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Top Market Shifts Transforming the Microarray Market Landscape: Key Insights
Microarray Market
What Is the Expected CAGR for the Microarray Market Through 2025?
The size of the microarray market has seen significant growth in the past few years. The market is predicted to increase from $5.19 billion in 2024 to $5.63 billion in 2025, yielding a Compound Annual Growth Rate (CAGR) of 8.5%. The earlier growth can be credited to a boom in genomic research, increased demand for personalized medicine, advances in pharmaceutical drug discovery, progression in cancer research, and the growth of biotechnology and life sciences.
What's the Projected Size of the Global Microarray Market by 2029?
In the coming years, the microarray market is poised for swift expansion. It is predicted to reach $8.27 billion by 2029, experiencing a compound annual growth rate (CAGR) of 10.1%. This forecasted expansion is due to a variety of factors including advances in molecular diagnostics, the rise of precision medicine, its increasing application in agriculture, the broadening scope of microbiome research, and the integration of technology in healthcare. As we look ahead, key trends forecasted include improvements in tools for analyzing microarray data, a focus on discovering biomarkers for neurological conditions, application in studying infectious diseases, use in functional genomics investigations, and expanding usage in drug discovery and development.
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Top Growth Drivers in the Microarray Industry: What's Accelerating the Market?
The expectation for future growth in the microarray market is primarily fueled by a surge in cancer incidences. Cancer, a disease characterized by the uncontrolled proliferation and spread of some cells in the body, is primarily propelled by an increase in proven cancer risk factors, chemical exposures, aging population, and prevalent forms of cancer like breast, lung, and bronchial cancer. Microarray facilitates researchers in detecting alterations in gene expression potentially related to cancer. For instance, data from the American Cancer Society, a volunteer-centric health organization in the US, projects that around 9,910 children under the age of 15 years will be identified with cancer in January 2023, and approximately 1,040 children below 15 years are projected to succumb to cancer in 2023. Consequently, the climbing incidences of cancer are propelling the expansion of the microarray market.
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What Trends Will Shape the Microarray Market Through 2029 and Beyond?
Product innovation is central in the microarray market. In August 2023, US-based Thermo Fisher Scientific launched the Applied Biosystems CytoScan HD Accel array. This tool reduces turnaround time to two days and offers comprehensive genome analysis with enhanced coverage for applications in cytogenetics, prenatal research, and oncology.
What Are the Main Segments in the Microarray Market?
The microarray market covered in this report is segmented -
1) By Type: DNA Microarray, Protein Microarray, Other Types
2) By Application: Disease Diagnosis, Cancer Genomic Analysis, Drug Discovery, Genomic Sequencing, Expression Analysis, Toxicological Research, Other Applications
3) By End-User: Pharmaceutical Industry, Biotechnology Industry, Academic and Research Laboratories, Other End-Users
Subsegments:
1) By DNA Microarray: CDNA Microarray, Oligonucleotide Microarray, SNP Microarray, Comparative Genomic Hybridization (CGH) Microarray
2) By Protein Microarray: Antibody Microarray, Antigen Microarray, Receptor Microarray, Enzyme Microarray
3) By Other Types: Cell Microarray, Tissue Microarray, RNA Microarray
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Which Top Companies are Driving Growth in the Microarray Market?
Major companies operating in the microarray market include Agilent Technologies Inc., Arrayit Corporation, Bio-Rad Laboratories Inc., Danaher Corporation, GE Healthcare Inc., Illumina Inc., Merck KGaA, Microarray Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., Molecular Devices LLC, RayBiotech Life Inc., NextGen Sciences Inc., PathogenDx Inc., Schott Minifab AG, Full Moon Biosystems Inc., CapitalBio Technology Co. Ltd., Roche Diagnostics, Ltd., BioGenomics Limited, BioMicro Systems Inc., Biostatus Limited, Biotechrabbit GmbH, Affymetrix Inc., SCIENION AG, INanoBio Inc.
Which Regions Will Dominate the Microarray Market Through 2029?
North America was the largest region in the microarray market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global microarray market report during the forecast period. The regions covered in the microarray market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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