Coherent Market Insights published a business research report on U.S. Biochip Product & Services Market: Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2022–2028. U.S. Biochip Product & Services Market with 150+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. The information is gathered based on modern floats and requests identified with the administrations and items.
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Biochips can be used to analyze various types of DNA and proteins. They are also useful for biological research. In particular, biochips can analyze antibodies and other proteins that make up biological samples. They also allow researchers to create a detailed profile of a patient. This technology can be used to detect disease and identify the genetic and cellular abnormalities within it. Some researchers have developed biochips that can detect diseases, such as cancer. These chips can also be used to detect the side effects of medications and alter the dosage to combat them.
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.
U.S. Biochip Products and Services Market: Drivers
Growing development of drugs is propelling 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.
Additionally, growing number of clinical trials is also expected to support 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.
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.
U.S. Biochip Products and Services Market: Restraints
Low adoption of biochips due to their high cost is projected to restrict growth of the market. The production 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.
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Additionally, side effects associated with biochip implants are not covered by medical insurance in the U.S., which is again expected to limit growth of the market.
|Base Year:||2019||Market Size in 2019:||US$ 5,161.8 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||10.1%||2027 Value Projection:||US$ 11,151.8 Mn|
|Companies covered (9):||Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, and AYOXXA Biosystems GmbH.|
|Restraints & Challenges:||
U.S. Biochip Products and Services Market: Opportunities
Emerging 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, growing prevalence of cancer is again projected 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.
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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.
Market Trends/Key Takeaways
Major players 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 Immuno Solid?phase Allergen Chip (ISAC) for nasal fluid as a noninvasive sampling method as allergy screening test.
U.S. Biochip Products and Services Market: Competitive Landscape
Key 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.
U.S. Biochip Products and Services Market: Key Developments
Key players in the market are focused on adopting partnership 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.
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