(MENAFNEditorial)
The is expected to grow at an annual growth rate (CAGR) of approximately 18% (2015-2021). A Biochip is a collection of miniaturized test sites (microarrays) arranged on a solid substrate that can perform hundreds or thousands of simultaneous biochemical reactions in order to achieve higher throughput and speed. Biochips help researchers to quickly see large number of biological analytics and are used in a range of research applications within the biotechnology sector including pharmaceuticals proteomics and genomics. Biochips are also used in analysis of organic molecules associated with living organisms and help in identifying gene sequences airborne toxins environmental pollutants and other biochemical constituents. Although biochips have been developed and commercialized in mid eighties but the market has transformed in the starting of last decade.
Presently the biochips market is undergoing rapid expansion with the discovery of new applications and the development of existing technologies. The key driving forces for the market of biochips are: growth in personalized medicine market increase in government spending/ private investment in healthcare budgets and R&D respectively rising case of lifestyle related diseases and so on. Various factors such as less accuracy of biochips that may lead to wrong analysis low rate of translation of discoveries in drugs medical devices and protein biomarkers low acceptance due to high cost and availability of alternative technologies are restraining the growth of biochips market.
The key players in global biochips market are Agilent technologies Affymetric Inc Gene system Inc Agendia BV Inc Customarray inc Digital genomics inc Bio chain institute Inc Biomerieux SA Bio-rad laboratories inc Cepheid Inc Caliper life sciences Inc Cybrdi Inc EMD Millipore Elim Biopharmaceuticals Falcon Genomics Genalyte and so on.
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