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A comprehensive overview of the Biochip Market is recently added by UnivDatos Market Insights to its humongous database. The Biochip Market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Biochip Market. The Biochip Market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Biochip Market at the global and regional levels.
The Global Biochip Market is expected to grow at a significant rate by 2027.
Market Overview
The demand for biochips across the globe is witnessing an uptick on account of the growing cancer prevalence and rising incidence of viral infections and immunological disorders have served as significant global biochip market growth drivers. For instance, as per CDC, in 2019, Asian persons continued to represent the largest proportion of persons with TB (35.3%), followed by Hispanic persons (30.2%), Black/African American persons (19.7%), and White persons (11.4%). Furthermore, the rising number of biochips applications, technological advancement in biochips, and improving infrastructure facilities are leveling up the biochips market demand. In addition, an increase in government funding for medical and academic research activities would enhance the growth of the market for tissue engineering throughout the forecast period. For instance, according to the National Institutes of Health's (NIH) April 2019 released the list of funding for various research, condition, and disease categories (RCDC), funding for stem cell research and regenerative medicine was USD 1.8 billion and USD 1.0 billion, respectively, in 2018. The NIH estimated that the two sectors would get USD 1.7 billion and USD 915 million in funding in 2020, respectively.
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COVID-19 Impact
The sudden outbreak of COVID-19 has disrupted the economy of the countries in the world. However, some sectors including, pharmaceuticals, medical devices, research, and e-commerce have made gains during this pandemic. The COVID-19 has positively impacted the biochip market. Biochips have relevance in the detection of COVID-19, due to which the market shares of biochips got boom. The key players operating in the market are focusing on launching various products using biochips technology, which helps the healthcare providers in these tough times. In addition to this, due to increasing cases of COVID-19 patients worldwide, there is a high prevalence to develop a vaccine where the researchers need to study the effects of this coronavirus on humans. Here, biochips play a major role by allowing the assessment of patient response, including antibody response, which aids the researchers in understanding the sequences to develop a vaccine.
Global Biochip Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
The DNA Chips sub-segment dominated the global Biochip Market and is expected to grow at a noteworthy CAGR of 12.05% by the year 2027.
By Technology, the market is primarily segmented into
Amongst Technology, the Microarrays segment accounted for the largest share in 2020 and is expected to grow at a CAGR of 11.73% during the forecast period 2021-2027.
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By Applications, the market is primarily segmented into
Amongst Applications, the Drug Discovery & Development segment accounted for the largest share in 2020 and is expected to grow at a significant CAGR of 11.91% during the forecast period 2021-2027.
By End-user, the market is primarily segmented into
Biochip Market Geographical Segmentation Includes:
North America is dominating the Biochip Market in 2020 and Asia Pacific is anticipated to maintain its dominance during the forecast period.
The major players targeting the market includes
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Biochip Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Biochip Market?
• Which factors are influencing the Biochip Market over the forecast period?
• What are the global challenges, threats, and risks in the Biochip Market?
• Which factors are propelling and restraining the Biochip Market?
• What are the demanding global regions of the Biochip Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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