The base year for this study is 2017 and the forecast period is 2018–2023.
[115 Pages Report] The microarray analysis market was valued at USD 3.56 billion in 2017 and is expected to reach USD 5.52 billion by 2023 at a CAGR of 7.6%.
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The global 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 major factors driving the growth of this market are the increasing incidence of cancer, increasing funding for genomic and proteomic research, and growing application areas of microarrays.
By product and service, the market is segmented into consumables, software services, instruments. In 2018, the consumables segment is estimated to command the largest share of the microarray analysis market. The large share of this segment can be attributed to the growing applications of microarray in various fields and the regular, repeated, bulk purchases of consumables.
On the basis of type, the market has been segmented into DNA microarrays, protein microarrays, and other microarrays. DNA microarrays are expected to account for the largest share of the microarray analysis market in 2018. The large share of this segment can be attributed to the use of DNA microarrays in various applications such as drug discovery, genomic and cancer research, personalized medicine, and genetic disease diagnosis.
Based on application, the market has been segmented into research applications, disease diagnostics, drug discovery, and other applications. In 2018, the research applications segment is projected to account for the largest share of the market. Increasing private and government funding for genomic and proteomic research is the major driving factor for this market.
The end user segment categorized into research and academic institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and other end users. In 2018, research and academic institutes are expected to command the largest market share of this market. Increasing funding and growing initiatives by governments to support Genomics and Proteomics research projects is a key factor driving the growth of the research and academic institutes segment.
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The major 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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