Redding, California - September 16, 2024
China Microarray Market to Be Worth $910.4 Million by 2031
China Microarray Market Size, Share, Forecast, & Trend Analysis by Product (Consumables [Microarray Kits {DNA (cDNA, Oligo), Protein}], Instruments, Software, Services), Application (Drug Discovery, Research, Diagnostics), End User – Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘China Microarray Market Size, Share, Forecast, & Trend Analysis by Product (Consumables [Microarray Kits {DNA (cDNA, Oligo), Protein}], Instruments, Software, Services), Application (Drug Discovery, Research, Diagnostics), End User – Forecast to 2031’. According to this latest publication from Meticulous Research®, China microarray market is expected to register a CAGR of 8.4% from 2024 to reach $910.4 million by 2031.
The growth of China microarray market is driven by the increasing research applications of microarrays, the growth in genomics & proteomics research, the rising prevalence of cancers & genetic disorders, and growing R&D expenditures in the pharmaceutical & biotechnology industries. Furthermore, advancements in microarray technology and the growing adoption of personalized medicines create substantial growth opportunities for China microarray market players.
However, the higher costs of microarrays compared to other genetic testing methods and the growing utilization of Next-generation Sequencing (NGS) technology are expected to hinder the growth of this market. The microarrays' lack of sensitivity & accuracy is a major challenge impacting market growth.
The key players operating in China microarray market are Sino Biological, Inc. (China), CapitalBio Technology Co., Ltd. (China), Arrayit Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Illumina, Inc. (U.S.), Revvity, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Merck KGaA (Germany), and Qiagen N.V. (Netherlands), and RayBiotech Life, Inc. (U.S.).
China Microarray Market: Future Outlook
China microarray market is segmented based on product, application, and end user.
By product, the consumables segment is predicted to hold the largest market share of 62.6% in 2024. This segment’s major market share is due to the recurring use of assays & kits in identifying the causes of various chronic conditions, the wide availability of consumables for disease diagnosis, and the growing implementation of point-of-care testing kits. In addition, key market players are focusing on various growth strategies, such as product launches and strategic agreements, to strengthen their market positions. For instance, in March 2024, QIAGEN N.V. (Netherlands) launched QIAstat-Dx Analyzer 2.0, an upgrade of the previous analyzer that allows users to view, comment on, and confirm diagnostic test results from desktops or mobile devices.
By application, the drug discovery & development segment is expected to dominate in 2024, with a 51.7% share in China microarray market. This segment's large market share is attributed to the rising incidence of infectious diseases and the growing use of DNA, RNA, and protein analysis for disease diagnosis and the growing R&D expenditure and initiatives to increase research capacity by introducing new research centers due to the advanced technologies.
By end user, in 2024, the pharmaceutical and biotechnology companies segment is projected to make up for the largest share of China microarray market. The large market share of this segment is attributed to the growing emphasis on drug discovery & development, identification of individuals with similar genetic makeup, in-depth understanding of diseases and its drug responses, rising awareness of precision medicine, and rising pharmaceutical R&D expenditure.
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of product, application, and end user?
- What was the historical market for China microarray across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, challenges, and opportunities in China microarray market?
- Who are the major players in China microarray market?
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