The increasing incidence of chronic diseases is expected to propel growth in the global biochips based in-vitro diagnostics market. Fortune Business Insights has found this in a report, titled “Biochips Based In-vitro Diagnostics Market Size, Share and Global Trend by Application (DNA applications, Lab-on-chip applications, Protein micro-array applications, Other array applications), By End-users (Hospitals & Clinics, Research Institutions, Diagnostic Centers), and Geography Forecast till 2026.” As per the report in 2017, North America held the highest share in the global market. The trend witnessed is unlikely to change over the forecast period 2018-2025, and North America is expected to hold its position.
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The increasing use of biochips for DNA testing and other application is likely to propel growth in the market. Additionally, improving healthcare infrastructure and healthcare facilities are expected to contribute towards market growth. Europe also holds a considerable share in the global market. Increasing routine check-up adoption and faster adoption of innovative healthcare services are some factors expected to drive the European market.
Besides this the biochips based in-vitro diagnostics market in Asia Pacific is foreseen to witness fast growth majorly in Japan. Japan is experiencing increasing number of research studies being conducted on biochips based in-vitro diagnostics (publically and privately funded). This in response is likely to boost the market. Moreover, increasing aging population in the region is further creating demand for various diagnostic procedure.
“Key Developers are expected to focus on widening the applicability of biochips based in-vitro diagnostics. This in response is anticipated to encourage the adoption of biochips based in-vitro diagnostics.” Said a lead analyst at Fortune Business Insights
Growth Buoyed by High Demand for Smooth Diagnostic Procedure
Increasing awareness about routine medical checkup and rising demand for swift diagnostic procedure are some major factors anticipated to drive the market. Moreover, huge investments are made by market players to conduct research on DNA and protein microarrays and lab-on-a-chip. This would lead to innovation and technological upgrades and enable growth in the market.
The factors expected to hamper the growth in the market are high pricing of biochips and complex manufacturing process incurred in development of biochips. Moreover, delay in approvals due to regulatory and clinical complications may also restrain the global market during the forecast period.
The report classifies the market on basis of application into DNA, lab-on-a-chip, protein microarrays, and others. At present protein microarrays, DNA, and lab-on-a-chip together hold the highest share in the market. The trend is unlikely to change during the forecast period. Intense research and clinical trial is being conducted in the segment, and this is anticipated to contribute towards market expansion.
Global Market to Gain from Universidad Politécnica de Madrid’s recent Development
The global biochips based in vitro diagnostics market is facilitated by the entry of new players. Key players are leveraging on technological advancements to attain a strong brand presence in the market. The Universidad Politécnica de Madrid (UPM), announced the development of an optical biosensor in 2017. The product was developed to enable read-out to detect in-vitro of a biological material. Certain development is expected to fuel the demand in market. Some of the key companies operating in the global market are Agilent Technologies, Inc., SCHOTT AG, Thermo Fisher Scientific, Randox Laboratories Ltd. and Greiner Bio One International GmbH.
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