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.
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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.
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.
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.
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The protein biochips market is further classified on the basis of region as follows:
Our in-depth analysis of the global protein biochips market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increase in adoption of next-generation sequencing and growing R&D activities in proteomics and genomics are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2022-2030.
High cost of manufacturing is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region.
The major players dominating the protein biochips market are Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer, Inc., and Fluidigm Corporation among others.
The company profiles are selected on the basis of 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 technology, end-user, and region.
With respect to end-user, the hospitals and diagnostics centres segment is anticipated to hold the largest market share owing to the high adoption of protein biochips.
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