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:
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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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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