The medicinal importance of miniaturized biological microarray chips, commonly known as biochips, has formed a transforming effect on the global healthcare industry. The wide variety of biochip applications and products has propelled the growth of the market at an extraordinary level.
Biochip products comprise of microarrays of biochemical particles, which are assembled on a silicon or glass plate. These devices have functions in gene sequencing, proteomics, genomics, clinical diagnosis, and drug discovery.
The Europe Biochips Market was worth $2.86 billion in 2018 and projected to be growing at a CAGR of 21.94%, to reach $7.72 billion by 2023.
Drivers and restraints:
Drivers which are boosting the growth of the Biochips market are ascend in the consumption of personalized medicine, demand for high speed diagnostics and rise in government investments. In addition, increased healthcare consciousness is also propelling the growth of the biochips market.
The restraints that are hindering the growth of biochips market are lack of technical knowledge related to biochips, less acceptance due to high cost and availability of alternate technologies.
The Europe Biochips market is partitioned according to Type, End User, and Fabrication Technology. The market for Biochips, With respect to Type is classified into DNA Chips, Lab-On-A-Chip, and Protein Chips. DNA Chips are further categorized into SNP Genotyping, Genomics, Agricultural Biotechnology, Gene Expression, Cancer Diagnosis & Treatment, Drug Discovery, and Others. Lab-On-A-Chips are further segmented into Clinical Diagnostics, IVD & POC, Drug Discovery, Genomics, and Proteomics. Protein Chips are further sectioned into Expression Profiling, High-Throughput Screening, Proteomics, Diagnostics, and Drug Discovery. On the basis of type, DNA Chips are the largest section, tailed by lab-on-chips and protein biochips market, due to advancement in the proteomics and genomics field. However, improvement in the field of recombinant proteins would support the growth of protein biochips market. With respect to End User, the Biochips market is classified into Hospitals and Diagnostics Centers, Biotechnology and Pharmaceutical Companies, Academic & Research Institutes. The Hospitals and Diagnostics Center segment leads the market, as it is mainly propelled by numerous factors like rising government investments and technological developments.
Geographically the Europe Biochips market is partitioned into Germany, U.K, France, Spain, and Italy. Europe is the second largest market with a global share of 28% and is anticipated to grow at one of the utmost CAGRs during the forecast period due to various reasons such as easy access to latest technologies, a great patient pool, and promising government policies.
The significant companies ruling the Biochips market in this region are Agilent Technologies Inc., Fluidigm Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., GE Healthcare, Cepheid Inc., Illumina Inc., and Thermo Fisher Scientific Inc.
Scope of the Report:
The report offers an extensive examination of the business by giving the estimations of market potential and gauges with most extreme granularity. Along this, the variables persuasive in affecting the market flow and patterns are examined in detail at the item level. Further, the execution of the market at the territorial and nation level is evaluated and the prospects with high development potential are distinguished and discussed.
The key players in the business are profiled giving bits of knowledge on their money related execution, advertise position and development techniques. Similar investigation on prime strategical exercises of the market players depicting the key advancements like mergers and acquisitions, coordinated efforts and an assessment of the focused condition inside the business are given. The report additionally offers an expansive standpoint of the market alongside proposals from industry specialists on the open doors for speculation action.
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