Albany, NY -- (SBWIRE) -- 12/21/2018 -- A report titled, "Biochip: Global Markets to 2023," added by ResearchMoz.us to their vast repository, presents an in-depth study of this market by covering various associated factors. The report acts as a valuable insight to all businesses working in this field.
Rising Demand for Quality Medical Treatments Pushes Growth in Market
Widespread advancements occurring in the various industries such as pharmaceutical, animal testing, disease diagnoses, and others, are primarily responsible for driving the global biochip market. This is mainly due to the fact that biochips form an important component of various equipment used in these industries. With a dramatic rise in the demand for personalized medicine occurring in recent times coupled with rampant progress happening in the biotechnological applications for medical care too is responsible for making the market grow at a significant pace.
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In addition, a rise in the awareness among the consumers related to the benefits of using biochips is estimated to push the demand of these devices across the globe. With increasing number of developing economies across the globe, the market will be likely to witness substantial growth in the upcoming future. A surge in adoption of latest biomedical technologies in North America and Europe has made the market mushroom at a spectacular pace.
Presence of Dicey Regulatory Framework Stunts Expansion
However, a weak regulatory framework exists to manage the proliferation of biochips' use in different applications. This is a key factor restraining the global biochips market. Moreover, high costs needed to set up necessary instrumentation for manufacturing as well as installing biochips in a variety of devices too hinders the market from a financial perspective. This is mainly due to the fact that such costs might push up the expense of end products and services, thereby discouraging those having less disposable income from opting for their use. Moreover, fluctuation in availability of raw materials in remote and underdeveloped regions needed to manufacture the biochip components also exists as a prime obstacle for the biochip market's progress. In addition, the increasing complexity of biological systems is another key factor hampering the overall growth of the market throughout the forecast period.
The global biochips market depicts the presence of a highly competitive and fragmented vendor landscape, mainly due to the presence of numerous players. Many local players are making it tough for the renowned and international companies to grow in sector, by attempting to regulate costs of their biochip products. Several businesses are also focused on improving their product portfolios, facilitating product differentiation, and improving regional spread. Illumina, Inc., Danaher Corp., Thermo Fisher Scientific, Inc., Roche Holding AG, and QIAGEN N.V., are key players operating in the global biochip market. With an increase in the number of players expected to occur in the near future, the competition is likely to further intensify.
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