Biochips Market Size to grow by USD 72273.7 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Biochips Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global biochips market is a segment of the expansive global biotechnology industry, which encompasses businesses involved in the research and development (R&D) or manufacturing of various biotechnology products, including biologics, biosimilars, bio-betters, and biotech reagents. The size of the global biotechnology market is determined by Technavio through the consolidated revenue generated by providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Factors driving the growth of the global biotechnology market include the increasing global population aging, with the proportion of those above 60 years projected to rise significantly. - The Biochips Market is experiencing significant growth, fueled by the Growing applications of microarray biochips in drug discovery. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Growing applications of microarray biochips in drug discovery
  • Increase in market presence of market players with collaboration strategy
  • High costs associated with biochip R and D
  • Lack of standardization in biochip manufacturing and testing
• Growth Projections

The market size is estimated to grow by USD 72273.7 million, at a CAGR of 30.73% during the forecast period. In the realm of biochips, microarray technology holds significant importance, particularly in genomics and proteomics research. This technology enables the simultaneous analysis of numerous bioentities, including DNA, proteins, and chemicals. The various types of microarrays, such as DNA microarrays, protein microarrays, and chemical microarrays, are vital for scientific discovery and are experiencing increasing demand. Presently, there is a pressing requirement to identify and assess the activity of a large number of chemicals against multiple biological targets in an efficient and cost-effective manner. The application of chemical microarrays poses a challenge due to their capacity to detect and evaluate small molecules as potential therapeutic agents.

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• Regional Insights

In the global biochips market, North America emerged as the leading geographical segment in 2022, contributing significantly to both value and volume. This dominance is primarily attributed to the region's advanced infrastructure for medical research, particularly in the fields of genomics and proteomics. The well-established healthcare sector in North America, marked by recent innovations and technological advancements, has been a key driver for the market. Notably, the region's rapid progress in robotics, drug formulations, and microarray technology has significantly influenced the demand for biochips in gene identification, DNA sequencing, and various diagnostic applications.

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