Microarray Analysis Market - Forecast 2021 - 2026
Microarray Analysis Market Overview
The global microarray analysis market is estimated to grow at a CAGR of 7.59% during the forecast period 2019–2025. The market is projected to grow from $3.98bn in 2018 to $6.63bn by 2025. Microarray Analysis is a method that uses gene chips for examining sample DNA and RNA on the basis of pairing rules. There are millions of probe arranged on a solid surface that forms a gene chip. These microarrays measure the concentration of mRNA. Biological and numerical assumptions can be made through microarray analysis.
Key Takeaways
- In the coming years, growing interest in Microarray Analysis Market is due to its rising applications in developing new drugs as well as in the diagnosis of cancer diseases.
- Business Expansion and Acquisitions were key sustainability strategies adopted by the market players to ensure the growth of Microarray Analysis Market.
- Europe region is estimated to record the fastest growth rate during the forecast period.
Type - Segment Analysis
In 2018, DNA Microarray segment dominated the Microarray Analysis Market in terms of revenue. DNA Microarray are used in diagnosing pathogen or genetic diseases. DNA microarray is also used in the development of new drugs and pharmaceutical products. DNA microarrays are capable of detecting variations in SNP genotyping.
Product and Service - Segment Analysis
In 2018, Consumables segment dominated the Microarray Analysis Market in terms of revenue. This can be attributed to the application of consumables in laboratories, hospital, and other medical spaces. They usually buy these products in bulk as microarrays are a reliable test.
Application - Segment Analysis
The Drug Discovery segment dominated the Microarray Analysis Market in 2018. Microarray technology has extensive applications in Pharmacogenomics. The field of pharmacogenomics includes comparative analysis of genes from diseased and a normal cell that will help in identifying a biochemical constitutions of the proteins. The segment is forecast to grow at a CAGR of 6.73% during the period under consideration.
End User - Segment Analysis
The Research & Academic Institute segment dominated the Microarray Analysis Market in 2018. This can be attributed to the government initiatives to improve medical industry in the country by introducing quality medical drugs in the market.
Geography - Segment Analysis
In 2018, the North America region occupied 42% of the global Microarray Analysis Market in terms of revenue. The microarray analysis has witnessed growth in the region due to the rising prevalence of cancer and genetic diseases among the population. Europe region is estimated to record the fastest growth rate during the forecast period.
Drivers – Microarray Analysis Market
· Growing Prevalence of Genetic and Cancer Diseases
Cancer is a serious condition that affects millions of individuals worldwide every year due to family history of the disease, stress, smoking, obesity and other factors. Genetic diseases are also increasing among individuals. The growth of the condition is said to aid the market’s overall growth.
Challenges – Microarray Analysis Market
· False Discovery Rate
Microarrays are slow and sometimes display false positives. Types of data analysis such as, Gene selection, Classification and Clustering are needed to confirm the results. This makes microarray a time consuming method and is a hindrance for the growth of the market.
Microarray Analysis industry outlook
Business Expansion and Acquisitions were the key strategies of the players in the Microarray Analysis Industry. Microarray Analysis top 10 companies include Agilent Technology Inc., Arrayit Corporation, Bio-Rad Laboratory Inc., GE Healthcare, Illumina Inc., Merck KGaA, Microarrays Inc., Molecular Devices LLC, Perkinelmer Inc. and Thermo Fisher Scientific.
Microarray Analysis Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the microarray analysis market. The assessment includes the forecast, an overview of the competitive structure, the microarray analysis market share of the competitors, as well as the microarray analysis market size market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This microarray analysis market report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include type, product & service, end user, application and geographic analysis.
