Biochips are a sort of miniaturized medical device utilized in molecular laboratories to perform many biochemical reactions at the same time. Biochips are usually utilized in the fast screening of biological analytes for a large vary of applications such as drug screening and development, and molecular diagnostics. It’s designed with the assistance of microarray and micro fluidic technologies, among that digital micro fluid biochip is very effective, and has gained huge quality within the organic chemistry field. Further, biochips possess some distinctive options as well as, integrated intelligence, speed, low cost, complexity and redundancy. Owed to those advantages, they’re extensively used for the detection of cancer &different diseases, and to supply personalized medicines within the business.
According to the study, ‘Global Biochips Product Market is valued approximately at USD 15 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 18.5% over the forecast period 2020-2026.’ specific that there are some corporate that presently functioning further with success for dominant the foremost effective growth of the market and obtaining the productive competitive edge whereas acceptive the productive money making methods during which at intervals throughout which and policies like joint ventures, mergers and acquisitions, partnership, merger and merchandise development includes Fluidigm Corporation, Agilent Technologies, Inc., PerkinElmer, Inc., Bio-Rad Laboratories Inc., Abbott Laboratories, Thermo Fisher Scientific, Inc., Illumina, Inc., Roche Diagnostics, GE Healthcare, Cepheid Inc.. Thus, rise within the prevalence of cancer and immunologic disorders, increasing adoption of personalized drugs and growing variety of elderly populations are the few factors answerable for high CAGR of the market over the forecast period. Also, the worldwide burden of cancer is expected to grow to almost 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.This, in turn, is predicted to accelerate the demand for biochips product to screening cancer cells, therefore tributary to the expansion of the global market. However, high value of chip and lack of awareness concerning it in rising nations are the few factors expected to hamper the expansion of the market over the forecast period of 2020-2026.
The regional investigation of global Biochips Product market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is that the main country over the world in terms of market share because of the increasing prevalence of lifestyle diseases and cardiac disorder, along with the presence of well-developed healthcare infrastructure in the region. Whereas, Asia-Pacific is additionally predicted to exhibit highest rate of growth over the forecast period 2020-2026, because of the big presence of aging population and improvement in patient awareness concerning biochips within the countries like China and India.
Furthermore, increase in prevalence of cancer, immunological disorders, and viral infections majorly helps for the expansion of the global biochips market. Different factors that spice up the market expansion are rise in geriatric population, increase in number of biochip applications, and high adoption of personalized medications. Conversely, rise in R&D investment as well as government funding and high potential in untapped markets in emerging economies are predicted to produce profitable growth opportunities for the market. Thus, the Biochips Product Market will increase in forthcoming years.
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Ankur Gupta, Head Marketing & Communications