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Global Biochip Market Research Report 2021-2026

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Date5/15/2021 6:44:23 PM
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Global Biochip Market was valued at USD11694.24 million in 2020 and is expected to reach USD23890.58 million by 2026, registering a CAGR of 12.52% in the next five years. The global biochip market is driven by the growing prevalence of various chronic and infectious diseases especially in the geriatric population who are more susceptible to these diseases on account of low immunity. This has led to the increase in demand for personalized medicine solutions or targeted therapies especially for treating diseases like cancer. This in turn is expected to positively influence the market growth over the next few years. Additionally, increasing R&D activities and supportive government policies further propels the market. However, the high cost of biochips can hamper market growth. Moreover, lack of awareness, especially in the developing and underdeveloped countries, further impedes the market growth. Besides, strict regulatory regulations imposed by the different governments across the globe further restricts the market growth during the forecast period.

The global biochip market is segmented based on type, technology, application, end user, company, and region. Based on technology, the market can be bifurcated into microarray and microfluidics. The microarray technology is expected to dominate the market during the forecast period on account of its extensive use in forensic analysis and identification of drug candidates in the drug discovery process. While the microfluidics technology is expected to register high CAGR over the coming years on account of the increasing use of point of care diagnostic devices such as pregnancy kits, cardiac makers, and blood gases, among others.

The major players operating in the global biochip market are Abbott Laboratories Ltd., Agilent Technologies, Inc., PerkinElmer Inc., Fluidigm Corporation, Illumina, Inc., GE Healthcare Inc., Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Inc., F. Hoffmann-La Roche AG, bioMérieux SA, Horiba, Ltd., Qiagen N.V., Randox Laboratories Ltd., OriGene Technologies, Inc., Hologic, Inc., and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments.
Years considered for this report:
Historical Year: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
•To analyze the historical growth in the market size of the global biochip market from 2016 to 2020.
•To estimate and forecast the market size of the global biochip market from 2021 to 2026 and growth rate until 2026.
•To classify and forecast the global biochip market based on type, technology, application, end user, company, and regional distribution.
•To identify dominant region or segment in the global biochip market.
•To identify drivers and challenges for the global biochip market.
•To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global biochip market.
•To conduct pricing analysis for the global biochip market.
•To identify and analyze the profile of leading players operating in the global biochip market.
•To identify key sustainable strategies adopted by market players in the global biochip market.
Our company performed both primary as well as exhaustive secondary research for this study. Initially, Our company sourced a list of manufacturers across the globe. Subsequently, Our company conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Our company could include the manufacturers which could not be identified due to the limitations of secondary research. Our company analyzed the manufacturers, distribution channels and presence of
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