"Microarray Market: Opportunities and Challenges in a Rapidly Evolving Industry"

The microarray market refers to the market for microarray technology and products used in various applications such as genomics, proteomics, and drug discovery. Microarrays are tools that allow researchers to analyze large amounts of biological data by simultaneously measuring the expression of thousands of genes or proteins. The market is driven by factors such as increasing demand for personalized medicine, technological advancements, and growing research in various scientific fields. Key players in the market include Affymetrix, Illumina, Agilent Technologies, and PerkinElmer. The microarray market is expected to grow in the coming years due to the increasing demand for high-throughput data analysis in various scientific fields and the growing popularity of personalized medicine.

The factors that drive growth of the global microarray market include increase in number of on-going research and development activities, increase in government support for research and development activities and increase in healthcare expenditure. However, limitations of microarray analysis technology and lack of skilled professionals are negatively impacting the market growth. Conversely, the surge in applications of microarray technique in medical field offers the lucrative opportunities for the growth of the market.

According to a new report published by Allied Market Research, titled, "Microarray Market," The microarray market was valued at $3.9 billion in 2021, and is estimated to reach $8.4 billion by 2031, growing at a CAGR of 7.8% from 2022 to 2031.

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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.
The consumable segment to maintain its leadership status throughout the forecast period

Based on product & services, the consumable segment held the highest market share in 2021, accounting for nearly two-thirds of the global microarray market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 8.1% from 2022 to 2031. This is attributed to increase in number of on-going R&D activities, surge in government support for expenditure, increase in usage of instruments, and expected launch of pipeline products.

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The DNA microarray segment to maintain its lead position during the forecast period

Based on type, the DNA microarray segment accounted for the largest share in 2021, contributing to more than two-thirds of the global microarray market, and is projected to maintain its lead position during the forecast period. This is owing to increase in number of DNA analysis by microarray technology and surge in expenditure in research in the field of DNA microarray analysis. Moreover, the protein microarray segment is expected to portray the largest CAGR of 8.5% from 2022 to 2031, due to surge in demand for protein microarray analysis and increase in prevalence of diseases such as cancer.

The research and academic institutes segment to witness fastest growth during the forecast period

Based on end user, the research and academic institutes segment is expected to portray the largest CAGR of 8.5% from 2022 to 2031, owing to high incidence of diseases, increase in prevalence of chronic diseases, and rise in smoking of tobacco. The report also analyzes segments including pharmaceutical & biotechnology companies and diagnostic laboratories.

North America to maintain its dominance by 2031

Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global microarray market, and is likely to dominate the market during the forecast period. This is due to the presence of large patient population, strong presence of key players, ease of products availability, well developed healthcare infrastructure, favorable expenditure policies in healthcare system and higher number of research, development & innovation activities in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 9.9% from 2022 to 2031. This is attributed to the increase in number of cancer affected population and rise in awareness related to microarray analysis in the region.

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Leading Market Players: -

Agilent Technologies, Inc.
Arrayit Corporation
bioMérieux SA
Bio-Rad Laboratories Inc.
Danaher Corporation
Diasorin Group
GE Healthcare
Illumina, Inc.
Invitae Corporation
Merck KGaA
Microarray Inc.
NextGen Sciences
PathogenDx, Inc.
PerkinElmer Inc.
RayBiotech Life, Inc.
Schott Minifab
Thermo Fisher Scientific, Inc

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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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

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