(PharmaNewsWire.Com, August 10, 2021 ) The microarray analysis market is expected to reach USD 5.52 billion by 2023 from USD 3.82 billion in 2018, at a CAGR of 7.6%. The increasing incidence of cancer, growth in funding for genomic and proteomic research, and growing application areas of microarrays are major factors driving the growth of the microarray analysis market.
Consumables are expected to account for the largest market share in 2018
On the basis of product and services, the microarray analysis market is segmented into consumables, software and services, and instruments. In 2018, the consumables segment is expected to account for the largest share of the global microarray analysis market. The large share of this market segment can be attributed to the growing applications of microarray in various fields and the regular, repeated, & bulk purchases of consumables.
DNA microarray is estimated to account for the largest share of the microarray analysis market in 2018
By type, the microarray analysis market has been segmented into DNA microarrays, protein microarrays, and other microarrays. In 2018, the DNA microarrays segment is expected to account for the largest share of the microarray analysis market due to the use of DNA microarrays in various applications such as drug discovery, genomic and cancer research, personalized medicine, and genetic disease diagnosis.
The drug discovery segment is estimated to grow at the highest CAGR during the forecast period
The application segment is further segmented into research applications, drug discovery, disease diagnostics, and other applications. The drug discovery segment is estimated to register the highest CAGR during the forecast period. Microarrays analysis has multiple applications in drug discovery. It helps to measure the expression patterns of thousands of genes to identify appropriate targets for therapeutic intervention. Microarrays are also an integral part of therapeutic drug discovery, optimization, and clinical validation as they help to prioritize a few genes as potential therapeutic targets.
North America is estimated to command the largest share of the market in 2018
Based on region, the microarray analysis market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2018, North America is expected to account for the largest share of the global microarray analysis market. The increasing incidence of cancer and genetic diseases along with growth in the funding made available for genomics and proteomics research in this region are key factors supporting the growth of the microarray analysis market in North America.
Key players in the microarray analysis market include Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), Molecular Devices (US), PerkinElmer Inc. (US), Illumina, Inc. (US), GE Healthcare (US), and Bio-Rad Laboratories Inc. (US).
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