SOURCE: BCC Research LLC

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April 25, 2016 05:24 ET

Rapid Adoption of NGS Products Driving Huge CAGR in Biochip Diagnostics, Reports BCC Research

WELLESLEY, MA --(Marketwired - April 25, 2016) - The main biochips platforms in the biochips industry are undergoing a transition. BCC Research reveals in its new report that the growing demand for accurate, affordable and automated diagnostics is driving big growth in a market anticipated to achieve impressive growth during the next five years.

The global market for biochip products is projected to grow from $4.7 billion in 2015 to $18.4 billion in 2020, reflecting a five-year compound annual growth rate (CAGR) of 31.6%. As a segment, clinical industry should grow from $2.3 billion in 2015 to $14.7 billion in 2020, demonstrating a five-year CAGR of 44.5%. Every biochip type is finding attractive applications in diagnostics, including microarrays; Lab-on-a-chip (LOAC); and next-generation sequencing (NGS). Drug discovery and development industry as a segment should increase from nearly $1.3 billion in 2015 to $2.1 billion in 2020, thanks to a five-year CAGR of 11.2%.

Since 2011, the biochips industry has experienced numerous industry alliances and acquisitions that have changed the competitive dynamics of the sector. DNA microarrays are being influenced by NGS applications, as well as exciting new applications in rapid DNA analysis and diagnostics. Protein microarrays continue to make progress in the market, as well as emerging microarray classes (tissue/cell and glycomics). LOAC applications are becoming more important in point-of-care diagnostics applications, as well as in drug discovery and development. NGS applications continue to increase as a result of lowered costs and better informatics support.

Emerging markets for biochips in diagnostics also are beginning to gain traction. Key developments in biochips should impact markets ranging from drug development to diagnostics. These include the growth in next-generation sequencing-based diagnostics applications, use of LOAC formats in point-of-care applications, migration toward more integrated on-chip systems and organ-on-a-chip systems.

The biochips market is forecast to undergo a shift from R&D tools to clinical applications during the forecast period. This change stems from the ongoing need for diagnostics that are accurate and sensitive, easy to use, low-cost and suitable for automation. NGS-based tests are particularly well suited for cancer diagnostics, as they can examine specific genes, targeted regions of the genome, whole exomes or whole genomes.

"NGS testing for these applications is forecast to grow rapidly as the connection between specific genetic mutations and targeted cancer treatment is made for more cancer subtypes. Also, the ongoing reduction in NGS costs will enable more clinical applications for this technology, which will contribute to a high growth rate for these products during the next five years," says BCC Research analyst Jon Evans.

Global Biochip Markets: Microarrays and Lab-on-a-Chip  (BIO049F) analyzes the biochip markets by type (DNA microarray, protein microarray, emerging microarray, and LOAC); by function (gene expression, genotyping, micro-RNA, epigenetic, sequence capture); and by end-user (research-and-development tools, drug discovery and development, diagnostics, sequencing, and applied). Analyses of global market drivers and trends, with data from 2014, 2015, and projections of CAGRs through 2020 also are provided.

About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world's greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern Time), or email information@bccresearch.com.

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