US Biochip Products and Services Market is Anticipated to Witness High Growth Owing to Advancement in Technologies

 

US Biochip Products and Services Market

The US biochip products and services market includes microarrays, microfluidics devices and biochips which facilitate isolation and visualization of biomolecules such as DNA, RNA and proteins with high sensitivity and accuracy. Biochips find applications in research areas such as functional genomics, proteomics and drug discovery. Advancements in nanotechnology have enabled design of miniaturized lab-on-a-chip biochips for point-of-care diagnostics and testing. Rising demand for personalized medicines and targeted therapeutics is propelling growth of biochip products and services in the country.

The US biochip products and services Market is estimated to be valued at US$ 8.76 Mn in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the US Biochip Products And Services Market Size are Galderma SA, Allergan plc (AbbVie Inc.), Bayer AG, Pfizer Inc., Leo Pharma A/S, Sol-Gel Technologies Ltd., Foamix Pharmaceuticals Ltd., Mayne Pharma, Group Limited, AnaptysBio, Inc., Mylan N.V. These players are focused on developing advanced biochips with compact designs for applications such as cell-based assays, clinical diagnostics and toxicology screening.

The key opportunities in the market include growing demand for disease specific biochips for screening, detection and management of chronic diseases. Biochip platforms are being employed for research in precision medicine, which analyzes an individual’s genes, lifestyle and environment to tailor medical treatment. This is expected to gain greater traction going forward.

Globally, the major players are focused on expansion in territories with high disease burden through establishment of manufacturing and R&D facilities, partnerships, mergers and acquisitions. For instance, in 2022 Abbott completed acquisition of Alinity to strengthen its diagnostics automation portfolio. Such strategic initiatives are aiding global expansion of key players in the US biochip products and services market.

Market drivers:
Growing demand for personalized medicines and targeted therapeutics: Advance biochip are being used for genomic profiling of diseases to develop personalized treatment protocols.
Increasing R&D investments in precision medicine: Major players are investing in development of novel disease specific biochips to accelerate research in precision medicine.

Market restraints:
High costs associated with biochip production: Designing and manufacturing of lab-on-a-chip biochips requires significant investments and expertise which adds to overall costs.
Technical challenges in chip miniaturization: Miniaturization of complex biochemical processes on biochips without compromise on sensitivity and accuracy poses technical challenges.


Segment Analysis
The US biochip products and services market has two main segments - DNA chips and protein chips. DNA chips hold the largest market share currently accounting for around 60% of total sales. These biochips allow for measuring the expression levels of thousands of genes simultaneously and are extensively used for applications such as gene expression profiling, disease diagnosing and genetic testing. Within DNA chips, gene expression arrays remain the largest segment due to their broad use for experimental research in disease pathophysiology and drug discovery. Protein chips are the fastest growing segment with projected annual growth rate of 8% during the forecast period driven by increasing importance of protein analysis in clinical proteomics research. Protein chips are preferred due to ability to study protein functions and interactions on a large scale.

Global Analysis
On regional analysis, North America commands the largest share in the overall US biochip products and services market accounting for over 80% of the revenues currently. This is attributed to presence of leading biochip manufacturers, rapidly growing biotechnology and pharmaceutical industries and continued government funding for life science research in the region. Europe and Asia Pacific follow next helped by increasing R&D investments in personalized medicine and precision diagnostics from both public and private organizations. Among countries, the US holds dominant position with around 75% market share benefiting from availability of advanced healthcare infrastructure and presence of major biochip developers. However, China and India are emerging as lucrative markets registering double digit growth on back of improving research capabilities and expanding patient base requiring gene-based diagnostics or treatment monitoring.

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