The global biochips market is estimated to grow at a noteworthy CAGR during the forecast period, i.e., 2021-2029, owing to the rapid adoption of biochips in various research fields, such as, genomics, drug discovery, proteomics, and others. Rising prevalence of immunodeficiency diseases, cancer and other chronic ailments is estimated to boost the market growth by the end of 2029. As per the statistics of the World Health Organization, cancer is the second leading cause of death, and is responsible for about one out of every six deaths globally. Additionally, the critical role of biochips in the research processes for the advancement of medical science is estimated to encourage the market growth throughout the forecast period. Growing incidences of several novel diseases, such as the COVID-19 pandemic, and other diseases, such as, SARS, H1N1 and Ebola over the past few decades, and the need to develop novel vaccines through extensive medical research, backed by amplified funding in medical R&D activities, is also estimated to encourage the growth of the market. Moreover the rising threat of bioterrorism is estimated to generate growth opportunities for biochips market as biochips can detect bioweapons within a short span of time.
Based on end-user, the global biochips market is segmented into pharmaceutical, hospitals & diagnostic center, academic research institutes, and others. Amongst these, the hospitals and diagnostic center segment is estimated to generate the highest revenue by the end of 2029, accredited to increasing need for advance medical facilities, diagnosis technologies and growing patient pool. Based on application, the clinical diagnostics segment is expected to hold the largest market share throughout the forecast period owing to the mounting cases of chronic diseases, and the need among people for early diagnosis of such diseases. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global biochips market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in North America is anticipated to garner highest revenue by the end of 2029 owing to the growing adoption of personalized medicine, efficient public health care system and the availability of advanced technologies which promote the application of biochips for the discovery of new drugs. In other statistics by the WHO, as of 2018, 16.416 % of the GDP is spent on healthcare sector in the North America. Moreover, high funding for the R&D activities in the healthcare sector is projected to contribute to the market growth in the region.
The market in Asia Pacific region is expected to witness highest CAGR during the forecast period, on the back of the large population base, increase in disposable income, and improving medical facilities backed by the rapid economic development.
The global biochips market is further classified on the basis of region as follows:
Our in-depth analysis of the global biochips market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of chronic diseases and demand for more efficient medical facilities are the major factors driving market growth.
The market is anticipated to attain a noteworthy CAGR over the forecast period, i.e., 2021-2029.
Which segment captures the largest market size in end-user segment in the global biochips market?
North America market is anticipated to provide the highest business opportunities to the global biochips market on the back of increasing investment in R&D activities along with efficient public healthcare facilities.
The major players in the market are PerkinElmer Inc., Dynamic Biosensors, Agilent Technologies, Inc., Illumina, Inc., Bio-Rad Laboratories Inc., Fluidigm Corporation, Thermo Fisher Scientific Inc., ABTECH Scientific, Inc. and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, function, fabrication technology, end-user, application, and by region.
The hospitals & diagnostic center segment is anticipated to hold the largest market size on the back of growing demand for faster and more accurate diagnosis technologies combined with need of advanced medicine for the increasing patient pool.
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