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    Microarray Market Report

    Microarray Market Report
    Report code - SR1266 Delivery - 2 Weeks
    Microarray Market Trends, Dynamics & Market Insights
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    Market Insights

    The Microarray Market was estimated at USD 3.84 billion in 2022 and is likely to grow at a CAGR of 8.41% during 2023-2028 to reach USD 6.29 billion in 2028.

    Microarray-Market-Size

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    What is a microarray?

    A microarray is widely used to detect several forms of cancer. It is defined as an advanced molecular biology technique that is used for detecting the expression of thousands of genes at the same time. Microarray is an advanced molecular biology technique that is used to spot expressions of many genes at the same time. Gene expression is a vital part of normal gene functioning and plays a critical role in understanding the normal growth and development of life.

    Microarray Market Highlights

    Market Size in 2028

    USD 6.29 Billion

    Market Size in 2022

    USD 3.84 Billion

    Market Growth (2023-2028)

    CAGR of 8.41%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Key players operating in the microarray market are-

    • Thermo Fisher Scientific Inc. (US)
    • Agilent Technologies, Inc. (US)
    • Illumina, Inc. (US)
    • PerkinElmer Inc. (US)
    • Bio-Rad Laboratories, Inc. (US)
    • Danaher Corporation (US)
    • Applied Microarrays, Inc. (US)
    • Merck KGaA (Germany)
    • Microarrays Inc. (US)
    • Arrayit Corporation (US).

    Market Dynamics

    The rising incidence of cancer is one of the key factors spurring product demand. The surge in healthcare R&D and the growing usage of microarrays in several applications further augment the market growth. Moreover, in the past few years, the usage of DNA-based microarrays has become the method of choice for assaying gene expression. This is mainly due to the factors such as complexity and cost reduction facilitating the technology to be more accessible and standardized, which bolsters the industry growth. However, rapid advances in NGS have enabled NGS to be a highly cost-effective, specific, and accurate alternative which is likely to hamper the market expansion.

    Segment's Analysis

    Application Trends

    Based on application, the microarray market is categorized into research, drug discovery, disease diagnostics, and others. The research segment held a significant market share in 2022 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly ascribed to the rise in private as well as government funding for research in genomics and proteomics. Also, rising focus to fasten the cancer treatment research further bolsters the segment growth. 

    Regional Trends

    By region, the North American market accounted for a significant share in 2022 and is expected to grow at a substantial CAGR in the following years. This is mainly attributed to the increasing prevalence of cancer cases in the region coupled with a large presence of product manufacturers and healthcare companies. Moreover, strong healthcare infrastructure and favorable government reimbursement policies further proliferate the regional market growth.

    Microarray-Market-Regional-Analysis

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    COVID-19 Impact on Microarray Market

    The COVID-19 outbreak has positively influenced the Microarray industry. The pandemic has turned the lives of people worldwide, with the number of cases increasing rapidly. The market demand for the COVID-19 vaccine has been increasing, owing to a rise in everyday cases worldwide. Thus leading to a surge in the demand for microarray technology to detect the molecular tests and for mapping COVID-19 antibody for Covid-19.

    Critical Questions Answered in the Report

    • What are the key trends in the microarray market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the microarray market?
    • What are the key strategies adopted by the major vendors to lead in the microarray market?
    • What is the market share of the top vendors?

    Target Audience

    Here is the list of the group of customers that the microarray market hopes to have the greatest opportunity to convert-

    • Microarray vendors
    • Microarray retailers
    • Hospitals
    • Healthcare companies

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Thermo Fisher Scientific Inc. (US), Agilent Technologies, Inc. (US), Illumina, Inc. (US), Perki-nElmer Inc. (US), Bio-Rad Laboratories, Inc. (US), Danaher Corporation (US), Applied Microar-rays, Inc. (US), Merck KGaA (Germany), Microarrays Inc. (US), and Arrayit Corporation (US) are among the key players in the microarray market.

    Rising incidence of cancer, surge in healthcare R&D and the growing usage of microarrays in several applications are the factors driving the growth of microarray market.

    The research segment is expected to register a healthy CAGR in the microarray market in the coming years.

    North America is expected to grow at a substantial CAGR in the microarray market during the forecast period.

    Microarray vendors, Microarray retailers, Hospitals, Healthcare companies are the target audience in the microarray market.