The size of the Europe Biochips Market was worth USD 3.49 billion in 2022 and predicted to expand at a CAGR of 21.94% from 2022 to 2027. This value is forecasted to grow USD 9.40 billion by 2027.
Europe is positioned second in leading the dominant shares of the global biochips market in 2019. The rising demand for personalized medicine is significant, propelling the growth of the market. Key player’s presence in this region, which is innovating the technology of drug development with the help of biochips, is another crucial factor favoring the market growth. The governments in different countries in Europe are funding the development of biochips technology. The European Union is also promoting biochips in research like the NABIS (Nanobiotechnology with self-organizing structures), a European Union-funded project. The biochips are also used to trace biological warfare and also used in forensic.
The availability of alternate methods in this region is restricting the market growth to some extent. In addition, the cost of biochips is high, and the standardization of biochips is further hindering the growth of the biochips market.
This research report on the European biochips market has been segmented and sub-segmented into the following categories.
By End User:
Based on the region, the European region accounted for 28% of the global market share and is forecasted to register a promising CAGR during the forecast period due to various reasons such as easy access to the latest technologies, a large patient pool, and promising government policies.
The UK biochips market had occupied the majority of the European market in 2019. The Department for Environment Food and Rural Affairs (Defra) is funding the pan viral microarray, which detects 1132 different viruses from 40 viral families in a single test using biochips. In addition, the various institutes in the country are using biochips for the study of different biomolecules.
However, the German biochips market is predicted to grow at the fastest growth rate during the forecast period. This is because Germany has a strong key player’s presence, significantly favoring the market growth. They have developed a fingernail-sized DNA chip in Germany that can analyze thousands of genes in a tiny sample.
KEY MARKET PLAYERS:
Companies playing a prominent role in the European 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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