The Biochip products research, manufacturing and service is estimated to reach US$11,151.8 Mn in terms of valuation, as increasing prevalence of chronic disorders, increasing research & development, and adoption of expansion strategies from major companies are the major factors behind the driving force of the exponential growth in the Biochip market.
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Description:
Statistics:
Accounting for 67.7% share in terms of value, products segment held dominant position in the U.S. biochip products and services market in 2019. As per the report, the U.S. biochip products and services market is estimated to account for US$ 11,151.8 Mn in terms of value by the end of 2027.

Drivers for U.S. Biochip Products and Services Market:
Increasing development of drugs, as, over 750 orphan drugs were approved in the U.S. in 2018, compared to over 600 in 2017. From 30,978 in 2018 to 32,523 in 2019, increasing number of clinical trials is also expected to aid in growth of the market.
Opportunities for U.S. Biochip Products and Services Market: New applications along with increasing prevalence of cancer is also expected to aid in growth opportunities for players in the U.S. biochip products and services market.
Restraints of U.S. Biochip Products and Services Market: Mass spectrometry and polymerase chain reaction are the key alternatives to the U.S. Biochip Products. Low commercial acceptability of biochips due to their high cost is also a major restraint on the Biochip market as, for now, retail price of a single human biochip costs around US$ 400 to US$ 500. An un availability of insurance coverage for the side effects related to Biochip implants is laso the major hurdles to pass.
Key Takeaways: The U.S. Biochip Products and Services market size was valued at US$ 5,161.8 million in 2019 and is estimated to exhibit a CAGR of 10.1% between 2020 and 2027. Products segment held the major market share in 2019 owing to an increasing technological advancement in product design is expected to propel growth of the market. Major factor driving the growth of U.S. Biochip Products and Services market during the forecast period increasing prevalence of chronic disorders, increasing research & development, and adoption of expansion strategies from major companies. Some of the key players operating in the market are Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, and AYOXXA Biosystems GmbH.
Geographies covered: North America: U.S.
Segments covered by Type:
-Products: Microarrays, Reagents & other Consumables, Others.
-Services
-By Application: Drug Discovery, Life Science Research, IVD Tests, Others
Companies covered (9): Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, and AYOXXA Biosystems GmbH.

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