Advancements in the domain of molecular biology have paved way for the inflow of increased revenues within the global biochips market. The medical fraternity has embraced new technologies to analyse biological samples, and this trend shall usher an era of unhindered growth within the market. Biochips come in handy for a variety of experiments and tests within the field of pathology and microbiology. Furthermore, these chips offer accurate measurement of several biological parameters. The total volume of revenues within the global biochips market is set to increase by leaps and bounds.
- Improvements in diagnostic facilities have generated humongous revenues within the global biochips market. Biochips help in getting core insights about important biologic indicators. Moreover, bioterrorism agents can also be regulated with the help of biochips. The revenue index of the global biochips market is set to improve in the times to follow. Investments in diagnostic facilities have created fresh growth opportunities for vendors operating in the global biochips market.
- North America has witnessed noticeable advancements in medical diagnostics, and this is an important consideration from the standpoint of market growth. Medical tourism has emerged as an important media to popularise biochips and other related technologies across key regional territories.
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Biochips Market: Snapshot
The growing application of biochips in the medical sector for drug research, cancer treatment, and diagnostics has turned out to be the driving force behind the rapid growth of the global biochips market. This market has gained much prominence in a short span of time owing to the rising need for speedy, effective, low-cost, and accurate methods of decoding genes, detecting biomarkers, and performing complex biochemical reactions. The preference for compact biochips over conventional bulky instruments indicates the wide-spread acceptance and adoption of biochips that can facilitate multiple complex and analytical protocols in a rapid and inexpensive manner.
The market is headed for steady growth in the coming years with favorable economic reforms and significant growth in the pharma sector backing its progress. Large and established players have been benefiting from increasing investments in drug discovery and research. For start-up companies, however, regulatory barriers pose a tough challenge. Be that as it may, the global biochips market is projected to expand at a favorable pace of 16.9% from 2015 to 2023.
Crucial Role of Biochips in Drug Discovery and Development
Biochips are used in various applications, the key ones being genomics, drug discovery and development, in vitro diagnostics (IVD), and proteomics. Over the years, the development of biochips has increasingly influenced the growth of the miniaturization of products and the automation of processes. The application of biochips in drug discovery and development accounted for the largest share in 2014 at 27.2%. A slight dip in market share is likely to be observed by 2023, but the segment will continue its leading streak throughout the forecast period. Looking at the shares of each of the four application segments it can be deduced that the use and role of biochips in the aforementioned categories is equally vital. The IVD segment is projected to register the highest CAGR of 17.3% from 2015 to 2023, according to TMR.
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Declining Market Shares of Developed Regions Give Emerging Economies Hope
The geographical segmentation of the global biochips market includes Europe, North America, Asia Pacific, and Rest of the World (RoW). North America has been the largest revenue generator in the biochips market, accounting for a 30.7% share in 2014. Although the region is anticipated to lose market share by a slight percentage over the forecast period, it will continue to dominate the global market registering a 16.7% CAGR. Rising private equity investments in the biochips industry, the massive growth in the healthcare sector, and the increase in drug discovery and research are the key factors fueling the North American region’s competitive scenario.
Favorable economic reforms and surging mergers and acquisitions among major biochips companies are the leading driving forces of the Europe biochips market. This region, too, is anticipated to lose market share by revenue from 2015 to 2023. The Asia Pacific biochips market, on the other hand, is forecast to witness a sure albeit small rise in market share by revenue by the end of the forecast period. The rising application of biochips in the automation of various processes is driving the APAC market, especially in countries such as Japan, India, and China. The region is anticipated to expand at a 17.0% CAGR from 2015 to 2023.
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Major Advancements in Molecular Diagnostics Market to Propel Growth of Biochips Market
The interest inside the worldwide biochips market has been ascending by virtue of progressions in the space of atomic science and testing. The production of biochips was a progressive accomplishment for the innovative area, and the market merchants are as yet procuring incomes through it. An enormous number of elements need to use the rewarding idea of the market for their potential benefit will bode well for this market, coupled with the increasing advancements in molecular diagnostics. The section of new producers of biochips in the market has disturbed the serious elements of the market. The degree of discontinuity in the worldwide biochips market has expanded as no single seller has a lot of the market.
The premium inside the overall biochips market has been rising by ideals of movements in the space of nuclear science and testing. The creation of biochips was a reformist achievement for the imaginative zone, and the market shippers are at this point acquiring salaries through it. The resistance in the overall biochips market is needed to climb in the years to follow. This is because a huge number of components need to utilize the remunerating thought of the market for their expected advantage. The segment of new makers of biochips in the market has upset the genuine components of the market. The level of brokenness in the overall biochips market has extended as no single merchant has a great deal of the market.
The worldwide biochips market is projected to grow in size and expansion in incomes throughout the impending years. This significantly owes to the expanding utilization of biochips in the clinical business. These chips can be implanted inside the body to track and screen various clinical boundaries. Moreover, the requirement for improved diagnostics and treatment is likewise projected to get voluminous incomes into the worldwide biochips market.
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