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Asia Pacific Biochips Market Forecast 2019-2028

The Asia Pacific biochips market is anticipated to record a CAGR of 14.06% over the projected period of 2019-2028. Rising awareness towards precision and personalized medicines, an increase in the number of various genome sequencing projects in the region, and an upsurge in the adoption rate of biochips in the healthcare industry, are promoting the market growth.

The Asia Pacific biochips market growth is further studied by segmenting the region into Japan, Thailand, India, Australia & New Zealand, South Korea, Indonesia, China, Vietnam, and the rest of Asia Pacific that includes Sri Lanka, Malaysia, Singapore, Taiwan, and Hong Kong among others. In Indonesia, the prevalence of chronic diseases and increased demand for quick and accurate diagnosis can be enabled by biochip technology. Pharmaceutical companies may increase R&D in this region in the future, which will supplement the market growth. Thailand, with its strategic location, superb infrastructure, and substantial scientific capability, is home to many well-established tech labs and pharma companies, and is ready to accept the new trend of advanced biotech development.
In countries like Vietnam, a continuous increase in healthcare spending, together with the necessary modernization of the healthcare system, is estimated to augment market growth. The government aims to provide 100% insurance coverage to the population by 2030. Such developments are creating opportunities for medical devices and pharmaceutical producers, which may benefit the market. In Australia, the government funded a considerable amount for the development of organ-on-chip technology. New Zealand has a strong biological sector, and the country can compete internationally in the area of lab-on-a-chip. In Malaysia, the biochip market growth is driven by considerable R&D activities in the field of nanotechnology.

Agilent Technologies, Inc, F. Hoffmann-La Roche Ltd, bioMerieux S.A., Bio-Rad Laboratories Inc, Illumina, Inc, etc. are some of the prominent companies operating in the region.

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Asia Pacific Biochips Market Forecast 2019-2028
Published By :Inkwood Research
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