In Vitro and In Vivo Microelectrode Array Market: Introduction
- Microelectrode arrays are also known as multi-electrode arrays. Microelectrode arrays are devices, which have many (tens to thousands) shanks or plates also known as micro-electrodes. Neural signals are delivered by connecting neurons to electronic circuitry. Non-implantable microelectrode arrays are used in in vitro microelectrode arrays and implantable are used in in vivomicroelectrode arrays.
Key Drivers, Restrains, and Opportunities of Global In Vitro and In Vivo Microelectrode Array Market
- Cancer tissue detection is done using in vitro and in vivo microelectrode arrays. Increase in number of cancer patients across the world drives the global in vitro and in vivo microelectrode array market. According to the World Health Organization, International Agency for Research on Cancer, the estimated number of new cancer patients and deaths due to cancer in 2022 stood at 19.3 million and 9.96 million.
- Increase in incidence of pandemic diseases across the world drives the need of research & development and introduction of neurostimulation devices. This fuels the growth of the global in vitro and in vivo microelectrode array market.
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- Wide applications of 3D nanoparticle printing technology in vitro complementary metal–oxide–semiconductor-based microelectrode arrays and extensive use of microelectrode arrays in neuroscience research boost the growth of the market. Key players in the global In vitro and in vivo microelectrode array market are expanding their product portfolio with innovative products by acquiring companies and investing in facility expansion.
- Increase in innovations and technological advancements in in vitro and in vivo microelectrode arrays is projected to augment the market. However, intense competition from global players is anticipated to be a challenge for new entrants in the market.
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- Governments of developing countries are making significant investments to modernize health care infrastructure in their respective countries, which is likely to increase access to health care. This is expected to boost demand for in vitro and in vivo microelectrode arrays. Rise in prevalence of chronic diseases, such as cancer, in developing countries presents lucrative opportunities in the global in vitro and in vivo microelectrode array market.
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- North America is projected to capture major share of the global in vitro and in vivo microelectrode array market during the forecast period. This is attributed to increase in applications in neuroscience and surge in incidence of cancer. Moreover, well-established research & development institutes and hub for key industry players are the other drivers of the in vitro and in vivo microelectrode array market in the region.
- The in vitro and in vivo microelectrode array market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to rise in research & development institutes
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Key Players Operating in Global In Vitro and In Vivo Microelectrode Array Market
The global in vitro and in vivo microelectrode array market is highly consolidated due to the presence of small number of key players. These players hold major share in their respective regions. Growth strategies adopted by leading players are likely to drive the global in vitro and in vivo microelectrode array market.
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