Global Biochips Market Forecast 2019-2028

Global Biochips Market Forecast 2019-2028

KEY FINDINGS
The global biochips market is projected to register a CAGR of 13.41% during the forecast period of 2019-2028. Increasing incidences of chronic diseases, rising investments in medical and healthcare research, growth in personalized medicine, developing software and service sectors in proteomics and genomics, and rapidly growing use of point-of-care testing diagnosis are the principal factors contributing to the global market growth.

MARKET INSIGHTS
Biochip is a microchip used to simultaneously analyze a panel of related tests in a single sample producing a patient’s profile. The patient profile can be used in diagnosis, disease screening, monitoring disease progression, or monitoring treatment. Biochips play an important role in molecular diagnostics, and their application in point-of-care diagnosis is expected to facilitate the development of personalized medicines. Emphasis on personalized medicine-based analytics is adding growth to the biochips market. Personalized medicines offer patients an early diagnosis, optimal treatments, risk assessments, low-cost improved healthcare. The success of personalized medicine depends upon information and record of reliable and accurate diagnostics.
The complexity of biological systems is a major challenge for the biochips market. The large-scale testing on a single chip creates complexity. Lab on a chip in the type segment collected the largest revenue share in 2019. Biotechnology and pharmaceutical companies are the fastest-growing end-users. There is a sustainable competitive advantage through innovations between companies in the market.

REGIONAL INSIGHTS
The global biochips market is surveyed geographically by segmenting into regions of Europe, Asia Pacific, North America, and the Rest of the World. The region of North America dominated the market in 2019 in terms of revenue, due to growing awareness about biochips and their widespread applications in various fields such as personalized medicine, clinical diseases, agri-genomics, and others.

COMPETITIVE INSIGHTS
The biochips market is highly competitive, dominated by well-established companies, and also multiple new players holding the majority of market share. Some of the participants competing in the market are Abbott Laboratories Inc, F. Hoffmann-La Roche Ltd, Randox Laboratories Ltd, GE Healthcare, Merck KGaA, etc.
Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter's Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments