Published Date : Mar 18, 2016
Biochips are tiny integrated devices that are used to monitor, perform diagnostics or help in research and development for biological and biochemical reactions. Biochips are increasingly adopted in the medical field owing to its distinctive intelligence, efficiency in terms of speed and parallelism, as well as providing health information or diagnostics at a relatively lower price. Biochips are used to identify pollutants, gene sequence, biochemical constituents, and airborne toxins.
Growth in Biochips Market due to its Various Applications:
The Biochips market is flourishing all over the world owing to its innumerable applications in the fields of drug screening, genomics and proteomics, research applications, and molecular diagnostics. Biochips are used for high speed diagnostics of multiple diseases such as cancer, TB, HIV and bird flu, thus driving the market for biochips. Additionally the increasing healthcare awareness among people and increase in the government funding is also set to boost the market for biochips in the coming years. Increasing R&D investment along with outsourcing of pharmaceuticals are likely to boost the market in the Asia region.
North America Dominates the Global Biochips Market
A growing number of geriatric population in the North America region along with the broad technical applications of biochips has led to the dominance of the region in the global market for biochips. Asia followed by Europe is anticipated to show a high growth in the coming five years in the global biochips market.
Availability of Alternative Technologies Challenging the Biochips Market
Biochips technology is relatively new and thus there is limited awareness and a lack of technical knowledge regarding biochips. This is one of the challenges that the biochips market is currently facing. Other restraining factors include, lower adoption due to high cost, and availability of alternative technologies in the market.