Rising funds for genomic research and rising incidence of genetic diseases is set to drive the growth of microarray analysis market

calendar_today 26 July, 2022 person_outline Growth Plus Reports

Microarray Analysis Market by Products & Services (Instruments, Consumables, and Software & Services), by Type (DNA Microarrays and Protein Microarrays), by Application (Research Applications, Disease Diagnostics, and Drug Discovery), by End User (Pharmaceutical & Biotechnology Companies, Diagnostic Laboratories, and Research & Academic Institutes) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by Growth+ Reports, the global microarray analysis market was pegged at ~US$ 4.79 billion in 2021. The market is expected to witness a CAGR of ~7.6% from 2022 to 2030.

Chief factors attributing to the growth of microarray analysis market include the rising funds for genomic research, rising incidence of genetic diseases, and the growing applications of microarray analysis. Moreover, new product launches and increasing number of strategic collaborations to conduct research activities are some of the other factors playing a pivotal role in driving the microarray analysis market growth.

Cancer is characterized with multiple heterogeneous genetic as well as epigenetic changes. Therefore, understanding the complexity of cancer is very essential in diagnosis and prognosis. Microarray is a powerful tool that can be used for studying the molecular basis of interactions. The use of this technique enables researchers examines the expression of multiple genes simultaneously. Microarray has been proven to be an effective tool for diagnosing cancer. For instance, microarray is used to detect breast cancer by looking for mutations in the BRCA1 and BRCA2 genes. According to the American Cancer Society, approximately 287,850 new cases of breast cancer and 43,250 deaths are expected in the United States in 2022. Increasing adoption of microarray system for molecular disease diagnosis and development of novel drugs is expected to contribute to revenue growth of the market. The increased adoption of microarray systems for molecular diagnostics and the development of novel drugs is expected to contribute to the market revenue growth. It also allows isolating and studying many potential biomarker proteins for drug discovery. Moreover, DNA microarray is becoming progressively popular in the field of toxicological research. Therefore, growing applications of microarray analysis in various fields is one of the major factors attributing to the growth of the global microarray analysis market.

Researchers are conducting studies to advance in the field of personalized medicine, drug development, disease diagnosis, and other research applications. Furthermore, companies and research organizations are raising funds to support research and development studies in the fields of genomics and proteomics. These funds are also used for developing microarray technology. For instance, in April 2021, Foxo Technologies an epigenetic biomarker developer raised US$ 10 million in private financing for developing their bioinformatics and DNA microarray technologies for identifying epigenetic biomarkers of health and aging.

Microarrays are slow and can produce false positives. To confirm the results, data analysis techniques such as gene selection, classification, and clustering are required. As a result, microarray is a time-consuming method that is hindering market growth. Additionally, availability of alternative technologies such as NGS, protein chip & lab-on-chip, and tissue arrays are hindering the market growth. Moreover, disadvantages of microarray such as the high cost of experiment is also limiting the market growth.

Regionally, the global microarray analysis market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is known for its rapid adoption of technological innovations for the protection of an individual's health from a variety of diseases. With the introduction of effective techniques and medications, the demand for microarray techniques in the North America is increasing.

Asia Pacific region is expected to grow at fastest CAGR during the forecast period. Various factors contributing to the growth of the market in this region include the rising geriatric population coupled with the rising prevalence of cancer. Moreover, the growing number of R&D activities in this region and the increasing government funding are some of the other factors driving the growth of this market. Another factor driving the growth of the microarray analysis market in this region is the significant advancement in personalized medicines.

Players in the microarray analysis market are adopting various inorganic growth strategies. The inorganic growth strategies such as collaborations, agreements or partnerships enable them in supporting the development of new microarray and increase the sales. For instance, in September 2020, PathogenDx Inc. entered in collaboration with the U.S. Department of Agriculture’s (USDA) Agricultural Research Service (ARS) to study the effectiveness of the company’s microarray testing technology in identifying food borne pathogen. Similarly, in April 2021, Oxford BioDynamics signed a supply and resale agreement with Agilent Technologies for the sale of the new EpiSwitch Explorer Array Kit. Under the terms of the agreement, Agilent will supply a custom-made SurePrint G3 CGH Microarray Kit.

Some of the prominent players operating in the global microarray analysis market include Thermo Fisher Scientific Inc., Illumina, Inc., PerkinElmer Inc., Agilent Technologies, Inc., Arrayit Corporation, Bio-Rad Laboratories, Inc., Microarrays Inc., Merck KGaA., Qiagen N.V, and Danaher Corporation among others

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