Research Nester published a report titled “Biochips Market: Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global biochips market in terms of market segmentation by type, function, fabrication technology, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global market is estimated to grow at a noteworthy CAGR during the forecast period, i.e., 2023-2035, on the back of rising prevalence of acute and chronic diseases that include various kinds of cancer, sickle cell anemia and infectious diseases. According to the statistics of the World Health Organization, one out of every six deaths is caused due to cancer, which makes it the second biggest cause of death globally. Rising cases of lifestyle diseases, growing cancer patient pool, and the need for faster diagnosis along with increasing research and development activities, are some of the major factors anticipated to drive the growth of global biochips market. Worldwide surge in bioterrorism and use of deadly bioweapons is expected to generate growth opportunities for the market owing to the application of biochips in quick detection of bioweapons.
The market is segmented by end users into pharmaceutical, hospitals & diagnostic center, academic research institutes, and others, among which, the hospitals & diagnostic center segment is projected to hold the largest share by the end of 2035. The growth of the segment can be attributed to the rising advancements in healthcare sector and the need for better diagnosis options for chronic diseases, along with the growing patient pool. On the basis of application, clinical diagnostics segment holds the largest share in the market during the forecast period on the back of rising demand for advanced diagnosis technologies, owing to the increased awareness among people for early diagnosis.
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, out of which, North America market is anticipated to hold the largest market share by the end of 2035, owing to the rising medical advancement, and increased research and development activities and initiatives taken by the government in the healthcare sector. In the other statistics by the WHO, health expenditure of North America is 16.416% of the total GDP, as of 2018.
Alternatively, the market in Asia Pacific is estimated to experience highest CAGR during the forecast period, on the back of increasing investment in the healthcare sector backed by the growing population and rapid economic development in the region.
Escalating Demand for Quick Diagnosis of Fatal Diseases
Rising prevalence of immunodeficiency diseases, cancer and other chronic ailments is estimated to boost the market growth in the upcoming years. Additionally, rising investment in research and development activities related to advanced drugs and treatment facilities is estimated to boost the market growth.
However, higher costs associated with production of biochips is projected to challenge the growth of the global biochips market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global biochips market which includes company profiling of PerkinElmer Inc. (NYSE: PKI), Dynamic Biosensors, Agilent Technologies, Inc. (NYSE: A), Illumina, Inc. (NASDAQ: ILMN), Bio-Rad Laboratories, Inc. (NYSE: BIO), Fluidigm Corporation (NASDAQ: FLDM), Cepheid (Danaher Corporation), ABTECH Scientific, Inc., Merck KGaA (OTCMKTS: MKKGY), and Thermo Fisher Scientific Inc. (NYSE: TMO), Inc. among other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global biochips market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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