What is the expected worth of the DNA microarray market in 2024?

[RahulFMI]

The DNA Microarray Market is experiencing significant growth, driven by the ever-evolving field of genomics. According to a recent analysis, the market is estimated to reach a staggering USD 9.9 billion by 2034, nearly doubling its current value of USD 4.1 billion in 2024. This impressive growth trajectory is projected at a healthy Compound Annual Growth Rate (CAGR) of 9.2% over the next decade.

A significant new trend in the DNA microarray market is customized medicine, which is being driven by developments in genomics and molecular diagnostics. DNA microarrays can be used to study genetic variants and biomarkers linked to particular diseases, enabling the customization of treatment plans depending on each patient's particulars.

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The industry is growing due to continuous advancements in microarray technology, such as better data analysis methods, higher-density arrays, and better probe designs. These technological advancements increase DNA microarray assays' sensitivity, specificity, and throughput, enhancing their application in clinical diagnosis and research.

Oncology, infectious illnesses, neurology, and cardiovascular disorders are among the domains with an increasing need for identifying and validating biomarkers. Identifying biomarkers linked to therapy response, patient outcomes, and disease progression is a critical function of DNA microarrays, which propels market expansion.

DNA microarrays are increasingly being utilized in clinical settings for diagnostic purposes related to infectious diseases, prenatal screening, cancer profiling, and genetic testing. The healthcare sector's market is growing due to DNA microarray-based testing in clinical laboratories and healthcare institutions.

DNA Microarray Market Key Takeaways:

From 2019 to 2023, the DNA microarray market expanded at a CAGR of 11.7%.
Based on the type, the complementary DNA Microarrays segment is expected to rise at a CAGR of 8.8% through 2034.
The DNA microarray demand in China is predicted to grow at a CAGR of 9.8% through 2034.
In the United States, the DNA microarray industry is estimated to register a CAGR of 9.4% from 2024 to 2034.
The United Kingdom is projected to expand by a CAGR of 10.3% between 2024 and 2034.
The DNA microarray market in Japan is anticipated to record a CAGR of 10.8% during 2034.
“The technological developments and burgeoning research applications are likely to drive the growth of the DNA microarray market,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).

DNA Microarray Market Competitive Landscape:

Market expansion is anticipated through strategic alliances and the launch of new goods by prominent figures in the sector. Market players are making significant investments in R&D projects to create cutting-edge technology for a variety of illnesses.

In January 2024 - the PangenomiX Array will be released by Thermo Fisher Scientific to facilitate pharmacogenomics and population-scale disease research.
In December 2023 - PerkinElmer, announced that it had acquired Covaris. Through the agreement, PerkinElmer's current life sciences portfolio will be expanded into the rapidly expanding diagnostics end market, accelerating Covaris' growth potential.
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DNA Microarray Market Key Segments:

By Component:

Consumables
Instruments
Software & Services
By Type:

Complementary
Oligonucleotide
Other Types
By Application:

Gene Expression Analysis
Genotyping
Transcription Factor Binding Analysis
Other Applications
By End User:

Academic & Research Institute
Pharmaceutical and Biotechnology Companies
Diagnostic Centers
Hospitals and Clinics
Other End-Users
By Region:

North America
Latin America
Western Europe
Eastern Europe
South Asia and the Pacific
East Asia
Middle East and Africa