Biochip is the miniaturized medical device utilized in molecular laboratories to carry out countless biochemical reactions simultaneously. It can speedily screen a number of biological analytes for an array of applications likewise disease diagnosis and recognition of hazardous biological agents in the system. In addition, the biochips are progressively being implemented in dissimilar applications in drug discovery, genomics and proteomics in the present market insights. Besides, the improvement of targeted and customized medicines for the cancer treatment and advances in the biochip technology also assistance the growth of biochip products.
According to the report analysis, ‘Biochip Market: Current Analysis and Forecast
(2021-2027)’ states that the adoption of biochips is growing
in countless applications in genomics, proteomics, and drug discovery. The improvement
of targeted and personalized medicines for the treatment of cancer is propelling
the market growth. Other aspects such as the increasing number of biochips applications,
technological improvements in biochips, and growth in healthcare spending
facilities are leveling up the biochips market requirement.
However, the aspects such as greater cost biochips and shortage of
knowledge about biochips are limiting the market growth. Moreover, a shortage
of awareness among the individual about biochips technologies is primarily limiting
the biochips market growth.
Moreover, aspects likewise the growing number of biochips
applications, technological improvement in biochips, and advancing
infrastructure amenities are levelling up the biochips market requirement. Not
only has this, the significant increment in funds by government and private
organizations in the underdeveloped nations are predicted to deliver the better
opportunities for the market players. Escalating healthcare expenditure and
increasing awareness over the importance of early diagnosis are probable to
influence the growth rate of the market.
Based on the end-user, the market is classified in hospitals &
diagnostics centers, academics & research institutes, biotechnology &
pharmaceuticals, and several others. The hospitals & diagnostics centers
segment captured the foremost market share and registered the market. The
segment created the revenue of worth USD XX Mn during 2020 and is projected to
reach to USD XX Mn by 2027. However, the academics & research institutes sector
is expected to observe an exhibit growth throughout the forecast duration.
Region wise, the biochip market is predicted to scattered into
dissimilar regions such as North America, Europe, Asia Pacific, Europe and Rest
of the World. Whereas, North America institutes a foremost market for Biochip
and created revenue of USD xx Mn during 2020 due to the advanced technology for
diagnosis and treatment of chronic disorders, accessibility of private and
government funding, etc. However, the Asia-Pacific region would develop at the
highest rate throughout the forecast duration. Therefore, in the near years, it
is predicted that the market of biochip will increase around the globe more
proficiently over the near future.
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