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) is estimated to be valued at US$ 7.6 Billion in 2023 and is expected to exhibit a CAGR of 10.6% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focused on adopting inorganic growth strategies such as partnership, which is expected to drive the U.S. biochip product & services market during the forecast period. For instance, in March 2020, MGI Tech Co., Ltd is biotechnology company partnered with SkyWater Technology, a DMEA-accredited Category 1A Trusted Foundry, under which the latter provides critical components used by MGI’s DNA sequencing system DNBSEQ-T7.
U.S. Biochip Product & Services Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of equipment from one place to another.
COVID-19 had a positive impact on the U.S. Biochip Product & Services market. For instance, in October 2020, computer scientists, electrical engineers, and biomedical engineers at the University of California, Irvine created a new lab-on-a-chip that can help study tumor heterogeneity to reduce resistance to cancer therapies.
U.S. Biochip Product & Services Market: Key Developments
In January 2022, researchers from the Universidad Politécnica de Madrid (UPM), and the Universidad Carlos III de Madrid (UC3M), developed a new biochip that simplifies the manufacturing process of in-vitro skin and other multilayer tissues in a laboratory.
In May 2021, Sphere Fluidics, which is a U.K.-based life science company, developed microfluidic biochip technology, which is useful for the analysis of isolated sales.
In January 2020, North American Specialty Hospital (NASH) developed the in U.S.-Mexico cross-border medical service aimed at self-insured employers. The company offers pre-and post-operative care in the U.S., with surgery performed in Mexico by U.S. doctors at internationally accredited hospitals.
In September 2020, Nutcracker Therapeutics, Inc., an early-stage biotech disrupter developing mRNA-based therapeutic drug product including a proprietary, microfluidic, biochip-based platform, raised USD 60 Million in a Series B funding round led by Arch Venture Partners.
Browse 8 Market Data Tables and 12 Figures spread through 135 Pages and in-depth TOC on “U.S. Biochip Product & Services Market”- Forecast to 2030, 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).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/us-biochip-product-and-services-market-3899
Key Takeaways of the U.S. Biochip Product & Services Market:
- The U.S. Biochip Product & Services market is expected to exhibit a CAGR of 6% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the U.S. Biochip Product & Services market. The spread of outbound medical tourism services has been driven by high public awareness of cancer disease in developed economies such as the U.S.
- Among type, the product type is expected to dominate the market over the forecast period and this is attributed to the bimolecular operations done in lab-on-chips providing ultra-fast virus and bacteria detection technology, which is very much useful for molecular biology. For instance, in November 2021, researchers from the Disruptive and Sustainable Technologies for Agricultural Precision (DiSTAP) Interdisciplinary Research Group (IRG) of Singapore-MIT Alliance for Research and Technology (SMART), and their local collaborators from Temasek Life Sciences Laboratory (TLL), developed a rapid Raman spectroscopy-based method for detecting and quantifying early bacterial infection in crops. The Raman spectral biomarkers and diagnostic algorithm enable the noninvasive and early diagnosis of bacterial infections in crop plants, which can be critical for the progress of plant disease management and agricultural productivity.
- Major players operating in the U.S. Biochip Product & Services market include Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, GE Healthcare, Hoffmann-La Roche Ltd and AYOXXA Biosystems GmbH.
