Published on : Apr 11, 2016
The advent of biochips has played a crucial role in the proliferation of automation across diverse industries. Furthermore, with industries looking to capitalize on the miniaturization products, the demand for biochips is anticipated to increase substantially in the near future.
A report published by Transparency Market Research pegs the overall value of the global biochips market at US$5.70 bn in 2014. Rising at an impressive CAGR of 16.9% between 2015 and 2023, the global market biochips is anticipated to reach US$22.23 bn by the end of 2023.
Biochips Technology Helps in Reducing Chances of Human Errors
The biochip technology is not only superior to conventional method focusing on manual operations, it is also extremely complex. Biochips are crucial to render automation of complex processes to detect proteins, presence of germs and diseases in human bodies, and gene sequences at a relatively shorter notice. Automating such processes is encouraged in order to achieve pertinent results and significantly reduce time and the chances of human errors in drug discovery and development. Additionally, automating processes with the help of biochips is extremely important since it reflects durability and efficiency of the biochips technology.
The automated workflow using biochips is measured in terms of throughput time, capacity handled, and sample processing time. This helps in improving the overall efficiency of the workflow and reduces common wastages associated with manual operations. Therefore, automating processes using biochips is preferred by the most prominent companies in the market, which subsequently results in high demand from the global biochips market.
Market Sees Lucrative Prospects in Emerging Nations
Regionally, Asia Pacific and Rest of the World exhibit lucrative opportunities for the growth of the biochips market. Countries such as Australia, China, Japan, and India have emerged as the most attractive markets for biochips in these regions. Furthermore, as the application of biochips in biotechnology and biomedical devices industries increases, the market for biochips in the aforementioned regions is expected to gain substantial impetus in response. The global market for biochips will also gain momentum from the rising use of biochips in drug discovery and molecular diagnostic processes.