Global Biochip Market Size, Share, Growth Analysis, By Type(DNA chip, lab-on-a-chip), By Fabrication(Microarrays and microfluidics), By Application(Drug discovery and development, disease diagnostics) - Industry Forecast 2024-2031

Global Biochip Market size was valued at USD 6.16 billion in 2021 and is poised to grow from USD 8.2 billion in 2022 to USD 22.0 billion by 2030, at a CAGR of 15.2 % during the forecast period (2023-2030).

The lab-on-a-chip and microarrays (biochips) market experienced significant impacts from the COVID-19 pandemic. The pandemic heightened the demand for these technologies, as they were used for diagnostics, epidemiological studies, and antibody response research related to COVID-19.

Moving forward, the market is projected to grow further due to the increasing need for point-of-care testing, the rising incidence of chronic diseases, and the expanding use of proteomics and genomics in cancer research.

The growth drivers of the market include the emphasis on developing advanced diagnostic tests by major players, the prevalence of chronic diseases worldwide, and the adoption of biochips in proteomics research.

Chronic diseases are a leading cause of disability and mortality, especially among the elderly population. This has prompted research and development of new lab-on-a-chip-based systems for diagnosing chronic illnesses, creating opportunities for market expansion.

Biochips are gaining popularity in biomedical and biotechnological research, particularly in proteomics. The advantages of these biochips include low sample consumption and their effectiveness in proteome-wide analysis, essential for biomarker and drug discoveries. Approvals for innovative products, like the patented COVID-19 diagnostic assay, have also contributed to the market's growth.