Global Biochips Product Market is valued approximately at USD 15 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 18.5% over the forecast period . In recent years, the demand for biochips products has been witnessed significant growth in the healthcare sector. Biochips are a type of miniaturized medical device used in molecular laboratories to perform several biochemical reactions simultaneously. Biochips are often used in the rapid screening of biological analytes for a wide range of applications such as drug screening and development, and molecular diagnostics. It is designed with the help of microarray and microfluidic technologies, among which digital microfluid biochip is extremely effective, and has gained immense popularity in the biochemical field. Further, biochips possess some unique features including, integrated intelligence, speed, low cost, complexity and redundancy. Owed to these benefits, they are extensively utilized for the detection of cancer & other diseases, and to offer personalized medicines in the industry.
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Thus, rise in the prevalence of cancer and immunological disorders, increasing adoption of personalized medicine and growing number of elderly populations are the few factors responsible for high CAGR of the market over the forecast period. According to the International Agency for Research on Cancer (IARC), in 2018, there were around 17.0 million new cancer cases and 9.5 million cancer deaths registered throughout the world. Also, the global burden of cancer is expected to grow to almost 27.5 million new cancer cases and 16.3 million cancer deaths by 2040.This, in turn, is expected to accelerate the demand for biochips product to screening cancer cells, thus contributing to the growth of the global market. However, high cost of biochip and lack of awareness about it in emerging nations are the few factors expected to hamper the growth of the market over the forecast period of 2020-2026.
The regional analysis of global Biochips Product market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rising prevalence of lifestyle diseases and cardiac disorder, along with the presence of well-developed healthcare infrastructure in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to the large presence of aging population and improvement in patient awareness about biochips in the countries like China and India.
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