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Expansion of Microarray Analysis Industry Led by Rising Usage of DNA Microarrays-based Clinical Diagnostics

08-24-2022 02:38 PM CET | Health & Medicine

Press release from: P&S Intelligence

Expansion of Microarray Analysis Industry Led by Rising Usage

The microarray analysis industry contributes revenue worth $3,846.7 million in 2021, and it is projected to rise at a rate of 9.9% in the coming future, to generate $9,011.1 million in revenue in 2030. It is ascribed to the rising application area of microarrays, growing cancer prevalence, and government initiatives for proteomic and genomic research. Microarray analysis is highly utilized in pharmaceutical screening, toxicology screening, and biomarker identification to understand DNA mutation. In addition, microarray facilitates the screening of various genes in real-time.

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Moreover, North America holds a significant share of the microarray analysis industry, accounting for 40%, and it is projected to experience extensive growth in the near future, leading to increased funding from Canada and the U.S. governments for cancer research.

Under the project and category segment, consumables are expected to experience significant growth of around 10% from 2021 to 2030, led by the rising number of research institutes and diagnostic laboratories that use microarray analysis. In addition, the rising research on mRNA and DNA methylation boosts the demand for consumables to carry out microarray analyses.

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In addition, software and services capture the third-largest share of the microarray analysis industry, attributed to the wide usage of the software for identifying and analyzing genomes by utilizing data for the study. Similarly, the rising number of experiments boosts the advanced services and tools adoption for carrying out studies.

The research and academic institutes capture an extensive share of the microarray analysis industry, and they are projected to contribute to the sales worth $4.0 billion of the associate products in 2030. Over the years, there has been a significant rise in human genome study projects. Microarrays are utilized for cancer drug discovery. Therefore, the rise in research and development investments in the healthcare sector is projected to boost industry growth.

Moreover, the pharmaceutical and biotechnology companies are projected to experience rapid growth in the industry, ascribed to various research programs conducted for drug development.

In addition, Europe is the next-significant contributor after North America, attributed to the highly developed healthcare industry of the region, with advanced R&D infrastructure, and ease of access to the associated products. Cancer detection supported by point-of-care testing in Europe drives the industry growth.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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