Albany, NY -- (SBWIRE) -- 04/17/2019 -- The global biochips market is considered as a highly fragmented market with a large number of international and domestic players operating across the globe, states a new report presented by Transparency Market Research. Innovations and technological advancements are predicted to support the growth of the overall market throughout the forecast period.
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The entry of new players, rising number of mergers and acquisitions, and the development of new products are some of the key strategies that are being adopted by the leading players that are estimated to enhance the market penetration in the coming few years. In addition to this, the key players in the market are likely to emphasize on targeting the developing economies, which holds immense growth opportunities. Thanks to these, the market is projected to enhance the competitive landscape of the market in the next few years. The players engaged in the biochips market across the globe are Agilent Technologies Inc., Illumina Inc., Cepheid Inc., GE Healthcare Ltd., Affymetrix Inc., and Fluidigm Corporation.
In 2014, the global biochips market stood at US$5.7 bn and is projected to reach US$22.2 bn by 2023. The market is further estimated to exhibit a promising 16.90% CAGR between 2015 and 2023, states the research study by Transparency Market Research. The North America market for biochips is likely to lead and hold a key share of the market in the next few years. The rise in the demand for biochips from the healthcare sector is expected to support the market growth in North America and register a healthy 16.70% CAGR between 2015 and 2023.
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A significant rise in the adoption of personalized medicine and the increasing focus on technological advancements are the key factors that are projected to encourage the development of the global biochips market throughout the forecast period. The rise in the number of applications, thanks to the rising research activities is likely to support the growth of the market in the near future. In addition to this, the rise in the awareness among the consumers related to the benefits of using biochips is estimated to push the demand across the globe.