Microarray Market Size to Reach US$ 8.15 Bn by 2030

According to Precedence Research, the microarray market size is expected to reach over US$ 8.15 billion by 2030 and is growing at a notable CAGR of 8.2% from 2021 to 2030.

The growing usage of the microarrays in the various applications such as drug discovery, research, and diagnosis is significantly fueling the growth of the global microarray market. Furthermore, the microarrays are being increasingly used in pharmaceutical target screening, biomarker identification, and molecular biology, which is fostering the market growth. The characteristic of the microarray to process and analyze thousands of genes at same time has significantly fueled adoption of the microarrays across the pharmaceutical industry.

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The surging prevalence of cancer among the global population is exponentially driving the demand for the microarrays. According to the International Agency for Research on Cancer, there were around 19.3 million new cases of cancer and about 10 million cancer deaths all over the globe in 2020. Rise in the research and development in healthcare is a major factor that is expected to propel the growth of the global microarray market in the forthcoming years.

Report Highlights:

• Based on the product, the consumables segment dominated the global microarray market in 2019. The extensive usage of the consumables in the various applications and the bulk purchases of the consumables are the major factors that has driven the growth of this segment across the globe. The rising investments in the development of new and innovative diseases diagnostics and various medicines is expected to drive the growth of this segment.

• On the basis of type, the protein microarrays is estimated to be the fastest-growing market during the forecast period. This can be attributed to the rapidly growing demand for the protein microarrays among the pharmaceuticals and biopharmaceutical companies for the development of new drugs and toxicology. The rising investments by the biopharmaceutical companies towards the drug discovery activities will significantly boost the growth of this segment.

• Based on the application, the drug discovery is expected to be the fastest-growing segment during the forecast period. The surging prevalence of various chronic diseases among the global population has created a huge opportunity for the pharmaceutical industry, the pharmaceutical industry is heavily investing in the drug discovery activities, which is expected to fuel the growth of the drug discovery segment.

• By end user, the research& academic institutes segment dominated the global microarray market in 2019. The presence of numerous contract research organizations and private and government research institutes across the developed and developing markets has fostered the demand for the microarrays, which resulted in the dominance of this segment.

• North America was the leading microarray market in 2019. This growth is attributed to a rapid surge in the number of cancer patients in US. Furthermore, the growing government investments in the biotechnology field which facilitates rise in the usage of microarrays in numerous proteomic and genomic research is a prominent factor that has fueled the growth of the microarray market in North America. Moreover, the presence of numerous top biopharmaceutical companies in the region is supporting the market growth significantly.

• Asia Pacific is estimated to be the most opportunistic market. Asia Pacific is the home to several top pharmaceutical manufacturers and research institutes that has significant contributions in the growth of the microarray market in this region. Rising government initiatives to promote the growth of the healthcare sectors is expected to augment the demand for the microarrays in the upcoming future

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Future of Microarray Market

The microarray technology is extensively used for diverse β-lactamase genes sensing that exists in a sole strain. This can facilitate the clinicians to guide antimicrobial treatment procedures. The rapid surging demand for the microarray in the biologic industry is expected to shape the future of the global microarray market.

COVID-19 Impact Analysis:

• The outbreak of the COVID-19 pandemic had a moderate effect on the microarray market in 2020. The surging cases of COVID and rising focus towards the development of drugs for the COVID treatment has certainly fueled the adoption of the microarrays across the globe.

Key Developments in the Marketplace:

• In 2017, Thermo Fisher Scientific, Inc., introduced CarrierScan assay. This assay can uses more than 6,000 genomic variations for cytogenic analysis.
• In 2016, Thermo Fisher Scientific, Inc., acquired Affymetrix,a provider of cellular and genetic analysis products.
• In 2019, Agilent Technologies Inc. signed an agreement with SomaLogic, Inc. This was a supply agreement for under which Agilent had to supply oligo microarrays to SomaLogic for use in the detection of nucleic acid.

Major Market Segments Covered:

By Product

• Consumables
• Software & Services
• Instruments

By Type

• DNA Microarrays
• Protein Microarrays
• Other Microarrays

By Application

• Agriculture
• Research Applications
• Drug Discovery
• Diseases Diagnostics
• Other Applications

By End User

• Research & Academic Institutes
• Pharmaceutical & Biotechnology Companies
• Diagnostic Laboratories
• Other End Users
• Others

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

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