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Protein Biochips Market Segmentation by Technology (Microarrays, and Microfluidics); and by End-user (Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostics Centres, Academic & Research Institutes, and Others) – Global Demand Analysis and Opportunity Outlook 2030

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Extensive insights into the Growth of Protein Biochips Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • April 2021: Thermo Fisher Scientific Inc. announced the acquisition of PPD, Inc, for $47.50 per share to expand its portfolio in clinical research and laboratory services.
  • February 2020: Fluidigm Corporation, an innovative biotechnology tools provider, announced the complete acquisition of InstruNor AS, a privately held integrated sample preparation system provider.

Global Protein Biochips Market Highlights 2022-2030

The protein biochips market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2022-2030. The rising rate of incidences of cancer and increasing use of advanced technology in the diagnostic test is anticipated to drive the market growth. A protein microarray is used to track the activities and interactions of proteins. In addition, rising awareness about personalized medicines is also estimated to contribute to the growth of the market. Increasing investments in the research and development of protein biochips, as protein chips have a broad range of applications, such as cancer diagnosis and protein interactions tests for specific clinical diagnoses, the market is expected to grow in the forecast period. According to the World Health Organisation, cancer is the second leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, and cancer mortality can be reduced if cases are detected and treated early. Furthermore, with the increasing awareness of personalized medicine among people, advanced and efficient diagnosis technology, and growing government initiative, the market is estimated to grow significantly.

However, complex technicalities associated with protein chips are the primary factor that is hampering the growth of the protein chip market as proteins are susceptible to changes in the microenvironment. Also, the low availability of proteins in the market is likely to hamper the market's growth in the coming years.

Protein Biochips Market

The market is segmented on the basis of technology into microarrays, and microfluidics, out of which, the microfluidics segment is anticipated to grab a significant share by the end of 2021 on account of increasing demand for early and accurate diagnosis, improved precision of experiments, along with technological advancements. Based on end-user, the hospitals and diagnostics centres segment in the market is projected to grow with a significant CAGR over the forecast period. The segment's growth can be attributed to the growing use of protein biochips in hospitals and diagnostic centres, backed by the advantages, such as, time and cost-saving, ability to deliver high throughput results without the need for heavy and bulky instruments. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Healthcare Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Protein Biochips Market Regional Synopsis

Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period, owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region. According to the World Bank, for China, the share of health expenditure as a percentage of GDP has increased to 5.351% in 2018 from 4.208% in 2010. The rapid growth in the life sciences research activities in China and India, supported by increasing biotechnology and pharmaceutical research, and low infrastructure costs are significant factors driving the development of the protein biochips market in APAC region. Furthermore, the market in North America is estimated to gain the largest share by the end of 2030, on the back of increasing aging population, rising prevalence of cancer and lifestyle diseases, and cardiac disorders According to the World Health organization, 2,129,118 people had cancer in the United States in 2018, with 616,714 deaths caused by cancer in the same year.

Global Protein Biochips Market

The protein biochips market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global protein biochips market includes the following segments:

By Technology

  • Microarrays
  • Microfluidics

By End-user

  • Biotechnology and Pharmaceutical Companies
  • Hospitals and Diagnostics Centers
  • Academic and Research Institutes
  • Others

Growth Drivers

  • Increase In Adoption of Next-Generation Sequencing
  • Growing R&D in Proteomics and Genomics Domain

Challenges

  • High Cost of Manufacturing

Key Players Dominating the Market

  • Abbott Laboratories
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Agilent Technologies, Inc.
  • PerkinElmer, Inc.
  • Fluidigm Corporation
  • Illumina, Inc.
  • GE Healthcare
  • Bio-Rad Laboratories, Inc.
  • Thermo Fisher Scientific, Inc.
  • Sigma Aldrich Corporation

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