DNA/Gene Microarray Market, By Type (Oligonucleotide DNA Microarrays, Complementary DNA Microarrays),By Application (Genomics, Proteomics, Agricultural Biology, Environment, Drug Research and Development, Cancer/oncology, Others (SNP Analysis, etc.)),By End User (Biopharmaceutical and Pharmaceutical Companies, Diagnostic Laboratories, Research Laboratories, Others (Academic Institutes, etc.)), By Geography (North America, Latin America, Europe, Middle East & Africa, and Asia Pacific)
Rising strategic initiatives taken by the market players: The key market players are focused on strategic initiatives, which, in turn, are 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 the 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 are 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 in 2021, cancer facts and figures in the U.S. reported the estimated number of cancer cases in the U.S. in 2021, which is provided below:
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 cancer.
Global DNA/Gene Microarray Market: Restraint
High cost of Microarray Sequencing: The manufacturing complexity of the biochip technology and the research and development that is required to bring out innovative biochips to market result in high costs for these products, while the high cost involved in research and development of DNA/gene microarray technology-based products and limited financial support have posed a great challenge to the growth of the global DNA/Gene microarray market. The high cost of DNA microarray sequencing used in various applications, such as cancer and others, is further expected to hinder market growth over the forecast period. For instance, in June 2022, according to the report published in the National Center for Biotechnology Information, the reported price of DNA microarrays used in cancer diagnostics ranged from US$ 335 to US$ 700. To overcome this high cost, the government has given reimbursement policies that patients must opt for to avail of a proper discount and avoid out-of-pocket expenses.
Growth Drivers:
Rising strategic initiatives taken by the market players
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