Biochips Market

Biochips Market - A Significant Rise in the Adoption of Personalized Medicine
The global biochips market is considered as a highly fragmented market with a large
number of international and domestic players operating across the globe, states a new
report presented by Transparency Market Research. Innovations and technological
advancements are predicted to support the growth of the overall market throughout
the forecast period. The entry of new players, rising number of mergers and
acquisitions, and the development of new products are some of the key strategies
that are being adopted by the leading players that are estimated to enhance the
market penetration in the coming few years. In addition to this, the key players in
the market are likely to emphasize on targeting the developing economies, which
holds immense growth opportunities. Thanks to these, the market is projected to
enhance the competitive landscape of the market in the next few years. The players
engaged in the biochips market across the globe are Agilent Technologies Inc.,
Illumina Inc., Cepheid Inc., GE Healthcare Ltd., Affymetrix Inc., and Fluidigm
In 2014, the global biochips market stood at US$5.7 bn and is projected to reach
US$22.2 bn by 2023. The market is further estimated to exhibit a promising 16.90%
CAGR between 2015 and 2023, states the research study by Transparency Market
Research. The North America market for biochips is likely to lead and hold a key
share of the market in the next few years. The rise in the demand for biochips from
the healthcare sector is expected to support the market growth in North America and
register a healthy 16.70% CAGR between 2015 and 2023.
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Increasing Number of Applications to Propel Global Biochips Market
A significant rise in the adoption of personalized medicine and the increasing focus
on technological advancements are the key factors that are projected to encourage
the development of the global biochips market throughout the forecast period. The
rise in the number of applications, thanks to the rising research activities is likely to
support the growth of the market in the near future. In addition to this, the rise in
the awareness among the consumers related to the benefits of using biochips is
estimated to push the demand across the globe.
In addition to this, the lucrative opportunities that are being offered by the global
biochips market are attracting a large number of new players to enter the market and
enhance their penetration across the globe. The developing economies, around the
world, holds promising growth prospects, owing to which, the market is likely to
witness substantial growth in the coming few years.
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Unclear Regulatory Framework to Curb Growth of Biochips Market
The global biochips market, on the other hand, is estimated to face a few challenges
in the next few years, owing to which the market may witness a downfall in the
near future. The high cost of instrumentation and the unclear rules and regulations in
the biochips market are predicted to restrict the market growth in the coming few
years. In addition to this, the rizc Devices; Application – Drug Discovery and
Development, Genomics, Proteomics, In Vitro Diagnostics) – Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2015 – 2023.”