Array Market (Life Science and Biotechnology Instruments) Size and Trends

Array Market (Life Science and Biotechnology Instruments)Size and Trends

The global array market (Life Science and Biotechnology Instruments) is estimated to be valued at US$ 7.4 Billion in 2023 and is expected to exhibit a CAGR of 15.4% during the forecast period (2023-2030).

A rising number of growth strategies, such as partnerships and others, by the key market players for cell and gene therapy are expected to propel market growth over the forecast period. For instance, on July 18, 2023, Arrayjet, a leading provider of inkjet liquid-handling solutions, announced that it had entered into a partnership with Chemspace, an online catalogue of small molecules and biologics, to augment and streamline the company’s small molecule microarray (SMM) service offering. Chemspace’s curated and deeply annotated compound libraries are now accessible through Arrayjet’s SMM Contract Research Organizations and Contract Manufacturing Organizations services for assay development, contract screening, and contract array manufacturing.

Figure 1. Global Array Market (Life Science and Biotechnology Instruments) Share (%), By Type, 2023

Global Array Market (Life Science and Biotechnology Instruments) – Driver

Rising strategic initiatives taken by the market players

The key market players are focused on strategic initiatives, which in turn is expected to fuel market growth over the forecast period. For instance, in March 2021, Oxford BioDynamics Plc, a global biotechnology company, and Agilent Technologies, a provider of scientific solutions, announced that they had signed a supply and resale agreement for the manufacturing and sale of new EpiSwitch Explorer Array Kit. EpiSwitch Explorer Array Kit is a microarray kit available for high-resolution 3D (3- Dimensional) genome profiling and biomarker discovery.

Increasing prevalence of cancer

Increasing changes in lifestyles is considered a major cause of cancer. Thus, the increasing prevalence of cancer globally is expected to boost growth of the market over the forecast period, as arrays are used in diagnostics for various indications such as cancer and others. For instance, according to the data published by the American Cancer Society 2021, cancer facts and figures, in the U.S., reported the estimated cancer cases in the U.S. in 2021, which is provided below:

ESTIMATED NEW CANCER CASES IN THE U.S. IN 2021

Figure 2. Global Array Market (Life Science and Biotechnology Instruments) Share (%), By Region, 2023

Increasing fundings by the market players

Increasing growth strategies by the market players, such as funding and others, are expected to drive growth of the market over the forecast period. For instance, in June 2022, Ariceum Therapeutics, a private clinical-stage radiopharmaceutical company, announced funding of US$ 25 million in Series A to enhance its lead asset, Satoreotide, for the diagnosis of low- and high-neuroendocrine cancers.

Increasing prevalence of various chronic disease

Increasing prevalence of various chronic diseases, such as cancer, multiple myloma, and others, is expected to foster market growth over the forecast period. For instance, According to the estimates by the GLOBOCAN 2020, around 6,900 new cases of multiple myeloma were diagnosed in Southeast Asia.

Furthermore, according to the estimates by GLOBOCAN 2020, around 2,155 new cancer cases were diagnosed in the UAE.