Biochip Market: Global Industry Share, Top Key Players, Regional Study, Upcoming Trends and Growth Segments 2027

As per UnivDatos Market Insights, Biochip Market was valued at US$ 11247.45 million in 2020 and is expected to reach US$ 25317.03 million by 2027, registering a CAGR of 12.13% ?during the forecast period (2021-2027).

The surge in the Biochip Market is due to the growing cancer prevalence and rising incidence of viral infections and immunological disorders has served as significant global biochip market growth drivers. For instance, as per CDC, in 2019, Asian persons continued to represent the largest proportion of persons with TB (35.3%), followed by Hispanic persons (30.2%), Black/African American persons (19.7%), and White persons (11.4%). Furthermore, the rising number of biochips applications, technological advancement in biochips, and improving infrastructure facilities are leveling up the biochips market demand. In addition, an increase in government funding for medical and academic research activities would enhance the growth of the market for tissue engineering throughout the forecast period. For instance, according to the National Institutes of Health's (NIH) April 2019 released a list of funding for various research, condition, and disease categories (RCDC), funding for stem cell research and regenerative medicine was USD 1.8 billion and USD 1.0 billion, respectively, in 2018. The NIH estimated that the two sectors would get USD 1.7 billion and USD 915 million in funding in 2020, respectively

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The report “Biochip Market: Current Analysis and Forecast (2020-2027)” by UnivDatos Market Insights delivers a comprehensive analysis of the Products, Services, Applications, End-user, and Region.

Based on Applications, the market is fragmented into Drug Discovery & Development, Disease Diagnostics, Genomics, and Others. The Drug Discovery and Development segment dominated the market in 2020 owing to the high adoption of AI in drug discovery and development, and collaboration between different pharmaceutical companies. The Disease Diagnostics segment is anticipated to show the fastest CAGR in the upcoming period due to the rising incidents of chronic and lifestyle diseases, growing demand for point of care diagnostic devices such as pregnancy test kits and glucometers. Advancement in Genomics, genetics, and molecular biology, combined with computer sciences will help to build a vibrant future in the field of medicine. Ongoing research on the genes responsible for lifestyle diseases like diabetes and hypertension, chronic ones like cancer, neurological disorders like Alzheimer’s disease, and many others are sure to find a cure as far as the ailment allows. The role of Biochip in many Other applications such as Agriculture, Precision Medicine is also booming the market growth. A research team, from the University of Twente in the Netherlands, developed a portable Biochip in 2017 that can detect type 1 or type 2 diabetes at an early stage before symptoms have developed.

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Based on End-user, the Biochip Market is fragmented into Hospitals & Diagnostic Centres, Academic & Research Institutes, Biotechnology & Pharmaceutical Companies, and Others. The Hospitals & Diagnostic Centres dominate the market in 2020 owing to the rising exploitation of biochips in hospitals and diagnostic centers due to their advantages such as reduction of time and cost, and the ability to deliver high throughput without the need for heavy and bulky instruments. The Biotechnology & Pharmaceutical Companies is anticipated to register the fastest CAGR in the upcoming period owing to the rising focus of various companies on developing novel biochips for detecting the infection in the body. Genomics is enabling Biotechnology & Pharmaceutical Companies to take a more personalized approach to drug development and is expected to result in safer and more effective drugs. Various government associations worldwide initiate and perform varied genomics studies for improved treatment options. The adoption of Biochips by the various end-users such as Clinics, and Research Hospitals is also propelling the market growth.

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Market Segmentation:

1.????By Type (DNA Chips, Lab-On-a-Chip, Proteins Chips, and Others)

2.????By Technology (Microarrays and Microfluidics)

3.????By Applications (Drug Discovery & Development, Disease Diagnostics, Genomics, Proteomics, and Others)

4.????By End-users (Hospitals & Diagnostics Centers, Academics & Research institutes, Biotechnology & Pharmaceuticals, and Others)

5.????By Region (North America, Europe, Asia-Pacific, Rest of the World)

6.????By Company (Abbott Laboratories Inc., Agilent Technologies, Inc., PerkinElmer Inc., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories Inc, GE Healthcare Inc., Fluidigm Corporation, Illumina, Inc., F. Hoffmann-La Roche AG, BioMerieux SA)

Key questions answered in the study:

1.????What are the current and future trends of the Biochip industry?

2.????How the industry has been evolving in terms of end-user demand and application areas?

3.????How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.????What are the key growth drivers and challenges for the Biochip industry?

5.????What are the customer orientation, purchase behavior, and expectations from the Biochip firms across various regions??