics Centers) - Global Forecast to 2020
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