This report provides exclusive insights into the COVID-19 impact on the Biochip Products Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Biochip Products Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Biochip Products Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on biochip products market provides an in-depth analysis of segments and sub-segments in global as well as regional biochip products market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biochip products market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global biochip products market. According to the report, the global biochip products market is projected to grow at a CAGR of 17.05% over the forecast period of 2018-2024.
Biochip is a small-scale device that is a collection of microarrays arranged on a solid substrate that allows many tests to be performed at the same time. The biochip is developed to enable large-scale genomic, proteomic and functional genomic analyses. A biochip comprises mainly three types such as DNA microarray, protein microarray, and microfluidic chip. Lab-on-a-chip (LOC) system is produced with the integration of microarray and microfluidic systems. The biochip is analogous to an integrated circuit that is constructed to analyze organic molecules associated with living organisms. Furthermore, advances of nanotechnology have continuously reduced the size of the biochip. Operations performed by biochip are faster and powerful and biochip can perform thousands of biological reactions in one second.
Technological advances of nanotechnology have continuously reduced the size of the biochip that is, in turn, reduced the manufacturing cost, and increased the high throughput capability that is helpful to drive the growth of biochip products market. Furthermore, increasing applications in drug discovery, proteomics, and genomics are boosting the growth of biochip products market. In addition, an incidence of cancer has been increased so the development of targeted and personalized medicines for the treatment of cancer boosts the growth of biochip products. Moreover, increased government funding and R&D investment in biotechnology drive the growth of biochip products market. Significant growth in the healthcare expenditure across geographies fuels the growth of biochip products market. However, lack of awareness about biochip technology and fabrication of biochips hampers the growth of biochip products market. Growing applications of biochip are providing a beneficial opportunity for biochip products market.
Among the geography, North America region dominated the biochip products market owing to investment in the pharmaceutical and biotechnology sector, coupled with the rising market demand for precision medicine. Growing adoption of the biochip and increasing prevalence of lifestyle diseases drives the growth of biochip products market in the North America region. Furthermore, the Asia-Pacific region is expected as the fastest growing region owing to easy access to the largest technologies and government initiatives. In addition, countries such as India, China, and Singapore are the most preferred locations for the manufacturing facilities of biochip products.
The report on global biochip products market covers segments such as product type, technology, and application. On the basis of product type, the global biochip products market is categorized into DNA chips, protein chips, lab-on-a-chip, and others (cell arrays & tissue arrays). On the basis of technology, the global biochip products market is categorized into microfluidics and microarray. On the basis of application, the global biochip products market is categorized into genomics, proteomics, drug discovery & development, and in-vitro diagnostics.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-Pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the biochip products market. As a result, the APAC region is projected to experience growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global biochip products market such as Fluidigm Corporation, Life Technologies Corporation, Agilent Technologies, Inc., GE Healthcare, Thermo Fisher Scientific Inc, Roche Diagnostics, HORIBA, Ltd., QIAGEN, Illumina, Inc., and PerkinElmer, Inc.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global biochip products market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of biochip products market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the biochip products market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the biochip products market to understand the present and future trends in this market and formulate their strategies accordingly.