Biochips Market Drive Growth at 12.8% CAGR by 2022-30 Including Major Key Players

Biochips Market Overview:

In a recent research report by Market Research Community, the Biochips market is expected to surpass USD 21.29by the year 2030, from USD 7.20 Billion in 2021.

A biochip is a small medical gadget that is used in molecular labs to run several biochemical processes simultaneously. It can quickly screen a wide range of biological analytes for a variety of applications, along with disease diagnosis and the identification of hazardous biological agents in a system.

Top Key Players of the Biochips Market:
Thermo Fisher Scientific Inc., Abbott Laboratories, Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., F. Hoffmann-La Roche AG, and others prominent players.

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Types Covered in This Report Are:
DNA Chips
Protein Chips
Lab-on-chip
Tissue Arrays
Cell Arrays

On the Basis of End Use:
Biotechnology and Pharmaceutical Companies
Hospitals and Diagnostics Centers
Academic & Research Institutes
Others

Regional Analysis:
North America- (U.S., Canada, Mexico)
Europe- (Germany, France, U.K., Russia, Italy, Spain, BENELUX, Rest of Europe)
Asia Pacific- (China, Japan, India, South Korea, Australia, ASEAN, Rest of Asia Pacific)
Latin America- (Brazil, Argentina, Chile, Rest of Latin America)
Middle East and Africa- (GCC, Turkey, Israel, Rest of MEA)

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The end-user segment for academic & research institutes is anticipated to grow at the fastest rate between 2022 and 2030. The institutions are researching and developing the technology and identifying different uses for biochips. As an instance, in January 2022, a group of experts from the Universidad Carlos III de Madrid (UC3M), the Universidad Politécnica de Madrid (UPM), and other institutions created an advanced biochip that simplifies the production of in vitro skin in laboratories. It is anticipated that the device will be used to test medications and cosmetics.

During the anticipated period, it is predicted that the Asia-Pacific area is expected to grow at the fastest rate. China and India is a key drivers of the region's rapid expansion. Further, the region's primary drivers of industry expansion are expanding access to technologies, a sizable patient base, and advancements in the healthcare system. Another important aspect influencing the expansion of the region is the growing use of biochip technology, which mature businesses are outsourcing to emerging economies to reduce overall production costs.

The Biochips market is projected to grow at a significant pace reaching a CAGR of approximately 12.8%, over the forecast period of 2022-2030, despite a considerable fall in Type sales during the initial phase of pandemic spread and lockdown restrictions imposed globally.

The study is consolidated into major segments and further into sub-segments, such as by Type (DNA Chips, Protein Chips, Lab-on-chip, Tissue Arrays, Cell Arrays) End-Use (Biotechnology and Pharmaceutical Companies, Hospitals and Diagnostics Centers, Academic & Research Institutes, Others) to forecast the market size by value; also includes the analysis of past market dynamics from 2016 - 2021, considering 2021 as the base year.

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The research provides answers to the following key questions:

What is the expected growth rate of the Biochips Market? What will be the market size for the forecast period, 2022 - 2030?
What are the major driving forces responsible for transforming the trajectory of the industry?
Who are major vendors dominating the Biochips industry across different regions? What are their winning strategies to stay ahead in the competition?
What are the market trends business owners can rely upon in the coming years?
What are the threats and challenges expected to restrict the progress of the industry across different countries?
What are the key opportunities that business owners can bank on for the forecast period, 2022 - 2030?

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This release was published on openPR.