Precedence Research’s latest report on the global microarray market provides an analysis for the period of 2017 to 2030, wherein, 2020 is the base year, 2017 and before is historical data, and 2021 to 2030 is the forecast period.
The global microarray market size was valued at US$ 3.72 Billion in 2020 and is projected to reach US$ 8.15 Billion by 2030, rising at a market growth (CAGR) of 8.2% during the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for microarray market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
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A microarray can be described as a semiconductor covering on which arrangements of many wide-ranging genes are attached to probes. Microarrays are employed to measure expression levels of quantity of genes instantaneously or to genotype several areas of a genome. The method finds application in clinical diagnosis, drug R&D, environment control, and agriculture among other sectors. The microarrays have a wide range of usage and are finding applications in toxicological response outlining, basic molecular biology, biomarker recognition, and pharmaceutical target evaluation. The capability of microarrays to enable analysis of several thousands of genes at the equivalent time has led to the success of this novel technology. Numerous other factors like global upsurge in the prevalence of cancer is also one of the significant factors which are encouraging market growth to greater level.
Factors such as growing incidence of cancer worldwide, increasing expenditure on research and development in the healthcare sector, growing number of applications of microarrays, advances in the fields of proteomics and genomics, developments in bioinformatics, evolution of software’s, growing awareness regarding personalized medicines, and increasing preference for DNA based microarrays are driving the growth of microarray market. Moreover, growing applications of microarrays in the diagnosis of infectious and genetic diseases, drug discovery, and pharmacogenomics research, among others is driving the microarray market growth across the world. Additional features that are expected to fuel this business is increasing requirement for new investigative approaches and technological innovation.
Cancer has a significant impact on people across the world. Growing occurrences of cancer is amongst the key aspects driving market evolution. As per WHO(World Health Organization), the United States is anticipated to witness high volume of fresh cancer cases and is projected to rise about 24% in men to higher than 1 million cases each year, and by around 21% in women to greater than 900,000 cases each year, from 2010 to 2022. Microarray is one of the techniques that are used by scientists to overcome the restriction of traditional mechanism. Researchers can examine the expression of several genes simultaneously and competently by employing microarrays. This procedure helps in early recognition of cancer. The usage of NGS (Next-Generation Sequencing) and microarrays and has presented noteworthy contributions with the purpose of understanding the progress of cancer.
- Among the product segment, consumables dominated the overall market in 2020. Recurrence and bulk procurement of consumables for numerous research applications is the foremost factor attributing to its large market share.
- The DNA microarrays accounted for the major share of revenue in the type segment with more than 51% share in 2020 due to its wide array of applications in the area of gene expression investigation, genotyping, and transcription factor binding investigation amid others. Protein microarrays are anticipated to grow at the uppermost CAGR through the forecast duration.
- Research Applications accounted for the largest revenue. Widespread availability of tablets is the key reason for high market share. Growth in government along with private funding for study in proteomics and genomics is the key reason for foremost market share of research applications.
- Illumina, Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, Inc., accounted for a significant share of the global microarray market.
The report includes information for Asia Pacific, North America, Latin America, Europe, Middle East, and Africa. In 2020, the North American region dominated the worldwide market with a market share of higher than 39%. The United States indicated the highest slice in North America principally due to heavy expenditure in microarray research and development and existence of skilled scientists. Moreover, early execution of latest healthcare technologies also supported the high market portion of the United States.
Europe was the subsequent significant market chiefly due to presence of key manufacturers. Growing focus on personalized medicines in the European region is also expected to boost the demand for microarray in the anticipated time-span. The Asia Pacific region is projected to grow at the highest CAGR of around8.9% in the estimate period due to high prevalence of cancer. Africa, Middle East, and Latin American region will display noticeable growth.
Key Players of the global microarray market are:
- Illumina, Inc.
- Agilent Technologies, Inc.
- Thermo Fisher Scientific, Inc.
- Merck & Co., Inc.
- PerkinElmer, Inc.
- Arrayit Corporation
- Bio-Rad Laboratories
- GE Healthcare
- Molecular Devices, LLC
Segments Covered in the Report:
- Software & Services
- DNA Microarrays
- Protein Microarrays
- Other Microarrays
- Research Applications
- Drug Discovery
- Diseases Diagnostics
- Other Applications
By End User
- Research & Academic Institutes
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Other End Users
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
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Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina