LONDON--(BUSINESS WIRE)--The global biochip market size is poised to grow by USD 19.71 billion during 2020-2024, progressing at a CAGR of 22% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

Personalized medicines growing popularity and demand is expected to drive the growth of the Biochip market. The medicines are personalized as per the patients needs which suits the individual characteristics of the person is a multi-faceted approach. This improves the ability to diagnose and effectively treat the disease as this technique facilitates early diagnosis. These biochips play an important part in the development of these medicines, as it improves the ability to diagnose and effectively treat the disease. It is also expected that during the forecast period the growing incidences of genetic and terminal diseases will influence the demand for personalized medicine for targeted drug development. This will increase the demand for biochips which will result in the growth of this industry.

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Rising Use of Biochips in Safety Detection of Agriculture Products will be a Key Market Trend

The rising use of biochip technology in the agriculture industry is turning out to be one of the major trends in the biochip industry. Biochip helps in the detection of pathogenic microorganisms, biological toxins, pesticide residues, and antibiotics. Microchips help in providing early warning to agricultural products' monitoring with a rapid response system and, thus, enhance the agricultural products' safety detection system. Therefore, significantly helping the agriculture industry from the loss it faces every year.

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Biochip Market 2020-2024: Key Highlights

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Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by Technology

Customer landscape

Geographic Landscape

Vendor Landscape

Vendor Analysis

Appendix

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Biochip Market | Increased Popularity of Personalized Medicine to Boost the Market Growth | Technavio - Business Wire