Surgical Chips Market Size was valued at USD 4.1 Billion in 2022. The Surgical Chips market industry is projected to grow from USD 4.46 Billion in 2023 to USD 8.69 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.70% during the forecast period (2023 - 2032).The major factors are the increase in attempts to reduce time costs and low investments during research throughout hospital and drug manufacturing activities; these are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Market CAGR for surgical chips is being driven by the rising acceptance of individualized healthcare. A form of recognizing integrated circuit device or RFID transponder that is implanted within a person's body is called a surgical chip. It is protected by silicate glass. A sub dermal implant typically includes a unique ID number that can be used to link data from an external database, including contact information, a person's identifying documents, medications, allergies, and medical history.
Additionally, the key features and the variables encouraging the expansion of the market are the rise in attempts to reduce time costs and low investments at the time of research at hospitals and drug manufacturing operations. The market size and development are being steered up by the funding received by the government and private organizations. The increased use of personalized medications encourages growth. The greatest obstacle to accelerating market growth is the level of rivalry among the major companies. The market faces difficulties as a result of the danger of new competitors entering the cutthroat market and their creation of a new, alternative product. A challenge to the market and the expansion of the surgical chip market is the rise in buyer and supplier negotiating. Aside from that, the competition within the business will either improve or worsen it, changing price patterns and becoming the most difficult issue.
The adoption of new technologies and the recognition of rising demand have created enormous potential opportunities for the surgical chips market. The market size has increased and the market's development has flourished due to the expansion of facilities for people with discretionary income. A considerable size expansion has created prospects for the market's growth as a result of rising clinic and D expenses as well as the adoption of new technological procedures. An enormous expansion of market potential resulted from the increase in revenue creation, which improved and facilitated the entry of more new important competitors into the market. Thus, result in driving the Surgical Chips market revenue.
The Surgical Chips market segmentation, based on type includes DNA Chips, Brain Chips, Lab Chips, Protein Chips, and Tissue Chip. The DNA chips dominated the market in the year 2022.DNA chips are used for the detection of genetic material such as DNA. It is a tool that helps in the rapid and accurate identification of genes, nucleotides, and other bimolecular. The technology has evolved over time with various innovations to perform multiple tests from a single sample.
The Surgical Chips market segmentation, based on Application, includes Cancer Diagnosis and Treatment, Gene Expression, SNP Genotyping, Genomics, Clinical Diagnostic, Others. The SNP genotyping category generated the most income. Genotyping methods that examine genomic sequence variants include SNP and SNV genotyping. In most cases, real-time PCR, microarrays, or next-generation sequencing (NGS) methods are used to find these single-base alterations. A single nucleotide variant (SNV) is a change to one nucleotide in the genome of a population.
The Surgical Chips market segmentation, based on End User, includes Hospitals, Research Centers, Others. The hospitals category generated the most income in 2022. Hospitals are anticipated to continue to dominate the market throughout the projected period due to the rising demand for minimally invasive procedures that aim to lessen pain and suffering. For minimally invasive procedures, sophisticated surgical tools are required, such as micro-electrode sensors that can be used during cardiac or brain surgery.
Figure1: Surgical Chips Market, by End User, 2022 & 2032 (USD Billion)Â
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Surgical Chips market area will dominate this market, due to elements including favorable reimbursement policies, expanding R&D, and rising healthcare costs. In addition, the growing number of establishing advanced medical services will boost market growth in this region.
Further, the principal nations examined in the market report are The US, Germany, Canada, France, the United Kingdom, Italy, Spain, Australia, South Korea, and Brazil.
Figure2: SURGICAL CHIPS MARKET SHARE BY REGION 2022 (USD Billion)Â
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Surgical Chips market accounts for the second-largest market share due to the demand for surgeries that are minimally invasive has increased due to an increase in surgical procedures, which will further propel regional expansion. Further, the German Surgical Chips market held the largest market share, and the UK Surgical Chips market was the European region's fastest-growing market.
The Asia-Pacific Surgical Chips Market has the fastest CAGR anticipated between 2023 and 2032. This is due of things like expanding medical tourism and bettering healthcare infrastructure. Additionally, large companies are investing more money into the market, which is helping it grow. Moreover, China’s Surgical Chips market held the largest market share, and the Indian Surgical Chips market was the Asia-Pacific region's fastest-growing market.
Surgical Chips Key Market Players & Competitive Insights
Leading market players are making large expenditures on research and development in order to expand their product lines, which will help the Surgical Chips market, grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments including the release of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. To grow and endure in an increasingly competitive and challenging market environment, Surgical Chipsindustry must offer cost-effective items.
One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the Surgical Chips industry to benefit clients and increase the market sector. In recent years, the Surgical Chips industry has offered some of the most significant advantages to cure medical disorders. Major players in the Surgical Chips market, including Abbott Laboratories (US), Agilent Technologies, Inc. (US), Perkinelmer, Inc. (US), Fluidigm Corporation (US), Illumina, Inc. (US), GE Healthcare (UK), Bio-Rad Laboratories Inc. (US), and others, are investing in operations related to research and development in an effort to improve market demand.
Abbott Laboratories is a worldwide American health care and medical equipment corporation with offices in Abbott Park, Illinois. Wallace With the purpose of developing well-known drugs, Chicago doctor Calvin Abbott founded the company in 1888; now, it offers medical supplies, diagnostics, branded generic drugs, and dietary supplements. The goods made by Abbott include Pedialyte, Similac, BinaxNOW, Ensure, Glucerna, ZonePerfect, FreeStyle Libre, i-STAT, and MitraClip. In 2022, Proclaim Plus, a versatile spinal cord stimulation device created by Abbott with the goal of treating chronic pain, has obtained FDA approval. The Proclaim Plus system has a recharge-free battery life of up to 10 years and can treat six different pain spots independently.
Agilent Technologies, Inc. is a multinational corporation with its headquarters in Santa Clara, California. It offers tools, software, services, and consumables for labs. As a division of Hewlett-Packard, Agilent was founded in 1999. The Agilent stock IPO that followed was at the time the biggest in Silicon Valley history. When that section of the business was spun off to establish Keysight, it created test and measurement equipment for electronics as well as optics (LED, laser), semiconductors, and EDA software. Since then, the business has kept growing by entering markets for pharmaceuticals, diagnostics & clinical, and university & government (research). The business has cutting-edge digital lab equipment and technology that enhances lab workflow and boosts overall effectiveness and production. In 2020, CrossLab Virtual Assist is mobile software that offers top-notch remote technical support, and it was introduced by Agilent. Agilent's digital advancements, such CrossLab Connect, have improved lab optimization and sustainability by enabling more efficient instrument use, which helps lower a lab's energy consumption.
Key Companies in the Surgical Chips market include
May 2021:Fluidigm unveiled CyTOF XT, a fourth-generation CyTOF device built for clinical trials that allows for system-level biology at single-cell resolution. With the aid of CyTOF technology, each cell can be distinguished from every other cell in the sample and has an excellent quality proteomic profile that also discloses the sample's heterogeneity. Proteomics sample bar-coding was additionally announced by Fluidigm.
February 2023:GE HealthCare was reported to have paid an undisclosed amount to purchase Caption Health, a manufacturer of AI medical technologies with its headquarters in San Mateo.
March 2021:PerkinElmer declared that it has acquired Oxford Immunotec PLC (Oxford Immunotec). The company made the announcement that it would buy Immunodiagnostic Systems Holdings PLC for $155 million and Nexcelom Bioscience for $260 million in May of that year. The company made the announcement that it will buy SIRION Biotech, an expert in viral vector gene delivery techniques, in June. The company revealed in July that it will pay $5.25 billion to purchase BioLegend.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 4.1 Billion |
| Market Size 2023 | USD 4.46 Billion |
| Market Size2032 | USD 8.69 Billion |
| Compound Annual Growth Rate (CAGR) | 8.70% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, End User, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | US, Canada, German, French, Italian, Spanish, British, Dutch, Australian, South Korean, and Brazilian |
| Key Companies Profiled | Â Abbott Laboratories (US), Agilent Technologies, Inc. (US), Perkinelmer, Inc. (US), Fluidigm Corporation (US), Illumina, Inc. (US), GE Healthcare (UK), Bio-Rad Laboratories Inc. (US) |
| Key Market Opportunities | Understanding the expanding needs and utilising new technologies has created enormous chances for the surgical chips business to expand. |
| Key Market Dynamics | The government and private organization’s funding is assisting in increasing the market's size and accelerating its growth. |
Surgical Chips Market Highlights:
Frequently Asked Questions (FAQ) :
The Surgical Chips market size was valued at USD 4.1 Billion in 2022.
The anticipated CAGR for the market is 8.70% during the forecast period, 2023-2032.
North America maintained the largest market share worldwide.
The main participants in the sector include Abbott Laboratories (US), Agilent Technologies, Inc. (US), Perkinelmer, Inc. (US), Fluidigm Corporation (US), Illumina, Inc. (US), GE Healthcare (UK), Bio-Rad Laboratories Inc. (US).
The DNA Chips category dominated the market in 2022.
In the market, hospitals held the largest share.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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