The microarray analysis industry contributes revenue worth $3,846.7 million in 2021, and it is projected to rise at a rate of 9.9% in the coming future, to generate $9,011.1 million in revenue in 2030.
It is ascribed to the rising application area of microarrays, growing cancer prevalence, and government initiatives for proteomic and genomic research. Microarray analysis is highly utilized in pharmaceutical screening, toxicology screening, and biomarker identification to understand DNA mutation. In addition, microarray facilitates the screening of various genes in real-time.
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Moreover, North America holds a significant share of the microarray analysis industry, accounting for 40%, and it is projected to experience extensive growth in the near future, leading to increased funding from Canada and the U.S. governments for cancer research.
Under the project and category segment, consumables are expected to experience significant growth of around 10% from 2021 to 2030, led by the rising number of research institutes and diagnostic laboratories that use microarray analysis. In addition, the rising research on mRNA and DNA methylation boosts the demand for consumables to carry out microarray analyses.
In addition, software and services capture the third-largest share of the microarray analysis industry, attributed to the wide usage of the software for identifying and analyzing genomes by utilizing data for the study. Similarly, the rising number of experiments boosts the advanced services and tools adoption for carrying out studies.
DNA microarrays capture a substantial share of the industry, and it is projected to experience a growth rate of 10% in the coming years, owing to the DNA microarray's usage in clinical diagnostic tests for various diseases. Moreover, they are also utilized for determining which medicine is the best prescription for a specific patient, as these genes identify how the body manages the drug chemistry.
In addition, DNA microarrays are primarily used for mutation identification in the genetic structure. The short-single stranded DNAs of genetic disorders are produced and combined with patients' DNA for analysis. The synthetic binding of DNA with the produced DNA, and coherent material facilitates the identification of mutation type of cancer. Therefore, the growing prevalence of cancer is the primary contributor to the rising demand for DNA microarrays.
The research and academic institutes capture an extensive share of the microarray analysis industry, and they are projected to contribute to the sales worth $4.0 billion of the associate products in 2030. Over the years, there has been a significant rise in human genome study projects. Microarrays are utilized for cancer drug discovery. Therefore, the rise in research and development investments in the healthcare sector is projected to boost industry growth.
Moreover, the pharmaceutical and biotechnology companies are projected to experience rapid growth in the industry, ascribed to various research programs conducted for drug development.
In addition, Europe is the next-significant contributor after North America, attributed to the highly developed healthcare industry of the region, with advanced R&D infrastructure, and ease of access to the associated products. Cancer detection supported by point-of-care testing in Europe drives the industry growth.
Therefore, the rising investments in research and development in the healthcare sector are projected to boost industry growth.
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