The 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% during the forecast period. The major factors driving the growth of this market are the increasing incidence of cancer, growing application areas of microarray sand increasing funding for genomic and proteomic research.
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On the basis of product and service, the microarray analysis market is categorized into consumables, software & services, and instruments. The consumables segment is expected to grow at the highest growth rate during the forecast period. The growing applications of microarrays in various fields and the regular, repeated, & bulk purchases of consumables are driving the growth of this segment.
Based on type, the microarray analysis market is segmented into DNA microarrays, protein microarrays and other microarrays. The DNA microarrays segment is estimated to register the highest CAGR during the forecast period. The use of DNA microarrays in various applications such as drug discovery, genomic and cancer research, personalized medicine, genetic disease diagnosis, and various diseases is expected to boosting this market.
On the basis of application, the microarray analysis market has been segmented into research application, drug discovery, disease diagnostics, and other applications. The microarray technology has wide applications in pharmacogenomics as well. Pharmacogenomics is the study of correlations between therapeutic responses to drugs and the genetic profiles of patients. The drug discovery segment is expected to grow at fastest CAGR during the forecast period.
By end user, the microarray analysis market is segmented into research and academic institutes, pharmaceutical and biotechnology companies, diagnostic laboratories and other end user. The pharmaceutical and biotechnology segment is anticipated to grow at highest CAGR during the forecast period.
Geographically, the microarray analysis market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). Asia Pacific is expected to at highest CAGR during the forecast period due to the increasing biotechnology and pharmaceutical research being conducted in this region.
