U.S. BIOCHIP PRODUCT & SERVICES MARKET ANALYSIS| Coherent Market Insights

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U.S. BIOCHIP PRODUCT SERVICES MARKET ANALYSIS

• 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
• 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.

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• 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.

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

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• 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.

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• 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.
• 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.
• 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.

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• 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.
• 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 MGIs 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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