The size of the Latin America Biochips Market is valued at USD 1.20 billion in 2023 and is expected to grow at a CAGR of 18.34%, to reach USD 2.77 billion by 2028.
A biochip is an assembly of miniaturized test sites organized on a compact substrate, which allows many tests to be executed simultaneously to reach higher throughput and speed.
Usually, the surface area of a biochip is no bigger than a fingernail. But, like a computer chip that can accomplish millions of mathematical tasks in one second, a biochip can implement thousands of biological responses, such as decoding genes, in the duration of a few seconds.
The growth of the Latin America Biochips Market is mainly driven by factors such as an increased application in cancer study, surge in the utilization of personalized medicine, and increased commercial uses of biochips. However, factors such as the availability of substitute technologies, low commercial suitability due to higher costs, and standardization concerns are restraining the market's growth in this region.
This research report on the Latin American biochips market has been segmented and sub-segmented into the following categories.
By End User:
Based on the region, Brazil is the largest market for Biochips, followed by Mexico, Colombia, and Argentina. Except for Brazil and Mexico, the medical regulatory environment in this region is inconsistent compared to developed countries.
KEY MARKET PLAYERS:
Companies playing a noteworthy role in the Latin American 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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