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(IT-NEWSWIRE.COM, June 17, 2021 ) 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%. The major factors driving the growth of this market are the growth in funding for genomic and proteomic research, increasing incidence of cancer, and growing application areas of microarrays.
Consumables are expected to account for the largest market share in 2018
On the basis of product and services, the microarray analysis market is segmented into consumables, software and services, and instruments. In 2018, the consumables segment is expected to account for the largest share of the global microarray analysis market. The large share of this market segment can be attributed to the growing applications of microarray in various fields and the regular, repeated, & bulk purchases of consumables.
DNA microarray is estimated to account for the largest share of the microarray analysis market in 2018
By type, the microarray analysis market has been segmented into DNA microarrays, protein microarrays, and other microarrays. In 2018, the DNA microarrays segment is expected to account for the largest share of the microarray analysis market due to the use of DNA microarrays in various applications such as drug discovery, genomic and cancer research, personalized medicine, and genetic disease diagnosis.
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.
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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. For instance, in 2016, Illumina opened its Solutions Center on the Genopole Campus in Évry, Paris. Furthermore, in 2015, Illumina acquired GenoLogics to strengthen its portfolio of genetic analysis solutions to enhance its position in the 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. In 2017, Agilent Technologies entered into an agreement with Agendia (Netherlands) to expand their relationship to include the development of an RNA-Seq kit version of Agendia's currently marketed MammaPrint and BluePrint tests. Such agreements help the company to enhance its product portfolio and market reach.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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