The global microarray analysis market is expected to reach USD 5.52 billion by 2023 from USD 3.82 billion in 2018, at a CAGR of 7.6%. The major factors driving the growth of this market are the increasing incidence of cancer, increasing funding for genomic and proteomic research, and growing application areas of microarrays.
By product and service, the Microarray Analysis Market is segmented into consumables, software & services, instruments. In 2018, the consumables segment is estimated to command the largest share of the microarray analysis market. The large share of this segment can be attributed to the growing applications of microarray in various fields and the regular, repeated, & bulk purchases of consumables.
On the basis of type, the Microarray Analysis Market has been segmented into DNA microarrays, protein microarrays, and other microarrays. DNA microarrays are expected to account for the largest share of the microarray analysis market in 2018. The large share of this segment can be attributed to the use of DNA microarrays in various applications such as drug discovery, genomic and cancer research, personalized medicine, and genetic disease diagnosis.
Based on application, the Microarray Analysis Market has been segmented into research applications, disease diagnostics, drug discovery, and other applications. In 2018, the research applications segment is projected to account for the largest share of the market. Increasing private and government funding for genomic and proteomic research is the major driving factor for this market.
The end user segment categorized into research and academic institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and other end users.
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Key Players In Microarray Analysis Market:
Prominent players in the market include Thermofisher Scientific (US), Agilent Technologies (US), and Illumina (US). The key strategies followed by most companies in the microarray analysis market are product launches, agreements, expansions, and acquisitions. The strategy of expansions accounted for the largest share of the overall growth strategies mapped from 2015 to 2018.
Thermofisher Scientific held the leading position in the global microarray analysis market in 2017. The company has a strong product portfolio of microarray consumables and services. In order to further expand and maintain its leading position in this market, it focused on inorganic and organic strategies such as acquisitions and expansions. For instance, in March 2016, the company acquired Affymetrix (US), a pioneer in microarray technology and a leader in genomics analysis. In the same year, the company opened its new global headquarters in Waltham, US. Such developments helped the company strengthen its position in the microarray analysis market.
Illumina (US) held the second position in the global microarray analysis market in 2017. The company’s broad portfolio of products include systems, consumables, and analysis tools designed to simplify genetic analysis. The company focuses on acquisitions and expansions to enhance its share in the microarray analysis market.
Agilent Technologies (US) held the third position in the microarray analysis market in 2017. The company is engaged in the manufacturing and marketing of microarray analysis products. To remain competitive in the market, the company pursues the strategy of agreements, product approvals, and expansions.