NEW YORK, July 27, 2022 /PRNewswire/ -- According to the latest market research study published by P&S Intelligence, in 2021, the microarray analysis market was valued at $3,846.7 million, which is on the track to touching $9,011.1 million worth by 2030, advancing at a 9.9% CAGR from 2021 to 2030. The market is primarily driven by the surging incidence of cancer, government-sponsored genomic and proteomic research projects, and increasing use of microarrays.
To stay competitive, the major microarray analysis market players are taking part in several strategic initiatives, including product launches and acquisitions. These key players are Applied Microarrays LLC, Arrayit Corporation, PerkinElmer Inc., Bio-Rad Laboratories Inc., Microarrays Inc., Merck KGaA, GE Healthcare, Illumina Inc., and Agilent Technologies Inc.
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Market Driven by Growing Use of Microarrays in Non-Cancer Applications
Given that bacterial genomic DNA often outlives the actual bacteria in most circumstances, microarray analysis has proven effective in antibiotic treatment. Since a diagnosis may be made using a small amount of DNA, rather than the large number of bacteria needed for a culture in these situations, DNA microarrays are frequently used.
For assessing gene expression, DNA-based microarrays have recently taken the lead. This is primarily driven by the technology's lower cost and complexity of use, which enable it to be standardized and more accepted.
Regional Insights
- North America held an almost 40% share of the microarray analysis market in 2021. Because the governments of the U.S. and Canada are consistently increasing their funds for cancer research, the region is expected to experience significant growth in the coming years.
- Furthermore, due to its highly developed healthcare sector, cutting-edge R&D infrastructure, and availability of the related products, Europe is the largest market after North America.
Browse detailed report on Microarray Analysis Market Size, Share, Growth and Demand Forecast to 2030
Segmentation Insights
- Based on product and service, consumables will advance with over 10% CAGR between 2021 and 2030, due to the increasing number of research institutes and rising usage of microarray analysis at diagnostic laboratories.
- The software & services category generates the third-highest revenue, as software is extensively utilized to analyze and identify genomes, by studying the data generated during the study.
- Globally, DNA microarrays accounted for the biggest market share in 2021, and their revenue contribution is expected to grow at a CAGR of almost 10% in the coming years. This is because a variety of disorders have clinical diagnostic procedures that employ DNA microarrays.
- In 2021, the largest share of the microarray analysis market was held by research and academic institutes, and by 2030, these users would acquire associated products worth over $4.0 billion. This is because the number of projects studying the human genome has increased recently.
- Similarly, rapid market growth is expected from pharmaceutical and biotechnology firms as a result of the numerous research projects they are conducting for the creation of new medications.
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