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Global Biochips Market Size, Share, Trends, Outlook, Growth, Challenges and Analysis Report

Kenneth Research has recently added a report titled Global Biochips Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2022-2031.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention 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) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst 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 Global Biochips Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

Global Biochips Market is valued approximately USD 12.7 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 18.4% over the forecast period 2019-2026.
Biochips are miniaturized therapeutic devices utilized within molecular research laboratory to perform real-time biological reactions. Biochips are used for the screening of new drugs which could offer various benefits and evaluate the benefits and risk of pharmaceuticals compounds. biochip have its wide application in DNA applications such as gene expression, SNP (Single nucleotide polymorphisms) genotyping, cancer diagnosis & treatment, genomics and other. Biochips empower enormously parallel sub-atomic investigations to be done in a scaled down configuration with a high throughput. Rising incidences & treatment of cancer is the key driver for the growth of global biochip market. As rising incidences of cancer is anticipated to the rise in the demand of detection techniques. According to the World Health Organizations cancer is among the leading cause of mortality and morbidity globally that accounts for 8.8 million deaths globally in 2015, which is around one third of the total number of deaths. According to the American cancer Society by 2030, the global burden is anticipated to grow by 21.7 million new cancer cases and 13 million cancer deaths. Apart from this, increasing government funding, growth in personalized medicines and technical advances are further contributing towards market growth. However, knowledge constraint with respect to technical know-how impedes the growth of the market over the forecast period of 2019-2026.

The regional analysis of global Biochips market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to high research & development investment in the pharmaceutical & biotechnology sector, coupled with the rising market demand for precision medicine. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as owing to presence of large population base, increase in disposable income, and improvement in patient awareness about biochips would create lucrative growth prospects for the Biochips market across Asia-Pacific region.

Major market player included in this report are:
Abbott Laboratories
Agilent Technologies, Inc.
Perkinelmer, Inc.
Fluidigm Corporation
Illumina, Inc.
GE Healthcare
Bio-Rad Laboratories Inc.
Cepheid Inc.
Thermo Fisher Scientific, Inc.
Roche Diagnostics

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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
DNA Chips
Lab-On-A-Chip
Protein Chips
Other Arrays

By Fabrication Technology:
Microarrays
Microfluidics

By End User
Biotechnology and Pharmaceutical Companies
Hospitals and Diagnostics Centers
Academic & Research Institutes
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World

Furthermore, years considered for the study are as follows:

Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026

Target Audience of the Global Biochips Market in Market Study:

Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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