According to a new market research
report published by Inkwood Research, the Global Biochips Market is projected
to evolve at a CAGR of 13.41% during the forecasting years of 2019-2028.
“Browse 92 Market Data Tables and
71 Figures spread over 325 Pages, along with an in-depth TOC on Global Biochips
Market Forecast 2019-2028.”
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Biochips are microreactors that may contain
millions of individual sensors and can perform hundreds or thousands of
simultaneous biochemical reactions. A biochip is a wonderful outcome of modern-day
research with a perfect amalgamation of microchip and biotechnology. Biochips
are used for various applications, including research in biotechnology, such as
proteomics and genomics, molecular diagnostics, and drug screening and
development. Biochips can also provide an analysis of organic molecules
associated with living organisms. Performing hundreds of biological reactions
in a few seconds, like decoding genes, is the main function of biochips.
Increasing Occurrences of Chronic
Diseases Propels Market Growth
There is a prevalence of chronic diseases such as diabetes,
heart disease, cancer, stroke, and arthritis worldwide. Cardiovascular diseases
account for the highest number of deaths caused by chronic diseases, i.e., 17.5
million people annually. Chronic diseases are the leading cause of death and
disability in the United States. According to WHO, the prevalence of chronic
diseases will rise by 57% by 2020, and 60% of this burden will occur in
emerging markets. A rise in demand for healthcare systems due to chronic
diseases is a major concern, and accurate and timely clinical decision-making
is critical. Biochips have the potential to test speed and cost-efficiency
owing to miniaturization. Developing new lab-on-a chip-based POC systems is
growing into an emerging area. LOC-based wearable systems for continuous
glucose monitoring can prove to be an effective tool for patients with type 2
diabetes.
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Biotechnology
and Pharmaceutical Companies Records the Highest CAGR
Biochips
are mainly used in biotechnology researches in areas like proteomics, genomics,
molecular diagnostics, and drug development, and screening. Biotechnology
companies use biochips for various purposes. For instance, DNA microarrays are
used to measure the expression levels of a large number of genes
simultaneously. The surge in research and development funding in biotechnology
and pharmaceutical companies is expected to increase the demand for biochips.
For example, the UK companies announced a significant investment in
biotechnology projects for reducing the need for fossil resources. Teva
announced its partnership with Microchips Biotech and an investment of $35
million in the US firm towards the drug discovery application.
The Asia
Pacific Region accounted for the Largest Market Share in 2019
The Asia Pacific market captured the largest revenue in 2019,
owing to an upsurge in demand for drug discovery, a rise in the use of
personalized medicines, and an increase in demand for high-speed diagnostics.
Further, a rise in the use of biochips has led to rapid developments in various
fields of medical sciences. In addition, innovation, ongoing research, and
development of biochips and genomic are driving the growth of the market.
The biochips market is primarily dominated by
well-established companies, though many new players control a significant share
of the market. There is a sustainable competitive advantage in the market. The
similarity in products offered by leading companies market leads to intense
competition. The prominent companies trying to consolidate their position in
the global market through continuous innovations are F. Hoffmann-La Roche Ltd,
Abbott Laboratories, Merck KGaA, Agilent Technologies, Inc, Bio-Rad
Laboratories Inc, and others.
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business environments. Our geographical analysis comprises of North & South
America, CEE, CIS, Middle East, Europe, Asia, and Africa.
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