The Global Biochips Market report published by Market Data Forecast provides a detailed account of the Market Trends via Customized Research presented as Strategic Analyses, Company Profiles, Competitive Landscape, etc. According to the report, the Global Biochips Market is estimated to be $7.15 billion and predicted to rise to $19.17 billion with a CAGR of 21.80%. The market is segmented by Type (DNA Chips-(SNP Genotyping, Genomics, Agricultural Biotechnology, Gene Expression, Cancer Diagnosis & Treatment, Drug Discovery, and Others), Lab-On-A-Chip-(Clinical Diagnostics, IVD & POC, Drug Discovery, Genomics, and Proteomics), Protein Chips-(Expression Profiling, High-Throughput Screening, Proteomics, Diagnostics, and Drug Discovery), and Others), by End User (Hospitals and Diagnostics Centers, Biotechnology and Pharmaceutical Companies, Academic & Research Institutes), and by Fabrication Technology (Microfluidics and Microarrays). Further the market is also geographically segmented into North America, Europe, Asia-Pacific, Latin America and Middle-East & Africa.
The growth of the Global 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 an availability of substitute technologies, low commercial suitability due to higher costs, and standardization concerns are restraining the growth of the market.
On the basis of type, DNA Chips are the largest segment, followed by lab-on-chips and protein biochips market, due to development in the proteomics and genomics field. However, enhancement in the field of recombinant proteins would assist the growth of protein biochips market. On the basis of end user, the Hospitals and Diagnostics Center segment dominates the market, as it is primarily driven by various factors such as increasing government funding and technological advancements.
North America is leading the global Biochips market due to technological advancements and a large pool of ageing populace. However, Asia-Pacific is developing as one of the fastest growing market due to easy access to latest technologies, and promising government schemes.
The recent developments in the global biochips market include the outsourcing of biochips technology, which would aid in decreasing labor cost and capital prerequisites. The major companies dominating the global Biochips market 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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