Surgical Chips Market Size, Share, Growth, And Industry Analysis By Type (DNA Chips, Brain Chips, Lab Chips, Protein Chips, Tissue Chip, Surgical Chips) By Application (Hospitals, Research Centers, Clinics, Others) and Regional Forecast By 2031

Updated On: 29 April 2024

Surgical Chips Market Report Overview

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The global Surgical Chips market size USD 4688.1 million in 2022. As per research the market is expected to generate USD 6793.62 million by 2031, growing at a CAGR of 4.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the Surgical Chips market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A surgical chip is a sort of RFID transponder or recognising coordinated circuit device that is inserted into a person's body and encased in silicate glass. A sub dermal implant typically has a unique ID number that may be linked to information in an external database about a patient's medications, allergies, medical history, and contact details.

One of the key reasons anticipated driving the growth and demand for surgical chips is the rise in efforts to reduce the time and money spent on research activities in the medical and drug discovery domains. Over the projection period of 2021 to 2031, it is also projected that significant expenditures made by governments and commercial companies in the development of DNA chips would fuel market growth for surgical chips globally. Similar to how more people using personalised medication is anticipated to boost market expansion. Additionally, the increase in disposable income is anticipated to play a crucial role in the market expansion for surgical chips.

COVID-19 Impact: Covid-19 Pandemic Is Causing Production And Supply Chain Disruptions Limits Market Growth

The pandemic outbreak affected about half of the world's population and more than two million individuals in total. The need for diagnostics, personal protective equipment, and several essential medical supplies decreased as a result of this epidemic. The pandemic even imposed certain restrictions on some of the corporate resources used by the majority of enterprises. Additionally, it undermined consumer trust, affected the market's value chain and supply chain scenario, and others. Even so, it had a significant financial and economic influence on the market. It caused surgical chip market size, market structure, some opportunities, and strategic analyses of the top competitors to be hindered, which had a significant influence on market growth. Different recovery possibilities, such as low reference and fast growth, are discussed by COVID. The COVID-19 outbreak has had a significant negative impact on the market for surgical chips' whole supply chain. The market for surgical chips has been impacted by the stoppage of manufacturing and end-use sector activities. The epidemic has had an impact on the industry's overall growth. The COVID-19 pandemic's sudden emergence in 2020 and the beginning of 2021 had prompted the adoption of strict lockdown laws in a number of countries, which had caused delays in the import and export of surgical chips.

Latest Trends

"Lung-Related Applications Are Anticipated To Show A Significant Growth Over The Forecast Period"

A sophisticated, three-dimensional representation of a functioning human lung is present on a microchip thanks to the lung-on-chip technology. This gadget, which is composed of cells from human blood vessels and lungs, can simulate an inflammatory response brought on by microbial infections and forecast the absorption of airborne nanoparticles. Additionally, the apparatus may be used to assess the impacts of environmental pollutants, the absorption of therapeutic aerosols, and the security and effectiveness of novel medications. Lung-on-chip provides a new in-vitro method for drug screening by simulating the complex mechanical and metabolic behaviours of a human lung by combining microfabrication methods with contemporary tissue engineering.

Surgical Chips Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into DNA Chips, Brain Chips, Lab Chips, Protein Chips, Tissue Chip, and Surgical Chips. DNA Chips is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Hospitals, Research Centers, Clinics, Others. Hospitals will be the leading segment.

Driving Factors

"Rise In Attempts To Reduce Time Costs And Cheap Investments Fuel Market Expansion"

The key features and the variables encouraging the expansion of the market are the rise in attempts to reduce time costs and cheap investments at the time of research at hospitals and medication manufacturing operations. The market size and growth are being steered up by the funding obtained by the government and private organisations. The increased use of personalised medications encourages growth.

"Rising Demand Adoption Of New Technologies And The Recognition Fuel Market Expansion"

The adoption of new technologies and the recognition of rising demand have created enormous potential prospects for the surgical chips industry. The market size has increased and the market's development has flourished due to the expansion of facilities for people with discretionary money. A considerable size expansion has created prospects for the market's growth as a result of rising clinic & D costs 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.

Restraining Factors

"Lack Of Qualified Experts Hamper The Market Growth"

Growth in the business has been constrained by a lack of qualified experts. The expansion of the sector is hampered by a lack of appropriate regulations and a rapid increase in instrumentation prices. Uncertain regulatory requirements and expensive instrumentation costs are predicted to restrain the expansion of the surgical chips market, while a shortage of qualified professionals would hamper it.

Surgical Chips Market Regional Insights

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"North America Is Anticipated To Have The Largest Market Share Over The Forecast Period"

Over the forecast period, North America is expected to lead the market. In North America, the United States holds the largest market share thanks to increased R&D expenditures on biotechnology and medication discovery. Due to factors like the availability of a broad range of services provided by major players, which include customised designing of new chips with specific organ arrangements and an increase in toxicological testing of chemicals on the various types of organ cells, it dominates the organ-on-chip market. Public and corporate institutions are making large expenditures in their research.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Abbott Laboratories (U.S.)
• Agilent Technologies (U.S.)
• Perkinelmer (U.S.)
• Fluidigm (U.S.)
• GE Healthcare (U.S.)
• Bio-Rad Laboratories (U.S.)
• Cepheid (U.S.)
• Thermo Fisher Scientific (U.S.)
• Roche Diagnostics (Switzerland)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.