Precedence Research is a Canada based company, Recently Announced New Report on "Microarray Market Size, Share, Growth, Trends, Scope and Forecast 2021 - 2030".
OTTAWA, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The global microarray market size was estimated at USD 3.72 billion in 2020 and expected to surpass USD 8.15 billion by 2030, expanding at a CAGR of 8.2% during forecast period 2021 to 2030.
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.
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Growth Factors:
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.
Report Highlights:
- 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.
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Regional Analysis:
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 Market Players and Strategies:
The key companies functioning in the worldwide 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, and Affymetrix among others.
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Increased spending on research and development along with mergers, acquisition, and collaborations are the important strategies taken up by manufacturers operational in the global microarray market. Moreover, leading companies are investing heavily on research for the development for the development of new diagnostic methods. As per an investigative study broadcasted in 2019 by the Royal Chemistry Society, a moveable fluorescence microarray imaging structure that links to a smartphone has been employed for the recognition of breast cancer gene expression.
Market Segmentation
Major Market Segments Covered:
By Product
- Consumables
- Software & Services
- Instruments
By Type
- DNA Microarrays
- Protein Microarrays
- Other Microarrays
By Application
- Agriculture
- Research Applications
- Drug Discovery
- Diseases Diagnostics
- Other Applications
By End User
- Research & Academic Institutes
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Other End Users
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- United Kingdom
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
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