Global Peripheral Vascular Devices Market (Peripheral Vascular Stents, PTA Balloon Catheters, Guidewires, IVC Filters, Atherectomy, Chronic Total Occlusion, Embolic Protection Devices, Synthetic Surgical Grafts, Aortic Stents) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018
Biochips are miniaturized laboratories that can perform thousands of biochemical reactions, such as polymerase chain reactions (PCR). The U.S. biochip product market held majority share of the total biochip market in 2011, at over 70%. However, the U.S. biochip services market will grow faster than the products market, due to increased opportunities of maintenance and technical support of microarray devices owing to growth in their numbers and obsolescence of older machines. The growth of this segment will also be spurred by the introduction of biochip consulting and subscription programs directed towards building long term relationships with customers.
Biochip services consist of contract research, consulting and technical support agreements. These also comprise of subscription programs that provide end-users with access to proprietary technologies, systems and processes. These services are directed towards building long term relationships with customers. The biochip services market segment is expected to witness higher growth rate than that of the products market due to a continuous increase in the number of microarray devices being used and aging of previously installed systems.
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Overview of the U.S. Biochip Products and Services Market
The U.S. biochip market, the largest regional segment of the global market for biochip products and services, held a share of close to 70% in the global market in 2011. It is expected to rise at an approximately 10% CAGR between 2012 and 2018, allowing the market to rise from a net worth of US$2.4 billion in 2011 to US$4.7 billion by 2018.
Of the key biochip products in the U.S. market analyzed in the report, the segment of microarrays held the largest share of the market in 2011. This was chiefly owing to the enormous technical advancements observed in the field of microarrays and the rise in biochip applications since the successful finish of the Human Genome Project.
The sub-segment of DNA chips held the largest share of the microarray segment owing to increased demand from the fields of drug delivery, epidemiological research, and gene expression profiling. However, in the future, the sub-segment of laboratory and protein chips is expected to observe the maximum growth owing to the widened set of capabilities and advanced products in the fields of drug delivery and diagnostic testing.
Based on key applications of biochips, the report segments the market into drug delivery, life science research, defense, disease, in vitro diagnostic (IVD) testing, and forensic medicine.
Factors such as the rising applications of proteomics and genomics in the field of cancer research, and heightened research activities in the fields of drug discovery, life sciences, and personalized medicines will provide enough thrust for swift growth of the market over the report’s forecast period. However, certain factors such as high costs of biochips and availability of cheap alternatives such as mass spectrometry will hamper market’s growth to certain extent.
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