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(IT-NEWSWIRE.COM, March 21, 2018 ) Publisher’s market study identifies the increased popularity of personalized medicine to be one of the primary growth factors for the biochip market. Personalized medicine is a multi-faceted approach to treat the patient by tailoring the medical treatment to suit the individual characteristics of the patient. This improves the ability to diagnose and effectively treat the disease as this technique facilitates early diagnosis. Additionally, nowadays biochip technology is used to develop personalized medicine that facilitates early detection of diseases and selection of accurate treatment methods. Furthermore, growing incidences of genetic and terminal diseases will influence the demand for personalized medicine for targeted drug development. The market analysts estimate that the market will grow steadily at a CAGR of more than 17% by 2021.
Vendors in the biochip market are undertaking several strategic initiatives such as such as M&A and partnerships that enable the vendors to advantage of the customer base, technology, financial capability, and R&D capabilities of their partners to increase their market share and visibility. Consolidation of resources among two large vendors aids in expanding and upgrading their product portfolios with innovative technologies and new features, in addition, to expanding their geographical presence into untapped markets. The increasing vendor’s strategic initiatives is identified to be one of the key trends contributing towards the growth of the biochip market.
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Competitive landscape and key vendors
The biochip market is identified by the presence of several international and regional vendors with the international players dominating the market shares based on features such as product quality, price, market reach, and financial resources. M&A, product innovations, and product and service extensions will increase the competition among the players. High growth potential in the biochip technology market is influencing new entrants to enter the market and intense competition encourages the development and launch of new products.
The leading vendors in the market are -
Agilent Technologies
GE Healthcare
PerkinElmer
Thermo Fisher Scientific
The other prominent vendors in the market are AutoGenomics, Biochain, Courtagen Life Sciences, Dolomite, Fluidigm, Illumina, RayBiotech, and US Biomax.
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Segmentation by type and analysis of the Biochip market
Microfluidics
Microarrays
Microarray technology and DNA microarrays are primarily used for clinical tests and research studies as the microarray technology is less expensive and reduces time taken. Additionally, continuous advancements in technology, growth in personalized medicine, and rising prevalence of cancer will contribute to the growth of the biochip technology market.
Geographical segmentation and analysis of the biochip market
Americas
APAC
EMEA
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