According to the research literature titled ‘GLOBAL Biochips Market 2019-2027’, available with Market Study Report, global biochips market is projected to register an annual growth rate of 19.32% CAGR during the forecast period 2019-2027.
 

As per the research findings, growing demand for personalized medicines, surge in cases & treatment of cancer, continuous increase in healthcare expenditure, and rising investments in biotechnology R&D are the major factors supporting global biochips market growth.
 

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Moreover, advancements in biochips technology and expanding application areas are expected to present new growth opportunities in the upcoming years. However, lack of standardized regulatory guidelines, cost constraints, and availability of substitute technologies are impeding business development.
 

Based on type, global biochips industry is fragmented into DNA chips, lab on a chip protein chips and others. In terms of substrate material, the market is split into polymers, glass, silicon, and others. Moving on, the end user segmentation comprises hospitals and diagnostics centers, biotechnology and pharmaceutical companies, and academic and research institute.
 

From a geographical perspective, are North America (United States, Canada), Europe (France, Italy, Spain, Germany, Russia), Middle East & Africa (Saudi Arabia, United Arab Emirates, Turkey, South Africa), Latin America (Brazil, Mexico) and Asia Pacific (India, South Korea, Japan, Australia & New Zealand, ASEAN countries) are the key contributors to the worldwide biochips market value.
 

Expert analysts and researchers cite that North America held majority of the industry share in the recent past and will likely gain considerable traction in the upcoming years, creditable to escalating demand for personalized medicine and inflowing investments in biotechnology R&D.
 

Prominent players in global biochips industry sphere are Thermo Fisher Scientific Inc., Samsung Electronics Inc., PerkinElmer Inc., OriGene Technologies Inc., Merck KGaA, Imgenex, Illumina Inc., Gamida for life Group, Fluidigm Corp., Cybrdi Inc., Cepheid, Bio-Rad Laboratories, Inc., BioMérieux, BioChain Institute Inc., and Agilent Technologies Inc.