Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new Transparency Market Research report states that the U.S. biochip products and services market stood at US$2.4 billion in 2011. The market is expected to expand at a CAGR of 10.1% between 2012 and 2018 to reach US$4.7 billion in 2018. The title of the report is 'Biochip Products and Services Market - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018.'Biochips are the various types of microchips made to be utilized in the biological environment for detecting and measuring a variety of biomarkers and to perform numerous biochemical reactions simultaneously. In 2011, the U.S. biochip products and services market held the biggest share in the overall market, representing a share of more than 70%.
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The U.S. market for biochip products and services is stimulated by the rising adoption of proteomics and genomics in the cancer treatment research, which results in the utilization of reagents and microarrays. In addition, as per the report, the rise in life science research, personalized medicine, and drug discovery, coupled with advancements such as the approval from the U.S. FDA for personalized medicines in treating lung cancer and melanoma, is predicted to fuel the market in the coming future.
On the basis of product type, the market is segmented into microarrays, reagents and other consumables, and others. Amongst these, in 2011, microarrays held the biggest share in the market for biochip products and services due to technical advancements in the microarrays field and increase in biochips' commercial application after the successful completion of the Human Genome Project (HGP). Within the microarrays segment, the biggest share pertaining to biochip products and services is held by DNA chips, due to the rising use of gene expression in drug delivery and epidemiological research.
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Laboratory and protein chips are expected to experience the fastest growth in the microarrays segment in the market for biochip products and services. This growth is due to broadening capabilities of laboratory and protein chips in both drug delivery and diagnostic testing. On the other hand, the reagents and other consumables segment is also predicted to grow exponentially in the U.S. biochip products and services market. The segment of reagents and consumables is expected to expand at a CAGR of 10.7% between 2012 and 2018 due to rising demand for advanced labeling agents, sample preparations, and purification agents.
In terms of application, the biochip products and services market in the U.S. is segmented into drug delivery, in-vitro diagnostic (IVD) testing, science research, and other applications, including disease management, defense, and forensic medicine.The prominent players in the U.S. biochip products and services market include Affymetrix Inc., Abbott Laboratories, Agilent Technologies, Illumina Incorporated, Beckman Coulter, Inc., GE Healthcare, Life Technologies Corporation, and Roche, among others.
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Source:Transparency Market Research