Microarray Kits Market to be Worth $2.51 Billion by 2031

Meticulous Research®-a leading market research company, published a research report titled, 'Microarray Kits Market by Product Type (DNA [cDNA, Oligo, BAC, SNP], RNA, Protein, Tissue), Application (Drug Discovery & Development, Research, Diagnostic), End User (CRO, Pharma & Biotech, Academic, Hospital & Diagnostic Lab) - Global Forecast to 2031.'

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According to this latest publication from Meticulous Research®, the microarray kits market is projected to reach $2.51 billion by 2031, at a CAGR of 5.8% from 2024 to 2031. The growth of the microarray kits market is driven by several factors, including the increasing research applications of microarrays, use of microarrays in cancer research, increasing adoption of personalized medicine, and growing R&D expenditure in pharmaceutical & biotechnology industries. Factors such as technological advancements in microarray technology and emerging economies are a few of the opportunities that would help grow the market in the future.

Factors such as lack of sensitivity and accuracy could be considered as a challenge for the microarray kits market. However, the higher costs of microarrays, as compared to other genetic testing methods, restrain the growth of the market.

Key Players

The key players profiled in the microarray kits market report are Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Merck KGaA (Germany), PerkinElmer, Inc. (U.S.), QIAGEN N.V. (Netherlands), Edvotek, Inc. (U.S.), Sakura Finetek USA, Inc. (U.S.), Dextra Laboratories Ltd. (U.K.), and GeneCopoeia, Inc. (U.S.).

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The microarray kits market is segmented by Product Type (DNA Microarray Kits [cDNA Microarrays, Oligo Microarrays, BAC Microarrays, and SNP Microarrays], RNA Microarray Kits, Protein Microarray Kits, and Tissue Microarray Kits), Application (Drug Discovery & Development, Research Applications, Diagnostics, and Other Applications), End User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Research & Academic Institutes, Hospitals & Diagnostic Laboratories, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the regional and country-level markets.

Among product type, in 2024, the DNA microarray kits segment is expected to account for the largest share of the market. The large share of the segment is attributed to the availability of customization of tests as per the disease of the patient, increasing prevalence of chronic diseases, rising funding for genomic R&D, increased accuracy in results, higher productivity, a large number of compounds or samples tested at a time, reduced time required for the completion of a single experiment, and growing research for personalized medicine. The demand for personalized medicine is increasing, which essentially uses DNA microarrays to provide data about the genetic makeup of a patient, allows screening for disease-specific mutations, and therefore decides treatment plans for the patient. This increases the demand for microarray kits.

Among application, in 2024, the drug discovery & development segment is expected to account for the largest share of the market. The large share of the segment is attributed to the growing R&D expenditure and initiatives to increase research capacity by introducing new research centers due to the advanced technologies. For instance, in January 2024, the U.S. Department of Agriculture (USDA) introduced the Agricultural Genome to Phenome Initiative (AG2PI), which focuses on collaborative science engagement that intends to expand knowledge regarding genomes and phenomes of importance to the agricultural sector in the U.S. This research will help gain accuracy in predicting crop and animal performance under varied conditions, using technologies such as whole genome sequencing and gene profiling, among others.

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Among end users, in 2024, the pharmaceutical & biotechnology companies' segment is expected to account for the largest share of the market. Growing emphasis on drug discovery & development, identification of individuals with similar genetic makeup, in-depth understanding of diseases and their drug responses, rising awareness of precision medicine, and rising pharmaceutical R&D expenditure. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), the total pharma R&D expenditure in the U.S. in 2019 was USD 64,357 million as compared to USD 72,412 million in 2020.

Among geographies, in 2024, North America is expected to account for the largest share of the market. The large share of this segment is attributed to factors such as substantial spending on R&D activities by pharmaceutical & biotechnology companies, increased focus on new drug discovery, and high demand for personalized treatments from healthcare institutions. The use of microarray kits is also prevalent in diagnostic applications, such as gene expression analysis, complete genome or transcriptome analysis to understand the molecular biology of a patient.

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Key questions answered in the report-
1 Which are the high-growth market segments in terms of microarray kits by product type, application, end user, and geography?
2 What was the historical market for microarray kits across the globe?
3 What are the market forecasts and estimates for the period 2024-2031?
4 What are the major drivers, restraints, opportunities, and challenges in the microarray kits market?
5 Who are the major players operating in the microarray kits market?
6 What is the competitive landscape like? Who are the leaders in the microarray kits market?
7 What are the recent developments in the microarray kits market?
8 What are the different strategies adopted by the major players in the microarray kits market?
9 What are the geographical trends and high-growth regions/countries?

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