A biochip is a collection of miniaturized test sites (microarrays) arranged on a solid substrate that permits many tests to be performed at the same time in order to achieve higher throughput and speed. Typically, a biochip's surface area is no larger than a fingernail. Like a computer chip that can perform millions of mathematical operations in one second, a biochip can perform thousands of biological reactions, such as decoding genes, in a few seconds.
The North American biochip market was valued as a USD 6.30 billion in 2016. It is expected to become a USD 19.41 billion by 2021 thereby growing at a CAGR as high as 32.39%. This is a market to watch out for its great potential.
The biochip is basically segmented into three categories namely on the basis of products, applications and finally geography. The major factors which contributed to the growth of this market are increased application in cancer research, growth in personalized medicine and increased commercial application of biochips. The challenges faced by this market are low commercial acceptability due to higher costs, standardization issues and availability of alternate technologies.
From the geographical point of view, North America has the major chunk of the market share. In North America, USA market is the biggest. Following North America is Europe which has the next major market share. Biochip market has started recently in the emerging nations which have become an area where major investment is expected to happen which in turn helps in the growth of this market. In the APAC sector China and South Korea have been identified as potential emerging markets due to high R&D investments in the medical fields in recent times.
The major players in this biochip markets are Abbott Laboratories, Affymetrix,Inc , Agilent Technologies, Beckman Coulter, Biomeriuex, Biorad Laboratories, Roche Diagnostics, PerkinElmer and GE Healthcare.