The Latin America Biochips Market Market was worth $0.69 billion in 2016 and estimated to be growing at a CAGR of 18.34%, to reach $1.61 billion by 2021.
Hyderabad, India -- (SBWIRE) -- 03/15/2018 -- Biochips are an accumulation of microarrays which are masterminded on a strong substrate that empowers various biochemical reactions, for example, translating of genes in no time. Furthermore, biochips are intended to work in organic situations and are equipped for identifying and estimating countless and perform complex biochemical reactions at the same time with a limited ability to focus time.
There have been impressive progressions in the biotechnology business because of the expanding use of biochips. What's more, biochips are to a great extent utilized for exploring in drug delivery and improvement, genomics, proteomics, and molecular diagnostics. Biochips help in dissecting natural atoms identified with living life forms. Accordingly, they help in distinguishing quality groupings, ecological poisons, airborne poisons, and other biochemical constituents.
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The Latin America Biochips Market was worth $0.69 billion in 2016 and estimated to be growing at a CAGR of 18.34%, to reach $1.61 billion by 2021. Latin American economies are on the rise and with that, there's an unprecedented growth in the investments in Research and Development.
Brazil is the biggest market for Biochips, trailed by Mexico, Colombia, and Argentina. Except for Brazil and Mexico, the therapeutic administrative condition in this district is conflicting when contrasted with created nations. The current improvements in the biochips showcase incorporate the outsourcing of biochips innovation, which would help in diminishing work cost and capital requirements.
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The growth of the Latin America Biochips Market is mainly driven by factors such as an increased application in the cancer study, the surge in the utilization of personalized medicine, and increased commercial uses of biochips. However, factors such as an availability of substitute technologies, low commercial suitability due to higher costs, and standardization concerns are restraining the growth of the market 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.
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The major companies dominating the Biochips market in this region are Thermo Fisher Scientific Inc, Illumina Inc, PerkinElmer Inc, Fluidigm Corporation, GE Healthcare, Cepheid Inc, Bio-Rad Laboratories Inc, and Agilent Technologies Inc.
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