Global Biochip Market Report and Forecast 2024-2032

Global Biochip Market Outlook

The global biochip market size was valued at USD 6.7 billion in 2023, driven by the rising prevalence of chronic diseases, and increased preference for personalized medicine across the globe. The market is expected to grow at a CAGR of 14.36% during the forecast period of 2024-2032, with the values likely to rise from USD 14.2 billion in 2024 to USD 41.4 billion by 2032. 

Global Biochip Market Overview

Biochips, also known as miniaturized laboratories, are portable medical devices that allow many biochemical reactions to occur simultaneously. They are integrated with biosensors, which can screen a diverse spectrum of biological materials including DNA, antibodies, proteins, and enzymes. Technological advancements in the biomedical sector have led to a continuous reduction in the size of biochips. The small size of biochips, in return, has resulted in high output and lower manufacturing costs.

Biochip market demand has experienced a surge due to the rising prevalence of chronic diseases. Chronic diseases are responsible for 74%  of global mortality each year, affecting around 41 million people, according to the World Health Organization (WHO). Cardiovascular diseases cause 17.9 million deaths whereas cancers account for 4.1 million deaths. To address the alarming rise of chronic diseases, appropriate therapeutic and diagnostic solutions are needed. Biochips can facilitate quick and accurate diagnosis of diseases like cancer, enabling prompt treatment of patients with chronic conditions.

In addition, the increased adoption and demand for personalized medicine is expected to accelerate the market growth. Other market drivers include technological advancements pushing the development of innovative products, along with a significant increase in strategic partnerships among prominent biotechnology companies.

Novel Innovations Driving the Biochip Market Growth

One significant trend in the biochip market is the development of innovative products to meet rising demand in the healthcare sector. In November 2023 , a novel biochip imitating the retina of the eye was developed by an international team of scientists led by Francesca Santoro, a researcher at RWTH Aachen University, Germany. Based on light-sensitive molecules and conductive polymers, the new biochip can improve the integration of retinal implants in the human body in the coming years. Since the retina-like biochip is made of non-toxic organic materials, it will be more suitable for biological systems as compared to silicon-containing semiconductor components.

Therapeutic Developments in Biochip Technology

Several companies are leveraging interdisciplinary research to discover potential therapeutic solutions, poised to elevate the biochip market share in the forecast period. In November 2023 , a startup company Axoniverse started by Arizona State University students, developed a biochip called Axomini which integrates both biology and biocomputational technology. The biochip attempts to utilize the neuron’s natural communication mechanism to process information. The company intends to create biochips that mimic complex biological patterns, similar to the ones witnessed in Alzheimer’s disease to aid both therapeutic and technological advancements.

 
Global Biochip Market Segmentation

Market Breakup by Technology

• Microarray

• Microfluidics

Market Breakup by Type

• DNA Chips

• Lab-On-a-Chips

• Protein Chips

• Others

Market Breakup by Application

• Drug Discovery and Development

• Disease Diagnostics

• Genomics

• Proteomics

• Others

Market Breakup by End User

• Hospitals and Diagnostic Centers

• Academics and Research Institutes

• Biotechnology and Pharmaceutical Companies

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

 Global Biochip Market Regional Analysis

North America holds the largest share of the biochip market owing to the technological advancements in the healthcare infrastructure in the region. With its rising applications across wide range of sectors such as drug discovery and development, the market demand for biochips is growing notably. Diagnostic screening is another significant area of biochips application. In August 2023 , Opteev Technologies, a health safety technology in the United States announced that it would file a patent for its latest multiplex biochip that can test multiple pathogens including SARS-CoV-2. The polymer-based biochip is integrated with artificial intelligence to ensure quick and accurate detection of a virus or bacteria within a minute.

Europe also holds a significant biochip market share which can be attributed to the presence of major research institutes and leading biotech companies in the region. In Asia Pacific, the large population size has fuelled the demand for innovative biochips. With the growing impetus of the government to improve healthcare facilities, developing economies in the region are expected to offer lucrative growth opportunities for the key market players in the coming years.

Global Biochip Market: Competitor Landscape

In July 2023 , a Lebanese biotech company DLOC Biosystems (DLOC) announced a strategic partnership with a product design and technology innovation consultancy, 42 Technology (42T). The company plans to leverage the product development partner to develop its fully automated 3D human-on-chip technology. 42T will collaborate with the in-house engineering team of DLOC to optimize the design of DLOC biochips and work on the design prototype of the human-on-chip system. Such events of collaboration facilitate the sharing of resources and expertise, thus aiding in the expansion of biochip market size in the forecast period.

The key features of the market report include patent analysis, grants analysis, funding analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Abbott Laboratories Inc.

• Agilent Technologies, Inc.

• PerkinElmer Inc.

• Fluidigm Corporation

• Illumina, Inc.

• GE Healthcare Inc.

• Bio-Rad Laboratories Inc.

• Thermo Fisher Scientific, Inc.

• F. Hoffmann-La Roche AG

• BioMérieux SA

• HORIBA, Ltd.

• QIAGEN N.V.

• Randox Laboratories Ltd.

• OriGene Technologies, Inc.

• Cepheid (Danaher Corporation)

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report