Biochips are bio-microsystems. Bio-microsystems are small integrated devices used for biochemical reactions, biological monitoring, research, academic studies, drug discovery, and much more. In simple terms, biochips are small sized chips that can perform multiple (generally thousands) biochemical reactions parallelly. A collection of microarrays or micro-test sites form these biochips. Microarrays when arranged on a surface made up of either glass or silicon, can perform large numbers of tests at the same. Thus, they help in cost and time saving.
Technavio’s analysts forecast the global biochip market to grow at a CAGR of 17.53% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global biochip market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Biochip Market 2017-2021
Technavio recognizes the following companies as the key players in the global biochip market: Abbott, Agilent Technologies, Illumina, PerkinElmer, and Thermo Fisher Scientific.
Other Prominent Vendors in the market are: BioChain, Bio-Rad Laboratories, Cepheid, EMD Millipore, Fluidigm, SuperBioChips Laboratories, and US Biomax.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growth in bioinformatics software industry. Bioinformatics software is a tool that is used in data collection, mining, database construction, and analysis of data. This tool is used in to create analysis results out of the massive amount of data that had been already collected. Along with this, bioinformatics software is also used in the field of genomics and proteomics. It helps in the identification and analysis of abnormalities in the genome of an organism.”
According to the report, one driver in the market is increase in market presence with collaboration strategy. The competition in this market is intense as the number of players is high. The players are competing among themselves based on technology and price. Apart from these two factors, another factor that differentiates these competitors from each other is their presence in the market. Players increase their market presence by collaborating with those companies that own bio-content. Research says that companies generate around 60% better results when they work in collaborations. This increases their profit margins. They collaborate with each other for R&D, financial resources, and intellectual properties.
Further, the report states that one challenge in the market is standardization and accuracy issues. With opportunities, come challenges and limitations. The same is the case with biotechnology. At one side, it has ample uses in medical and drug discovery, but there are challenges too that are limiting the use of biotechnology. One of the limitations of microarrays is the lack of accuracy. To avoid any problems later, all the people associated with it prefers to adhere to standardization and guidelines to study and analyze DNA. Another challenge is standardization of the information received from various platforms. If this practice is not followed, it may result in a serious loss of data available on the chip.
Abbott, Agilent Technologies, Illumina, PerkinElmer, Thermo Fisher Scientific, BioChain, Bio-Rad Laboratories, Cepheid, EMD Millipore, Fluidigm, SuperBioChips Laboratories, and US Biomax.
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