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Biochip is a new type of bio -security miniaturized medical device used to accurately track information and are used in molecular biology. Biochips are capable of performing thousands of biological reactions in few seconds. Factors such as rising expenditure on the clinical research and increasing incidence of patients with cancer are augmenting the market growth. For instance as per National Cancer Institute, by 2040, it is projected that the number of new cancer cases will upsurge by 29.5 million and the number of cancer-related deaths to 16.4 million per year.
The increasing prevalence of chronic diseases is poised to help the market grow. As per world health organization (WHO), an estimated 17.9 million people died from Cardiovascular diseases (CVDs) in 2019, which represented 32% of all global deaths. Additionally, the rise in number of biochip applications along with high adoption of personalized medications are also fueling the market growth.
However, the high cost associated with the biochip instrumentation and lack of knowledge about the use and application of biochip in the emerging markets is anticipated to hamper the growth of Biochips Market in the coming years.
Key Market Driver -
Rising prevalence of chronic diseases
Key Market Restraint -
High cost associated with the instrumentation
Globally, the biochips market can be categorized into product type, application, fabrication techniques, end users and region. Based on product type, the market can be segmented into DNA chip, protein chip, enzyme chip and lab-on-a-chip. Based on application, the market can be categorized into genomics, drug development, agriculture and others. On the basis of fabrication techniques, the market is segmented into microarrays and microfluidics. By end user, the market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostics centers academic & research institutes and others. Geographically, the biochips market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.
Some of the major companies that are present in the biochips market are Thermo Fisher Scientific Inc., Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG and others prominent players.
Based on regional segmentation, the biochips market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to dominate the market in 2020 and is anticipated to retain its dominating position during the forecast period. Factors such as rise in geriatric population and increase in prevalence of cardiac disorders are the major factors for the growth of the North American biochips market. For example, in 2019, as per American Heart Association, 2019 around 121.5 million U.S. adults have some form of cardiovascular disease. In Europe, the market is growing owing to factors such as presence of prominent players that have adopted substantial strategies such as product launch and acquisitions etc. and rising prevalence of cancer diseases as biochips transform the way in which medical field diagnoses cancer. For Instance, in 2020, as per American cancer society, Europe accounts for 22.8% of the total cancer cases and 19.6% of the cancer deaths. Asia Pacific is supplemented by factors such as huge number of the patient pool which requires early detection of diseases and presence of major players in the market is propelling the growth. The market in Latin America and Middle East countries, and Africa is expected to grow slower than other regions due to substitute technologies and higher cost associated with it.
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