The size of the Asia Pacific Protein Chip Market was worth USD 0.47 Billion in 2022 and estimated to be growing at a CAGR of 18.6%, to reach USD 1.11 billion by 2027.
Several factors responsible for driving the Asia-Pacific protein chip market include the growing demand for personalized medicine, high prevalence of cancer, increasing R&D spending, and availability of technological advancements in the region. The development of new protein chips in Asian countries is expected to open new opportunities for market players in the future. In India, an increasing rate of research has driven the demand for biochips, which has contributed to the market's overall growth. The use of microarray chips in viral diagnosis in Indian cattle has rapidly increased owing to various startups and advancements in lab-on-a-chip technology the demand for customized diagnostic technologies in the region.
Many APAC regions have seen a high incidence of cancer, leading to increased demand for customized diagnostic technologies involving protein chips. According to the WHO, cancer has caused over 4.5 million deaths or 16.0% of total deaths recorded in the Asia-Pacific region in 2016. Hence, increasing emphasis on clinical research, technological developments, precision medicine, and new drug discovery are driving the growth of the APAC protein chip market.
The presence of many leading global companies with R&D units in the APAC region and the regulatory framework promote new and advanced clinical research techniques. In addition, increased research and funding from government and private organizations drive the growth of the market. For instance, China is a world leader in lab-on-a-chip POC technology, while South Korea has advanced biochip technology focused on drug discovery.
However, the complex technical aspects associated with protein chips are the primary factor hampering the growth of the APAC protein biochip market, as the proteins are sensitive to changes in the microenvironment. Moreover, the low availability of proteins, high cost, and the complexity of the production of the protein chip is likely to hamper the growth of the market in the years to come.
This research report on the APAC protein chip market has been segmented and sub-segmented into the following categories.
Geographically, Asia Pacific is expected to grow significantly during the forecast period due to the financial improvement of some Asian countries such as India, China, and Malaysia. Moreover, most drug development companies outsourced their clinical trial drug development studies in Asian countries due to its large population pool.
The Chinese regional market is anticipated to grow at the highest CAGR during the forecast period, owing to higher spending by government and non-government agencies for improving health infrastructure in the region. According to the World Bank, the share of health expenditure as a percentage of GDP rose to 5.3% in 2018, from 4.2% in 2010 in China. The high rate of cancer and large geriatric population in the region will positively impact the studied market. According to a report published in the Critical Illness Journal, the incidence of breast cancer in Singapore fell from 20 per 100,000 per year from 1972 to 60 per year 100,000 between 2006 and 2010. While in China and India, incidence rates have increased by up to 30% over the past several decades, while in Japan, Korea, and Singapore, rates have doubled or even tripled in recent years.
The rapid growth of life science research activities in China, Australia, Taiwan, Japan, and India, supported by the rise of biotechnology and the pharmaceutical industry, research, and low infrastructure costs, are important factors driving the protein chip market's development region. There are 3.7 million men and over 4 million women currently who have cancer in these Asian countries. China has approximately 1.7 million men and 1.6 million women cancer survivors.
KEY MARKET PLAYERS:
A few noteworthy companies operating in the APAC protein chip market profiled in this report are SEQUENOM, Inc., Sigma Aldrich Corporation, Affymetrix, Inc., EMD Millipore, Illumina, Inc., Life Technologies Corporation, and Agilent Technologies.
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