According to a recent report published by Orbis Research, the Asia-Pacific biochips market was worth $1.73 billion in 2016 and estimated to be growing at a CAGR of 22.94%, to reach $4.86 billion by 2021. The medicinal importance of miniaturised biological microarray chips, generally known as biochips, has produced a transforming effect on the global healthcare industry. The extensive variety of biochip applications and products have propelled the growth of the market at an extraordinary level.
The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period due to various reasons such as easy access to latest technologies, a large patient pool, and promising government schemes. China and India are projected to be the fastest growing markets in this region.
The recent developments in the global biochips market include the outsourcing of biochips technology, which would aid in decreasing labor cost and capital prerequisites.
China Med Device, LLC, specializing in providing turn-key solutions for medtech companies entry into China, brings you up-to-date information on medical industry trends in China and related regions. If you have any feedback, please email us at info@ChinaMedDevice.com or visit us at www.ChinaMedDevice.com.