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Microarray Market Size Worth $7.44 Billion by 2026 | CAGR: 8.7%: Grand View Research, Inc.
SAN FRANCISCO, Oct. 23, 2019 /PRNewswire/ -- The global microarray market size is expected to reach USD 7.44 billion by the year 2026, growing at a CAGR of 8.7%, according to a new report by Grand View Research, Inc. Market drivers propelling market growth include a global rise in cancer cases and a wide range of applications of microarrays in sequencing, genome mapping, personalized medicines, and others. A rise in global R&D investments is also key in propelling growth as this would lead to a rise in the use of microarrays for research purposes to advance and improve in healthcare.
Key suggestions from the report:
- Consumables held the largest microarray market share owing to the repeated purchase of these products and their incessant requirement in all procedures.
- Software and services are expected to witness the highest CAGR in the product segment owing to rising adoption in drug discovery and disease diagnostics.
- North America held the largest market share followed by Europe and is anticipated to maintain their dominant positions throughout the forecast period.
- Major market players include Abcam plc., Bio-Rad Laboratories, Thermo Fisher Scientific, Merck KgaA, Cell Signaling Technologies, and Hoffmann-La Roche Ltd. among others.
Read 145 page research report with ToC on "Microarray Market Size, Share & Trends Analysis Report By Product (Consumables, Software), By Type (DNA, Protein), By Application (Research, Drug Discovery, Disease Diagnostics), By End Use and Segment Forecasts, 2019 - 2026" at: https://www.grandviewresearch.com/industry-analysis/microarray-market
The introduction of various types of array platforms offered by leading companies is also another factor anticipated to boost market potential. For instance, R&D Systems, a biological products company offers proteome profiler antibody array, a protein microarray used to measure over 119 proteins in one sample. With the use of this product, laboratory technicians do not need any specialized equipment additionally eliminating the need for western blot experiments.
In recent years, large scale market players have collaborated with small and medium scale companies to expand their existing product portfolio and geographical presence. For instance, in 2018, Merck signed an agreement with HistoCyte Laboratories Ltd., to distribute cell microarrays in the U.S. and other geographies thereby, facilitating researchers with a cost-effective and easy option.
The Asia Pacific region is expected to witness lucrative growth during the forecast period owing to rising regulatory approvals received by leading companies for microarrays. For instance, in 2015, Agilent Technologies Inc. received the China FDA approval for its SureScan Dx microarray scanner. The Middle East & African region is also anticipated to showcase immense opportunities due to the launch of new products in the region to improve the diagnosis of diseases. For instance, in 2017, Thermo Fisher Scientific, Inc. launched Axiom Africa array, this array captures genome-wide variation in African populations as well as in Europe and Asian populations.
Grand View Research has segmented the global microarray market report on the basis of product, microarray type, application, end use and region:
- Microarray Product Outlook (Revenue, USD Million, 2015 - 2026)
- Software and Services
- Microarray Type Outlook (Revenue, USD Million, 2015 - 2026)
- DNA Microarrays
- Protein Microarrays
- Other Microarrays
- Microarray Application Outlook (Revenue, USD Million, 2015 - 2026)
- Research Applications
- Drug Discovery
- Disease Diagnostics
- Other Applications
- Microarray End Use Outlook (Revenue, USD Million, 2015 - 2026)
- Research & Academic Institutes
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Other End Users
- Microarray Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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