U.S. BIOCHIP PRODUCT AND SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

U.S. Biochip Product & Services Market – Driver

Increasing approval of drugs in the U.S.

Increasing approval of drugs in the U.S. Is expected to propel growth of the U.S. biochip product & services market over the forecast period. For instance, according to Pharmaceutical Research and Manufacturers of America on February 13, 2023, Reported the FDA approved 257 new drugs, including 127 (49.4%) orphan and 130 (50.6%) non-orphan drugs in 2017–2021.

Increasing number of clinical trials

Increasing number of clinical trials for biochip products is also expected to aid in the growth of the market. Clinical studies are an important part of drug development in the U.S. The number of registered clinical trials has increased significantly in recent years. For instance, according to the U.S. National Library of Medicine in July 2022, the number of clinical trials conducted in the U.S. increased from 17,978 in 2020 to 22,342 in 2021.

U.S. Biochip Product & Services Market: Restraint

Low commercial acceptability of biochips due to their high cost

Low commercial acceptability of biochips due to their high cost is expected to hinder the growth of the market. The manufacturing process of biochips 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 costs. For instance, in October 2020, AYOXXA Biosystems GmbH is a biotechnology company,  launched LUNARISTM Chemokine Kits for the exploration of human (Human 11-Plex) and murine (Mouse-12-Plex) chemokine signaling pathways. The retail price of a single human biochip cost around US$ 400 to US$ 500.

Market Players are taking initiatives to launch cost-effective products.

Biochip products can find applications in allergy diagnostics

Biochip products can find application in allergy diagnostics and is expected to propel the growth of the U.S. Biochip Product & Services market over the forecast period. For instance, in April 2020, researchers from the Technical University of Munich reported the use of Immuno Solid phase Allergen Chip (ISAC) for nasal fluid as a noninvasive sampling method as allergy screening test.

Restraints & Challenges:

• Low commercial acceptability of biochips due to their high cost