In a recent published report, Kenneth Research has updated the market report for Biochips Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Biochips Market products.
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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.
Global Biochips Market is estimated to reach $22 billion by 2024; growing at a CAGR of 15.5% from 2016 to 2024. Continuous research & development and technological advancements have made remarkable progresses in the field of biochips. Components such as silicon, soda glass and fused quartz, among others are used for manufacturing of biochips, which are capable of performing multi biochemical tasks. Biochips are commonly used for diagnosis and prognosis of diseases such as HIV, cancer and heart diseases, and are also used for the detection of bioterrorism agents. Moreover, they are also used for the screening of new drugs which could offer various benefits and evaluate the benefits and risk of pharmaceutical compounds. As they have the capability to exhibit excellent analytical performance and are very cost effective.
Rising prevalence of diseases such as cancer & HIV and expanding application in drug discovery fuels the growth of the biochips market. Moreover, increasing demand for customized medicine, technological advancements and rising generic drug market also boost the growth of the biochips market. Expanding application on cattle disease detection, point-of-care diagnostics and drug lead identification would provide market opportunities in the coming years. However, absence of proper regulations and high cost of instruments may hamper the market growth.
The global biochips market has been segmented into type, application and geography. By type, the market is segmented into microfluidic devices, DNA chips, and protein chips. Furthermore, by applications, it is segmented into proteomics, genomics, in vitro diagnostics (IVD) and drug discovery & development.
Geography segment of the global biochips market includes North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada and Mexico are covered under North America wherein Europe covers U.K., Italy, France, Germany and others. Asia-Pacific covers China, India, Japan and others. RoW covers South America, Middle East and Africa.
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The key players in the global biochips market include Illumina Inc., Agilent Technologies Inc., Affymetrix Inc., Abbott Laboratories, GE Healthcare, Fluidigm Corporation, Roche Diagnostics, Bio-Rad Laboratories, Cepheid Inc., and Sigma-Aldrich Corporation, among others.
The key takeaways from the report:
The report will provide detailed analysis of Biochips Market with respect to major segments such as type and application. The report will include the qualitative and quantitative analysis with market estimation over 2015-2024 and compound annual growth rate (CAGR) between 2016 and 2024. Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report. An exhaustive regional analysis of Biochips Market has been included in the report.
Profile of the key players of the Biochips Market, will be provided, which include key financials, product & services, new developments and business strategies.
Scope of Biochips Market
Type Segments
Protein Chips
Microfluidic Devices
DNA Chips
Application Segments
Proteomics
Genomics
Drug Discovery & Development
In Vitro Diagnostics (IVD).
Geography Segments
North America
US
Canada
Mexico
Europe
U.K.
Italy,
France
Germany
Others
Asia-Pacific
China
India
Japan
Others
RoW
South America
Middle East
Africa
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