Advancements in computer science, electronics, and biology have played an imperative role in the development of cutting-edge biochip technologies. Within the medical sector, technological advancements circling around disease prevention and diagnosis have gained considerable momentum in the past decade due to which, the adoption of biochip technologies has scaled at a steady pace.
Biochips Aid in Fast-tracking of New Drug and Vaccine Developments to Combat COVID-19
Amidst the ongoing COVID-19 pandemic, the global biochip market is expected to grow at an impressive pace due to improving research applications that are in tune with the ongoing pursuit of COVID-19 vaccines and drugs. The exceptional ability to detect gene sequences and an array of biochemical constituents have has played an imperative role in improving the adoption of biochips, particularly in the academic research space.
At present, biochip technologies are extensively deployed across a host of fields including biochemistry, proctology, pharmacogenomics, clinical pathology, DNA analysis, and microbiology among others. While research and development activities continue to investigate the scope of the biochip technologies in the healthcare sector, market players are expected to overcome the ethical, technological, standardization-related and regulatory barriers to ensure biochips become mainstream in the next few years. Biochip technologies are increasingly being used in sequence engineering due to which, the onus is on the biochip manufacturers to improve the scalability and performance of their products and solutions.
During the global health crisis caused by the novel COVID-19 pandemic, the demand for biochips is pegged to witness notable growth due to the exceptional ability of biochips to detect toxic biological agents and fast-track diagnosis of various diseases.
Catalyzing the Evolution of Next-generation Sequencing
Biochip manufacturers are increasingly focusing on the design aspects of their miniature laboratories that are primarily developed to function within living organisms. Biochips have emerged as an important tool that is set to revolutionize DNA sequencing technologies and pave the way for advanced gene sequencing solutions. The combination of biochip and gene sequencing technology is tipped to address a host of severe biological problems and streamline rare-cell, rare molecule, and single-cell analysis.
As biochip technology continues to scale, awareness pertaining to the throughput capacity of the same is likely to widen its scope of applications – ranging from the detection of rare bacteria to population-centric clinical studies. The tremendous promise offered by biochips in single-cell analysis over the past decade along with considerable investments pouring in is likely to act as a catalyst to the development of groundbreaking biochips with versatile functions and improved performance graphs. Biochips technologies have played a critical role in enabling progress in next-generation sequencing and over the past few years, the blend of both these technologies has revolutionized direct-to-consumer genetic screening, pharmacogenetics, neuroscience, stem cells research, and clinical genomics.
Next-generation sequencing has played an essential role in spawning a host of new biotechnologies and discoveries and as per the current observable trends, the potential of next-generation sequencing to trigger more innovations in this field is projected to attract investments within the biochips market.
Biochips Set to Transform Screening Activities
As the ongoing COVID-19 pandemic continues to dent the global economy, biochip companies are slated to capitalize on the opportunities in the current market landscape and develop novel solutions that are likely to fast-track COVID-19 vaccine and drug development. In the current scenario, biotech companies are increasingly focusing on rolling out rapid tests to combat the new strain of coronavirus i.e. COVID-19. With over 2.6 million confirmed cases and counting, the quest for the discovery of new vaccines and drugs is set to shift gears and move at a rapid speed.
Several pharmaceutical and biotech companies are leaning toward biochip technologies to devise effective solutions to combat COVID-19. While drug and vaccine development is set to gather considerable momentum in the upcoming months, at present, market players in the biochips market are expected to focus on addressing the soaring global demand for rapid tests to detect COVID-19. Companies operating in the current biochips market are predominantly focused on the development of cutting-edge biochips that will enable the detection of the lethal strains of COVID-19 and confirm its presence – a major breakthrough that is projected to curb fatalities and provide accurate and rapid diagnosis. For instance, Randox developed a novel test wherein biochip technology is to detect the presence of COVID-19.
Scientific studies, technological advancements, and continual research and development activities have played a key role in the development of a relatively new nucleic acid chip which is projected to detect a range of common respiratory viruses. The new biochip could emerge as a game-changer in the fight against COVID-19 and play a key role in minimizing the burden on the front-line healthcare workers. While the development of the vaccine for COVID-19 is in full swing, early detection and isolation are imperative.
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Increasing demand for biochip in different segments of biotechnology for research & development activities such as drug screening and development, genomics, and molecular diagnostics is significantly propelling the market growth. The ability to identify airborne toxins, protein chips, and gene sequences make biochips a very popular choice in diagnostics applications. The market is exhibiting rapid growth with a surge in treatment and diagnostics services for medical ailments such as cancer. Other factors driving the market growth include a surge in personalized medicines, enhancements in life science researches, and increasing adoption of high-speed diagnostics. Increased government funding is also a primary factor in propelling the market growth.The market is facing challengers in terms of low awareness, low acceptance rate, high cost, and the presence of alternate technologies.
On the regional front, North America stays at the forefront in the market owing to fast-paced technological advancements in biochips. The Asia Pacific along with Europe is projected to gain prominence in the market in the coming years. Such developments are cited on the back of a surge in research & development activities and an increase in government funding in the emerging economies.
Major players in the market are GE Healthcare Ltd, Bio-Rad Laboratories Inc, Agilent Technologies Inc., Abbott Laboratories, and Life Technologies Corporation.