(PharmaNewsWire.Com, January 04, 2017 ) According to the report India Biochips Market, published by Market Data Forecast, the market is projected to reach USD 4.89 billion by 2021, at a CAGR of 22.94% from 2016 to 2021.
The medicinal importance of miniaturised biological microarray chips, usually known as biochips, has provided a transforming effect on the healthcare industry. The different variety of biochip applications and products have propelled the growth of the market at an extraordinary level. Biochip products consist of microarrays of biochemical particles, which are gathered on a silicon or glass plate. These devices have functions in gene sequencing, proteomics, genomics, clinical diagnosis, and drug discovery.
The development of the Biochips market is mainly due to factors such as increase in the utilization of personalized medicine, requirement for high speed diagnostics and inclining government funding. In addition, emerging healthcare awareness is also improve the developemnt of the biochips market. However, insufficient technical awareness related to biochips, low acceptance due to high cost and accessibility to alternate technologies are some of the key factors limiting the expansion of the market.
The recent developments in the biochips market include the outsourcing of biochips technology, which would aid in decreasing labor cost and capital prerequisites. The major companies dominating the Biochips market are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.
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