Biochips Market Trends

Growth Drivers

• Worldwide Growing Prevalence of Cancer – Cancer occurs when some of the body's cells grow out of control and spread to other bodily areas. Cancer can develop practically anywhere in the body, which contains trillions of cells. When this regulated mechanism fails, aberrant or defective cells expand and reproduce when they should not. These cells can conjoin to generate tumors, which are tissue masses. Tumors may or may not be cancerous. Cancer is one of the greatest causes of death globally. But, now the survival ratio of various kinds of cancer patients has been improving owing to the advancement and surging development in cancer prevention and treatment. Hence, the upsurge in cancer cases is estimated to spur the growth of the market throughout the forecast period. As per the statistics of the World Health Organization, cancer is the second leading cause of death throughout the world. In addition, it was responsible for about one out of every six deaths which denotes around 10 million deaths in 2020 across the globe.

• Rising Proportion of Communicable Disorders - Communicable diseases, often known as infectious diseases, are disorders caused by the infection, existence, and proliferation of pathogenic biologic agents in a single human or other infected animals. Infections can be severe to fatal, hence the increasing proportion of communicable disorders is anticipated to propel the market growth. For instance, the number of visits to medical offices in the United States for infectious and parasitic diseases soared to over 10 million in 2019.

• Worldwide Increasing Health Spending – According to the most recent expenditure data, worldwide health spending has flourished over the former 20 years, doubling in real terms to an extent of USD 8.5 trillion in 2019 and 9.8% of GDP, up from 8.5 percent in 2000. It is predicted that this surge would persist over the forecast period.

• An Upsurge in the Development and Approval of Novel Drugs – The requirement for novel drug development has been soaring in the past two decades. This growth is owing to the proliferating deployment of novel drug delivery systems throughout the world, which is further fueling the approval of these drugs. For instance, by 2022, the clinical drug development success rate has risen by nearly 12% to 16%. Moreover, in the United States, a record of around 60 novel drugs was authorized in 2018, thus, the total number of novel drugs approved for sale expanded by 62% between 2010 and 2019 in comparison to the previous decade.

• Rise in the Development of Novel Lab-on-a-Chip Kit - A lab-on-a-chip is a compact device that combines one or more laboratory-based studies, such as DNA sequencing or biochemical detection, on a single chip. Medical diagnostics, DNA analysis, and other applications are the key points of lab-on-a-chip research and development. Thus, the surging development of novel lab-on-a-chip (LOC) kits is also projected to spur market growth in the coming years. For instance, the University of California, Irvine's electrical engineers, and biomedical engineers have developed a novel lab-on-a-chip that can assist in the research of tumor heterogeneity in terms of lowering resistance to cancer therapies.

Challenges

• High Manufacturing Cost of Biochips – The manufacturing cost of biochips is comparatively higher than the cost of its other alternatives. Such hefty costs put barriers for emerging organizations and startups to manufacture a broad range of biochips. Hence, this factor is anticipated to hamper the market growth in the projected time frame.
• Lack of Awareness Regarding Biochips in Emerging Economies
• Concerned Risks of Biohacking and Privacy