Microarray analysis Market Overview
According to MRFR analysis, the global microarray analysis market is expected to register a CAGR of 7.76% from 2020 to 2027 and hold a value of USD 6,607.64 million by 2027.
The global microarray analysis market share is driven by several factors, such asthe increasing prevalence of cancer and the rising need for research in pharmaceutical industries. In addition, growing prevalence of different chronic diseases,increasing healthcare expenditure, use of this technique to diagnose infectious diseases, development in the field of genetics, are also driving the market.
The key players have adopted the strategy ofproduct launches,acquisitions, and signing contracts and agreements for expandingthe regional reach and optimized operational costs. For instance, in August 2019, Agilent Technologies acquired Lionheart Technologies LLC ("BioTek"), a recognized player globally in designing, manufacturing, and distributing innovative life science instrumentation. Its comprehensive product line includes microplate readers, cell imaging systems, washers, automated incubators,dispensers, and stackers.
Global Microarray analysis Market Segment
The global microarray analysis market is type of microarray based on product services, type, application, and end user. The global market based on the product services has been segmented into consumables, software services, and instruments. By type, the global microarray analysis market has been segmented into DNA microarrays, protein microarrays, and others. On the basis of application, the market has been segmented into drug discovery, disease diagnostic, research applications, and others. The market for the global microarray analysis, by end user, is bifurcated into research and academic institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and others.
Microarray analysis Market Key Players:
Some of the key players operating in the microarray analysis market are Agilent Technologies (US), Bio-Rad Laboratories (US),Illumina, Inc. (US),Thermo Fisher Scientific (US), and PerkinElmer, Inc (US).
Microarray analysis Market Regional Analysis
The global microarray analysis market, based on region, has been divided into the Americas, Europe, Asia-Pacific, and the Middle East Africa.
On regional basis, the Americas is anticipated to dominate the global microarray analysis market.The Americas accounted for the largest market share in 2019 and is likely to continue to command the market during the forecast period due to the increasing adoption of new technologies and the presence of major players in the region. The North America market comprises the US and Canada. The increasing prevalence of cancer and the growthin funding for research and development in this region are key factors supporting the growth of the microarray analysis market in North America. For instance, in 2019, the National Institute of Cancer received funding of around USD 42.1 for cancer research.
On the other hand, Europe is expected to hold the second-largest position in the global microarray analysis marketdue tothe highly developed healthcare industry, prominent research development infrastructure, and accessibility of products.
Asia-Pacific is anticipated to be the second-fastest-growingmarket globally due to the rising geriatric population and increasing prevalence of chronic diseases like cancer, which led to the adoption of precision medicines. Microarrays are used for the analysis of genome sequencing in precision medicine.
The Middle East Africa microarray analysis market is segmented into the Middle East and Africa. The Middle East Africa is expected to depict the least share in the market throughout the forecast period due to underdeveloped research, lack of awareness among consumers, and low disposable income facilities in African countries.
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