Biochips Market Regional Analysis:
North American Market Insights
North America region is likely to hold over 47.2% market share by 2035, impelled by 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 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 the market revenue. In addition, high funding for R&D activities in the healthcare sector will contribute to the expansion.
APAC Market Insights
The Asia Pacific biochips market is predicted to grow with the highest CAGR during the forecast period. The market growth is propelled by 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 will fuel the market growth.
