Friday, 18 July 2014

Biochip Products and Services Market - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018

Biochip Products and Services Market
Biochip Products and Services Market
According to a new market report published by Transparency Market Research "Biochip Products and Services Market (Microarrays, Reagents, Drug Discovery, Life Science Research, IVD Tests) - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the market was valued at USD 2.4 billion in 2011 and is expected to grow at a CAGR of 10.1% from 2012 to 2018, to reach an estimated value of USD 4.7 billion in 2018.

The most important growth driver of this market is the increasing application of genomics and proteomics in cancer treatment research, leading to an increase in the use of microarrays and reagents. Furthermore, growth in drug discovery, personalized medicine and life science research, along with developments such as the U.S. FDA approval of personalized medicines for treatment of melanoma and lung cancer will also support future growth of this market.

Microarrays held the majority share of the total market in 2011, on account of technological advancements in the field of microarrays and increased commercial application of biochips post the success of the Human Genome Project (HGP). Within this segment, the highest market share is held by DNA chips, due to increasing gene expression profiling in drug delivery and epidemiological research. The laboratory and protein chip segments are expected to experience maximum growth within the microarrays segment, due to product advancements and broadening capabilities in drug delivery and diagnostic testing. The market for reagents and other consumables holds the potential for highest growth; it is expected to grow at a CAGR of 10.7% from 2012 to 2018, due to the need for higher quality of sample preparation, and labeling and purification agents.

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Drug delivery held the highest market share by application in 2011, at over 50%, on account of the increased use of biochip technology in gene expression analysis, single nucleotide polymorphism (SNP) identification and genotyping, protein analysis and characterization in drug delivery. The market for other applications including disease management, forensic medicine, military and defense applications, and agriculture, will witness the highest growth rate during the forecast period.
The key market players in the U.S. biochip market are Affymetrix, Inc., Life Technologies Corporation and Illumina, Inc. Other important market players include Becton, Dickinson and Company and Agilent Technologies. The market witnesses low product differentiation, and increasing strategic alliances and collaborative developments.

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