Global Microarray Market is expected to grow at a CAGR of 8.21% during the forecast period from 2018-2025
A new research report published by Fior Markets with the title Global Microarray Market by Product & Service (Consumables, Instrument, Software & Services), Type, Application, End-User, Regions, and Global Forecast 2018-2025.
As per the report, the global microarray market is expected to reach USD 2010.27 Million by 2025, at a CAGR of 8.21% from 2018 to 2025. Increase in the funding for the research in the fields of genetics and genome, as well as the rising application of microarray in gene discovery, disease diagnosis, and toxicology research, are factors that are anticipated to drive the market growth.
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Major players in the global microarray market are Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Molecular Devices, PerkinElmer Inc., Illumina, Inc., GE Healthcare, and Bio-Rad Laboratories Inc., Affymetrix, Inc, Sequenom, Inc., Roche NimbleGen, Applied Microarrays, bioM rieux SA, Discerna, Gyros AB, Luminex Corporation, NextGen Sciences, PLC., ProteoGenix. among others. Microarrays are increasingly being used in the diagnostics field. Thus to meet with 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.
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 a 42.81% share of revenue in 2017. Type segment is divided into DNA microarrays, protein microarrays, and others. 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 DNA microarray segment emerged as the leading segment with a 38.73% share of revenue in 2017. 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 a 31.57% share of 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. 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 a 40.38% share of revenue in 2017.
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.
About the report:
The global microarray market is analysed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). 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, and competitor position grid analysis.
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