Array Instruments Market growing at a CAGR of 4.3% from 2014 to 2020

A new Transparency Market Research report states that the global array instruments market stood at US$0.87 bn in 2014 and is predicted to reach US$1.12 bn in 2020. It is predicted to expand at a CAGR of 4.30% from 2014 to 2020. The title of the report is “Array Instruments Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”

As mentioned in this study, the rising requirement for the early diagnosis and detection of various types of cancers will fuel the market for array instruments. Furthermore, robotics playing a prime role within laboratory automation will further augment the growth of the market. Array instruments are being employed on a large scale for applications in drug discovery and life sciences, hence stimulating the overall market. On the other hand, the absence of adequate data analysis tools and the decreasing rate of adoption of array instruments in emerging nations owing to their high costs may hamper the growth of the market in forthcoming years. Furthermore, the rising competition from newly emerging technologies may also pose a threat to the market for array instruments.

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In terms of technology, the report segments the array instruments market into DNA, protein, tissue, and cellular microarrays. Amongst these, the segment of DNA microarray is conventionally used in several applications and is the most broadly accepted technology and hence led the market for array instruments in 2014. This is due to the enhanced precision and accuracy of DNA microarrays and their increasing acceptance amongst a number of end users.

On the other hand, the segment of protein microarray emerged as the second largest and most swiftly developing segment of the market. Increased accuracy in the identification of protein-protein interactions, high sensitivity, and high resolution are amongst the chief factors fuelling the demand for protein microarrays. On the other hand, the segments of tissue microarray and cellular microarray are presently in their early stages and thus have certain limitations. In terms of end use, the market is segmented into clinical diagnostic labs, research and development laboratories, veterinary laboratories, agriculture research centers, and forensic centers.

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On the basis of geography, the global array instruments market is segmented into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, North America led the market in 2014. This is owing to the U.S. being the first site for the adoption of any kind of technological advancement because of the presence of key players in this country. Europe trailed North America and held the second largest share in the market owing to the increasing occurrence of various types of cancers demanding treatment and diagnosis within this region.

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This release was published on openPR.