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Global Biochips Market is Estimated to Reach $22 Billion by 2024, Says Accurize Market Research

08-29-2019 04:13 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Accurize Market Research

Global Biochips market

Global Biochips market

Global biochips market report published by Accurize Market Research forecast that the global market is expected to reach $22 billion by 2024; growing at a CAGR of 15.4% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.

Technological advancements, expanding generic drug market and rising demand for customized medicines across the globe to drive the growth of the market

Technological advancements, expanding generic drug market and rising demand for customized medicines fuels the demand for the global biochips market. Moreover, increasing prevalence of cancer & HIV and increasing applications in drug discovery also boosts the growth of the market.

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Market Segmentation

The global biochips market has been bifurcated on the basis of type, application, and geography. By type, the market is segmented into DNA chips, microfluidic devices, and protein chips. Furthermore, by applications, it is segmented into proteomics, drug discovery & development, genomics, and In-vitro diagnostics (IVD).

By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the U.K., Italy, France, Germany, and others. Asia-Pacific covers China, India, Japan, and others. RoW covers South America, the Middle East, and Africa.

“DNA chips accounted for the largest market share in the type segment", says Accurize

By type segment, DNA chips accounted for the largest market share accounting for 39.4% in 2017, followed by protein chips with 35.5% in 2017. Moreover, In vitro diagnostics (IVD) is expected to dominate the market in the application segment with highest CAGR during the forecast period 2017-2025; owing to the rising demand for accurate detection and diagnosis of genetic disorders.

“North America dominated the global market with the highest market share over the forecast period", says Accurize

In 2017, North America accounted for the largest market share of 32.2%, owing to the advancements in biochip technology and the increasing popularity of customized medicine. However, Asia Pacific is expected to dominate the market with the fastest CAGR during the forecast period, due to increasing health-consciousness and increased spending on research & development for advanced diagnostic techniques.

Top players in the market

The key market players include Illumina Inc., Roche Diagnostics, Cepheid Inc., Agilent Technologies Inc., Affymetrix Inc., Sigma-Aldrich Corporation, Abbott Laboratories, GE Healthcare, Bio-Rad Laboratories andFluidigm Corporation, among others.

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Accurize Market Research
Address: Office No.306, Zen Business center
Wakad, Pune-411057
Tel: +1-339-368-6383
Email:help@accurizemarketresearch.com

Accurize Market Research, a research and consulting company providing syndicated as well as customized reports with precise analysisand future outlook. We work across several industries globally helping our customer plan their next strategic move. We at Accurize Market Researchbelieve in customer satisfaction and suggest them take strategic decisions regarding the present and future endeavors.

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