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U.S. Biochip Product and Services Market Analysis (2020-2027)

Read here the market research report on the u201cU.S. Biochip Product & Services Market" published by CMI Team

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U.S. Biochip Product and Services Market Analysis (2020-2027)

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. U.S. BIOCHIP PRODUCT & SERVICES MARKET ANALYSIS (2020-2027) • U.S. Biochip Product & Services Market, By Type (Products (Microarrays, Reagents & other Consumables, Others), Services), By Application (Drug Discovery, Life Science Research, IVD Tests, Others) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. Biochips are miniaturized laboratories used to conduct several simultaneous biochemical reactions. A biochip comprises mainly three types: DNA microarray, protein microarray, and microfluidic chip. Biochips are used to detect and quantify molecular complexes. Statistics: • The U.S. biochip products and services market is estimated to account for US$ 11,151.8 Mn in terms of value by the end of 2027.

  4. U.S. Biochip Products and Services Market: Drivers • Increasing development of drugs is expected to propel growth of the U.S. biochip products and services market over the forecast period. For instance, , according to Pharmaceutical Research and Manufacturers of America, over 750 orphan drugs were approved in the U.S. in 2018, compared to over 600 in 2017. • Moreover, increasing number of clinical trials is also expected to aid in growth of the market. For instance, according to the U.S. National Library of Medicine, the number of clinical trials conducted in the U.S. increased from 30,978 in 2018 to 32,523 in 2019.

  5. Statistics: • Products segment held dominant position in the U.S. biochip products and services market in 2019, accounting for 67.7% share in terms of value.

  6. Figure 1. U.S. Biochip Products and Services Market Share (%) Value, by Type, 2019

  7. U.S. Biochip Products and Services Market: Restraints • Low commercial acceptability of biochips due to their high cost is expected to hinder growth of the market. The manufacturing process of biochip requires specialized techniques of surface chemistry. The process also requires highly sophisticated devices such as integrated electronic devices and micromechanical devices. These devices are expensive, in terms of both purchasing as well as handling cost. For example, the retail price of a single human biochip costs around US$ 400 to US$ 500. • Moreover, side effects related to biochip implants are not covered by medical insurance in the U.S., which is also expected to limit growth of the market.

  8. U.S. Biochip Products and Services Market: Opportunities • New applications of biochips are expected to offer lucrative growth opportunities for players in the U.S. biochip products and services market. Biochips can be used to array protein substrates, used to track the interactions and activities of proteins and to determine their functions. The process is highly useful in diagnostic tests and drug lead screening. • Moreover, increasing prevalence of cancer is also expected to aid in growth of the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.

  9. Statistics: • The U.S. biochip products and services market was valued at US$ 5,161.8 Mn in 2019 and is forecast to reach a value of US$ 11,151.8 Mn by 2027 at a CAGR of 10.1% between 2020 and 2027.

  10. Figure 2: U.S. Biochip Products and Services Market Value (US$ Bn), 2016 – 2027

  11. Market Trends/Key Takeaways • Major players in the market are focused on development of fast, reliable COVID-19 test. For instance, in February 2020, Surfix B.V. partnered with Qurin Diagnostics B.V. and LioniX International B.V. for development of COVID-19 diagnosis and immunity detection test in collaboration with PhotonDelta. • Biochip products can find application in allergy diagnostics. For instance, in April 2020, researchers from Technical University of Munich reported use of ImmunoSolid?phase Allergen Chip (ISAC) for nasal fluid as a noninvasive sampling method as allergy screening test.

  12. U.S. Biochip Products and Services Market: Competitive Landscape Major players operating in the U.S. biochip products and services market include, Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, and AYOXXA Biosystems GmbH.

  13. U.S. Biochip Products and Services Market: Key Developments Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in March 2020, MGI Tech Co., Ltd partnered with SkyWater Technology, a DMEA-accredited Category 1A Trusted Foundry, under which the later will provide critical components used by MGI’s DNA sequencing system DNBSEQ-T7. Major players in the market are also focused on product launch to expand their product portfolio. For instance, in June 2019, AYOXXA Biosystems GmbH launched its next generation LUNARISTM Reader in two different models, LUNARISTM Reader 96 for up to 96 samples and LUNARISTM Reader 384 scalable for up to 384 samples.

  14. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • Buy Now Reference: https://www.coherentmarketinsights.com/market-insight/us-biochip-product-and-services-market-3899

  15. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

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