Global Microarray Analysis Market is anticipated to grow at a 7.1% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Microarray analysis Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2030.” According to the report, the global Microarray analysis market was estimated to be over US$ 3.7 Billion in 2018. It is anticipated to grow at a CAGR of 7.1% from 2019 to 2030.
The continual growth of the microarray analysis market can be attributed to several factors which have led to wide scale adoption of these devices which are extensively used to study the diverse number of biological processes. Moreover, the growing demand for microarray across the globe is anticipated to further contribute to the substantial growth of the global microarray analysis market between 2019 and 2030. To obtain better insights regarding the market scenario prominent players are increasingly focusing on collaborative initiatives with several institutes and research centers. The National institute for Biomedical Genomics, a publicly funded national institution based in India, has entered into an agreement with Department of Biotechnology, Government of India and Global Alliance for Genomics and Health to share health and genomic related data.
Over the years, the emergence of microarray technology as a popular and profitable tool has played a vital role in contributing to the growth of the global microarray analysis market. Several countries, namely Africa, Latin America, India, china and other developing countries have emerged as essential contributors to global microarray analysis market. The increasing incidence of cancer across the globe have been vital in contributing to the global microarray analysis market. In 2012, it was estimated that the total number of cancer patient across the globe was a staggering 14-16 million. It is further expected that the number of cancer patient will additionally increase at a rate of 10% every year. Advancement in technology in field of microarray analysis market provides detailed insights on the complexity and polymorphism of cancer. Thereby leading to growing adoption of microarray analysis technology for diagnosis of cancer which is further anticipated to grow in the coming years. Favorable government regulations coupled with growing number of research initiatives and funding in the field of genomic and proteomic research have led to wide scale adoption of microarray analysis technology in recent times. The study of genomic and proteomic research is important in detection of diseases, developing preventive measures, and formulizing treatment regime. Microarray analysis technology plays an important role in functionality studies of genomic and proteomic research, thereby complimenting the growth of this market globally. Moreover, Increasing funding in the field of genomics and proteomics research have been pivotal in contributing to the growing adoption of microarray technology worldwide.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Microarray Analysis Market by Product & Service (Consumables, Instrument, Software, and Services), Type (DNA, Protein Microarray), Application (Research, Drug Discovery, and Disease Diagnostics), and End User (Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies) - Global Forecast to 2030. in detail along with the table of contents: https://www.marketindustryreports.com/microarray-analysis-market/78
Drawbacks associated with microarray technology have been affecting the growth of the microarray analysis industry inversely. Growing adoption of Next Generation Sequencing (NGS) has been a major restraint for the prosperous growth of the microarray analysis market. Moreover, factors such as complexity, time requirement for designing and testing discriminatory genetic regions for different species and inability of detecting unknown organisms has been few of the major factors limiting the adoption of microarray analysis technologies. Moreover, advent of novel sequencing technologies such as oxford nanopore and other sequencing technologies have lowered the costs and complexity associated with sequencing and simplify the entire procedure.
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy and adoption of latest technologies is anticipated to present a lucrative growth scenario for the microarray analysis market in this region. Furthermore, rising geriatric population, supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
The prominent 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., Merck KGaA, Arrayit Corporation, Microarrays, Inc. Among others.
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