Fior Markets launched a study titled “Global Microarray Market by Product & Service (Consumables, Instrument, Software&Services), Type, Application, End User, Regions”,and Global Forecast 2018-2025.
The global microarray market is expected to grow from USD 3.72 Billion in 2017 to USD 6.82 Billion by 2025, at a CAGR of 7.87% during the forecast period from 2018-2025. Growth in the funding for the research activities in the fields of genetics and genome as well as rising application of microarray in gene discovery, disease diagnosis, and toxicology research are factors that are driving the market growth.
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Consumables segment had a market value of USD 1.59 billion in 2017
Product and services is segmented into consumables, instruments and software and services. Increasing application of microarrays in the various fields and the regular, repeated, & bulk purchases of consumables were the factors that propelled consumables segment to dominate the global microarray market with USD 1.59 billion revenue in 2017.
DNA microarray segment had a market value of USD 1.44 billion in 2017
Type segment is divided into DNA microarrays, protein microarrays, and others. DNA microarray technology is increasingly being utilized for the applications such as drug discovery, genomic and cancer research, personalized medicine, and genetic disease diagnosis. Thus DNA microarray segment emerged as the leading segment with USD 1.44 billion revenue in 2017.
Drug Delivery segment is anticipated to grow at a CAGR of 9.98% in 2018-2025
Application segment is categorized into research applications, disease diagnostics, drug discovery, and others. Upward growth in the government and institutional funding for the genetic, protemic and genomic research boosted research application segment to emerged as the leader with USD 1.17 billion market revenue in 2017. On account of immense application value of microarrays for measuring the expression patterns of thousands of genes to identify appropriate targets for therapeutic intervention, drug discovery application segment is expected to grow at the fastest CAGR of 9.98% over the forecast period.
Pharmaceutical segment is anticipated to grow at a CAGR of 10.12% in 2018-2025
End user is segmented into research and academic institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and others. Growing financialexpenditure on the pharmaceutical research is projected to fuel the pharmaceutical end use segment to grow at an increased CAGR of 10.12% over the forecast period.Research and academic institutions segment led the global microarray market withUSD 1.50 billion revenue in 2017.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa.North America region Emerged as a dominating market for the microarray with a USD 1.31 billion revenue in 2017, followed by Europe.
Major players in the global microarraymarket are Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., Molecular Devices, PerkinElmer Inc., Illumina, Inc., GE Healthcare, and Bio-Rad Laboratories Inc., Affymetrix, Inc, Sequenom, Inc., Roche NimbleGen,Applied Microarrays, bioMrieux SA, Discerna, Gyros AB, Luminex Corporation,.among others.
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