New Jersey, NJ, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Increase in the funding for research in the fields of genetics and genome as well as rising application of microarray in gene discovery, disease diagnosis, and toxicology research are the factors that are anticipated to drive the market growth. The global microarray market is expected to grow from USD 3.72 Billion in 2017 to USD 6.82 Billion by 2025, at a CAGR of 7.87% during the forecast period 2018-2025, according to the new report published by Fior Markets.
A microarray can be defined as a collection of microscopic features (most commonly DNA) which can be probed with target molecules in order to produce either quantitative (gene expression) or qualitative (diagnostic) data. Microarrays are widely used for medical diagnosis and treatment, biotechnological and other researches, as well as in forensic investigations. Microarray are used to detect the expression of thousands of genes at the same time.
Increasing prevalence of cancer as well as growth in the funding for genomic research are driving the global microarray market. Whereas lack of skilled professionals and increasing adoption of next generation DNA sequencing techniques are anticipated to pose a major challenge for the market growth. The global emphasis on increasing the wind energy production as well as increasing demand from the Asia Pacific region is anticipated to boost the global microarray market growth in the upcoming years.
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Key players operating in the global microarray market are Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Molecular Devices, PerkinElmer Inc., Illumina, Inc., GE Healthcare, Bio-Rad Laboratories Inc., Affymetrix, Inc, Sequenom, Inc., Roche NimbleGen, Applied Microarrays, bioM rieux SA, Discerna, Gyros AB, Luminex Corporation, NextGen Sciences, PLC., ProteoGenix, and among others. In order to enhance their market position in the global microarray market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership..
- For instance Illumina, Inc, announced the launch of its new high-density genotyping array, the Infinium™ Global Diversity Array. This new array was developed for and inspired by the ‘All of Us Research Program’. The ‘All of Us Research Program’ is a historic effort to gather data from one million or more people living in the United States, to accelerate human disease research and improve health.
- Microarrays are increasingly being used in the diagnostics field. Thus, to meet the demand firms are increasingly launching the microarray genetic testing products. For instance, CombiMatrix in 2017 announced the launch of SNP microarray genetic diagnostic testing for intrauterine fetal demise (IUFD), commonly known as stillbirth genetic testing.
- For instance, in 2017, Agilent Technologies signed agreement with Agendia for molecular cancer diagnostics. This agreement was aimed to expand their relationship to comprise the development of an RNA-Seq kit version of Agendia's currently marketed MammaPrint and BluePrint tests.
Consumables segment had a market value of USD 1.59 billion in 2017.
Product and services is segmented into consumables, instruments and software and services. Increasing application of microarrays in the various fields and the regular, repeated, & bulk purchases of consumables were the factors that propelled consumables segment to dominate the global microarray market with USD 1.59 billion revenue in 2017.
DNA microarray segment had a market value of USD 1.44 billion in 2017.
Type segment is divided into DNA microarrays, protein microarrays, and others. DNA microarray segment emerged as the leading segment with USD 1.44 billion revenue in 2017 and is anticipated to be the fastest growing segment over the forecast period. DNA microarray technology is increasingly being utilized for the applications such as drug discovery, genomic and cancer research, personalized medicine, and genetic disease diagnosis. Thus, propelling the growth of the segment in the microarray market.
Drug Delivery segment is anticipated to grow at a CAGR of 9.98% in 2018-2025.
Application segment is categorized into research applications, disease diagnostics, drug discovery, and others. Upward growth in the government and institutional funding for the genetic, protemic, and genomic research boosted research application segment to emerged as the leader with USD 1.17 billion market revenue in 2017. On account of immense application value of microarrays for measuring the expression patterns of thousands of genes to identify appropriate targets for therapeutic intervention, drug discovery application segment is expected to grow at the fastest CAGR of 9.98% over the forecast period.
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Pharmaceutical segment is anticipated to grow at a CAGR of 10.12% in 2018-2025.
End user is segmented into research and academic institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and others. Growing financial expenditure on the pharmaceutical research is projected to fuel the pharmaceutical end use segment to grow at an increased CAGR of 10.12% over the forecast period. Research and academic institutions segment led the global microarray market with USD 1.50 billion revenue in 2017.
Regional Segment Analysis of the Microarray Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America Emerged as the largest market for the global microarray market with a 35.26% share of revenue in 2017, followed by Europe. Prevalence of gene related diseases such as Cancer, Alzheimer’s, increased institutional and government funding for genomic research as well as presence of well-developed genetic research industry were the reasons that propelled North America to account for the largest share in the global microarray market.
About the report:
The global microarray market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis. The Asia Pacific region is anticipated to witness significant growth rate in the global microarrays market due to increasing occurrence of chronic diseases, improving healthcare infrastructure, and growing drug discovery & development activities.
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