Global Microarray Market is valued approximately at USD 4.0 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 9.0% over the forecast period 2019-2026. A microarray is a laboratory tool which is used to detect the expression of thousands of genes at the same time. It is a collection of microscopic feature (most commonly DNA) that can be probed with target molecules in order to produce either qualitative (diagnostic) or quantitative (gene expression) data. This tool is broadly utilized for medical treatment and diagnosis, biotechnological and several other researches, as well as in forensic investigations. It can be used for many micro molecules such as RNA, DNA, enzymes, proteins, tissues and carbohydrates.
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Also, it can be used for biomarker profiling, gene expression profiling, molecular interactions, mutations, pathway identification and enzyme activity. Increasing prevalence of cancer worldwide as well as growth in the funding for genomic and proteomic research are the few factor responsible for high CAGR of the market over the forecast period. For instance, in 2018, it was estimated that there were 9.5 million cancer deaths and 17.0 million new cancer cases worldwide. The global burden of cancer is expected to grow to 16.3 million cancer deaths and 27.5 million new cancer cases by 2040 due to the growth and aging of the population, according to the International Agency for Research on Cancer (IARC). Since the prevalence of cancer is on surging trend thereby, the need for microarray has also increased due to it is fast, accurate, cost-effective and easy to do assay design therefore, facilitating high growth of the market across the globe.
Moreover, growing utilization of microarrays in personalized medicine along with increasing research and development activities is the major factor likely to offer lucrative growth opportunity to the market in the upcoming years. However, strict government regulations and lack of skilled professionals are few factors anticipated to hampering the growth of global microarray market during the forecast period. Other factor that can also hinder the growth of the market is rapid advances in Next-Generation Sequencing (NGS), which facilitated NGS to be a highly cost-effective and accurate alternative all over the world.
The regional analysis of global Microarray Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in the prevalence of cancer and genetic diseases along with improved healthcare infrastructure in this region, which create demand for microarray. However, Asia-Pacific is anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as rising funding from the government in the healthcare sector, improving healthcare infrastructure, and growing drug discovery & development activities that would create lucrative growth prospects for the Microarray Market across North American region.
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