Microarray Market - Segments Worth Observing Aiding Growth Factors

Allied Market Research published a report, titled, "Microarray Market by Product & Services (Consumable, Instruments, Software and Services), by By Type (DNA Microarray, Protein Microarray, Other Microarray), by End User (Research and Academic Institutes, Pharmaceutical and Biotechnology Companies, Diagnostic Laboratories, Other End Users): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global microarray industry generated $3.9 billion in 2021, and is anticipated to generate $8.4 billion by 2031, witnessing a CAGR of 7.8% from 2022 to 2031.

The microarray market trends that aid the growth are increase in the application of microarray technique in the cancer research, increase in number of R&D activities for new and efficient products development and increase in healthcare expenditure have significantly contributed toward the growth of the market. Moreover, the development of new products with high potential of emerging economies are further expected to provide new opportunities for microarray market size expansion. However, lack of skilled professionals restrains the microarray market growth.

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Covid-19 Scenario

The outbreak of the Covid-19 pandemic had a positive impact on the global microarray market, owing to an increase in demand for microarray technology to detect the molecular tests and for mapping COVID-19 antibody for Covid-19 infection.
Increase in the demand of COVID-19 vaccines led to the rise in the research and development activities during the Covid-19 pandemic. For instance, in April 2020, JPT Peptide Technologies (JPT) launched the ready-to-use peptide tools to study and profile the immune response towards SARS-CoV-2 infection. Further, in May 2020, the UC Irvine Vaccine R&D Center developed a way to test COVID-19 immunity against 34 coronavirus antigens, or 33 antigens.
Microarray Market Segmentation:

By product & services, the market is classified into consumable, instruments, software and services. The consumable segment is projected to exhibit the highest CAGR of 8.1% during the forecast period due to its increase the usage of instruments, and expected launch of pipeline products.

By type, the market is classified into DNA microarray, protein microarray, other microarray. The protein microarray segment is projected to exhibit the highest CAGR of 8.5% during the forecast period due to surge in the demand of protein microarray analysis, and increase in the prevalence of diseases like cancer.

By end user, the market is classified into research and academic institutions, pharmaceutical and biotechnology companies, diagnostic laboratories, other end users. The research and academic institutes segment is projected to exhibit the highest CAGR of 8.5% during the forecast period, owing to increase in prevalence of chronic diseases and rise in number of tobacco smokers which lead to disease like lung cancer.

By Region, the market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA). Asia-Pacific is expected to grow at the highest CAGR of 9.9%, owing to increase in number of cancers affected population and rise in awareness related to microarray analysis.

KEY FINDINGS OF STUDY

By product & services, the consumable segment accounted for major microarray market share in 2021.
By type, the protein microarray segment is anticipated to grow with the highest CAGR throughout the forecast period.
By end user, the research and academic institutes segment is anticipated to grow with the highest CAGR of 8.5% throughout the forecast period.
By region, North America occupied major share of the global microarray industry in 2021.

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