The global biochip market size was estimated at USD 12.28 billion in 2023 and is projected to hit around USD 40.49 billion by 2033, growing at a CAGR of 12.67% during the forecast period from 2024 to 2033.
Key Takeaways:
Biochip Market Growth
Biochip is becoming a hotspot segment for emerging players to mature. This is attributed to the rising drug development, increasing adoption of personalized medicines, as well as next-generation sequencing (NGS). Innovation in the Lab-on-a-chip offerings along with the biomedical advancement for microfluidic-based devices is expected to contribute to the global market growth. Lab-on-a-chip devices are expected to deliver rapid results at the initial diagnosis of infectious diseases. The technology is widely utilized in epidemiological studies.
The health crisis of the COVID-19 pandemic impacted the supply chain of the biochip and resulted in a mismatch of supply and demand levels. The product demand increased with support from academic institutions and biopharma companies. For instance, in January 2022, a group of researchers from The Czech Academy of Sciences (the CAS) developed a system with a biochip to detect the COVID-19 virus. According to the researchers, a biochip is as rapid as an antigen test and as accurate as PCR testing. The combination of biochip technology with various applications is projected to boost biochip market growth.
For instance, in March 2022, a U.S.-based startup, Nutcracker raised funds worth USD 167 million via series C to enhance the RNA manufacturing platform based on a biochip. The biochip-based platform is expected to support the advancement of RNA-based therapeutics. The biochip as well as nanoparticle delivery technology assist in establishing comprehensive isolated and automated manufacturing. In addition, the acceleration in the use of biochip applications including drug development, obligated several R&D institutions and R&D teams to design a cost-effective and efficient process. In 2021, more than 700 drugs were in-progress for targeting approximately 8,000 rare diseases.
Biochips are utilized for testing drugs before their clinical trials. In May 2022, Vienne University of Technology, TU Wien, innovated a biochip-based technology to manufacture tissue beads in precise sizes and commercialize them along with drugs through a thin channel. Moreover, the patent application for this technology has been submitted. However, the manufacturing cost of biochips can restrain the growth of the industry. The majority of microfluidic devices are made of ultraviolet lithography, an extremely complex and costly technique that requires trained professionals with specialized instruments.
The high cost of manufacturing creates high barriers for new players to enter the market and produce a wide range of alternatives for the end-users. The low level of awareness in the developing and under-developed regions about the utility of biochips is also a concerning factor for the global biochip market. Over a few years, the quantity of biochip-based research by research and academic institutes in developing countries has decreased. Limited knowledge among emerging companies in the drug development and personalized medicine sector is projected to limit global market growth.
Biochip Market Report Scope
| Report Attribute | Details |
| Market Size in 2024 | USD 13.84 Billion |
| Market Size by 2033 | USD 40.49 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 12.67% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Type, end-use, region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., PerkinElmer Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Standard BioTools, GE HealthCare, Thermo Fisher Scientific, Inc., LI-COR, Inc., QIAGEN, Randox Laboratories Ltd |
Type Insights
The DNA chips segment dominated the global industry in 2023 and accounted for the highest share of more than 36.10% of the overall revenue. They are majorly used in academic research and clinical diagnostic tests for numerous diseases. For instance, in November 2021, Roswell Biotechnologies, a San Diego biotech company, is developing a molecular microchip that can take the molecule of an individual and assess it. The technology is anticipated to change the techniques of disease detection, development of drugs, and monitoring of health. The company aims to use the chip to enhance DNA sequencing. In DNA chips, the cancer diagnosis and treatment segment held a significant share in 2022. Biochips are projected to replace traditional medical diagnostic tasks, including cancer detection.
They are inexpensive, rapid, and widely available, hence enabling advanced detection of cancer to occur in numerous localities. It also eases the adoption process of telemedicine in the market. Similarly, Singapore's Institute of Bioengineering and Nanotechnology have designed a biochip that can detect drug-resistant cancer cells. The Lab-On-chips (LOC), on the other hand, is expected to register the fastest CAGR during the projected period. Since the usage of lab-on-chips in the area of medicine is increasing, it is expected to assist in early diagnostics, drug patents, and personalized medicine. Hence, factors, such as low costs and low sample volumes, are expected to extend the use of LOC technology in point-of-care diagnostics in emerging countries.
End-Use Insights
The biotechnology and pharmaceutical companies segment accounted for the highest revenue share of more than 57% in 2023. The companies are indulging in heavy R&D programs to integrate biochip technology in various health applications. Considering the competitiveness in the pharmaceutical market, the companies cannot afford to invest heavily in developing drugs that have the probability of failing FDA approval. However, biochips are anticipated to be a new pathway to the discovery and development of drugs. Biochips are employed to develop biomarkers in the process of drug discovery, primarily for Single Nucleotide Polymorphism (SNP) analysis and gene expression profiling.
Whereas the academic & research institutes' end-use segment is projected to register the highest growth rate from 2024 to 2033. The institutions are conducting R&D on the technology and exploring various applications for biochips. For instance, in January 2022, a team of professionals from the Universidad Carlos III de Madrid (UC3M), the Universidad Politécnica de Madrid (UPM), along with other institutions, designed an advanced biochip that eases the manufacturing process of in vitro skin in the labs. The device is expected to be used in the testing of medicine and cosmetics.
Regional Insights
North America dominated the global biochip market in 2023 and accounted for the largest share of more than 50% of the overall revenue. The region is expected to maintain the industry position during the forecast period owing to the rising initiatives of the government for enhancing R&D through tax credits. The high existence of biotechnology companies along with academic and research institutions in the region is anticipated to boost further technology advancements in the applications of biochips. In the U.S., R&D tax credit is a budgetary benefit provided by the central government by offering companies dollar-for-dollar cash saving for carrying-out research activities to innovate, develop, or enhance products, processes, formulas, or software.
It is observed that a company can be offered a tax credit of around 12-16% for every dollar. The Asia Pacific region is estimated to register the fastest growth rate during the projected period. The fast-paced growth of this region will be mainly driven by China and India. The key determinants of industry growth in the region are enhancing the approachability to the technologies, a large patient pool, and improvement in healthcare infrastructure. The increasing adoption of biochip technology outsourcing to emerging markets by mature players to lower overall production costs is also a significant factor driving the region’s growth.
Key Companies & Market Share Insights
The key players in the biochip are undertaking various strategic initiatives to maintain their market presence. In addition, various strategic initiatives help market players to bolster their business avenues. For instance, in March 2023 Mekonos, Inc. a biotechnology company creating the future of cell-based therapeutics on a chip announced a collaboration with bit.bio to advance and leverage cell engineering. Some of the key players in the global biochip market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Biochip market.
By Type Scope
By End-use
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers