The size of the biochips market in North America is predicted to be worth USD 11.60 billion by 2028 and USD 4.18 billion in 2023, growing at a CAGR of 22.64% from 2023 to 2028.
North America accounted for the largest market share in the global biochips market in 2022. There is a rise in the geriatric population in North America, and thus there is a need for quick methods for diagnosing diseases. The number of drug discovery and drug development is high in the North American region, increasing the demand for biochips to give a faster result. The rise in the cases of cancer in the area; therefore, there is a rise in the research in cancer, which is propelling the growth in the market. The government in the area promotes the use of biochips and increases the fund to develop the technology.
The cost of biochips is high and alternative technologies available for the biochips are the major restraints for the market growth. In addition, there is a lack of standardization and less awareness, which are considered the key challenges operating in the North American biochips market.
This research report on the North American biochips market has been segmented and sub-segmented into the following categories.
By End User:
Based on the region, the North American region is currently dominating the global biochips market and accounted for the most significant share in the global market in 2022 due to technological advancements and a large pool of aging populace. As a result, the North American market leads the global market and is very modern, and is focused on innovating cost-effective chips.
The U.S. biochips market is estimated to lead the North American market throughout the forecast period. Biochips are used in the United States to monitor some medication in the geriatric population. Different institutes in the US are researching biochips, such as MIT. Biochips are used in various research on biomolecules in the United States. The government is funding biochip research, which is boosting market growth.
The Canadian biochips market had the second-highest market share in the North American region in 2022. Cancer is the significant burden of death in Canada, demanding a lot of research into cancer in Canada, and is estimated to increase the demand for biochips in this country. Furthermore, the government is promoting the use of biochips, which also favors the market.
KEY MARKET PLAYERS:
A few promising companies leading the North 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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