Biochips Market Share

North American Market Forecast   

The North American biochips market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the increasing frequency of cancer amongst several people, followed by the rising burden of numerous types of chronic disorders in the region. For instance, in 2022, 6 out of 10 adults in the United States had a chronic disease, while 4 out of 10 adults had two or more chronic disorders. Further, the growing adoption and availability of precision medicine is another major factor that is estimated to radically drive the market growth. For instance, based on a report’s figures, in the United States, the available number of personalized medicines in the market has increased from 135 in 2016 to 289 by 2020. Moreover, an efficient public health care system and the availability of advanced technologies which promote the application of biochips for the discovery of new drugs are some more factors that are projected to boost market growth further throughout the forecast period in the region. In addition to this, high funding for R&D activities in the healthcare sector is projected to contribute to market growth in the region.

APAC Market Statistics

The Asia Pacific biochips market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The growth of the market can be attributed majorly to the expanding access to advanced technologies in healthcare, followed by the surging patient pool which requires the early detection of disorders. Moreover, increasing investments in the R&D of medical technologies is another significant factor that is anticipated to propel the growth of the market in the APAC region.