The size of the Biochips Market in the Asia Pacific is forecasted to value USD 3.16 billion in 2023 and USD 8.87 billion by 2028, growing at a CAGR of 22.94% from 2023 to 2028.
Asia pacific biochips market is growing at the fastest growth rate across all regions. Countries like India, China, and Japan have modern infrastructure and technology to use biochips in research and healthcare. In addition, the aging population in the Asia Pacific is significantly increasing, which is estimated to favor the market growth in this region.
The Asia Pacific region has a large patient pool, which needs an early detection of the diseases, thus increasing the demand for biochips. Furthermore, the rising number of biotech companies in this region and institutes researching the biomarkers for different diseases supports the Asia pacific biochips market growth. In addition, the governments of Asia pacific are funding the development of biochip technology, a supporting factor for the market. Furthermore, the biochips are used in next-generation sequencing and for detecting biological warfare, further driving the market growth in the region.
The high costs associated and less awareness about biochips are majorly restraining the market growth in this region. In addition, the availability of alternatives present in this region is a significant challenge for the companies operating in this region.
This research report on the Asia Pacific biochips market has been segmented and sub-segmented into the following categories.
By End User:
Based on the region, the Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to various reasons such as easy access to the latest technologies, a large patient pool, and promising government schemes. China and India are projected to be the fastest-growing markets in this region.
The Indian biochips market is estimated to showcase a robust CAGR during the forecast period. Growing demand for personalized medicine and ongoing research activities on genomics in India is accelerating the usage and demand for these products.
The Chinese biochips market covered the largest market share in the Asia Pacific region in 2022, and it is one of the leaders in the global biochips market. The Biochip Beijing National Engineering Research Center is promoting research and development in the field of biochips. In addition, various government initiatives to improve the usage of biochips are further accelerating the Chinese biochips market.
The Japanese biochips market is projected to grow at a healthy rate during the forecast period. This is because this country has advanced technologies in biochips, which is primarily propelling the market growth. Still, the patent law and regulatory bodies in Japan are very stringent.
KEY MARKET PLAYERS:
Companies playing a noteworthy role in the Asia Pacific biochips market profiled in the report are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.
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