Global DNA Chip Market: Snapshot
Only about the size of a postage stamp, DNA chips can substantially decrease the research time for drug discovery and other medical researches. Consequently, the demand in the market for DNA chip is anticipated to increment at a formidable CAGR during the forecast period of 2015 to 2024, gaining additional traction from a number of factors such as large scale initiatives in the related fields, rapidly growing demand for personalized medicine, miniaturization of DNA chips, escalating need for early detection of cancer and consequent diagnosis and therapeutics, funding from governments in various developed and emerging economies.
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On the other hand, the lack of skilled professionals who have the technical knowledge and alternate technologies are two important factors challenging the DNA chip market from attaining its true potential. Nevertheless, the vendors operating in this market are expected to gain new opportunities in the emerging economies of Asia Pacific, and relocation of manufacturing facilities by the leading vendors in order to gain advantage over the competitors.
Based on product type, the global DNA chip market can be segmented into drug discovery, genomics, and gene expressions, while geographically, the report provides projections on the potential of every important region such as Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. This report, created by professional and experienced market research analysts, aims to provide figurative evaluations and futuristic estimations of the market for DNA chips, providing in-depth analysis of all drivers and restraints, and profiling a number of leading companies to represent the competitive landscape.
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Global DNA Chip Market: Overview
The increasing attempts to cut down the investment of time and capital during research activities in the medical and drug discovery fields are providing a significant momentum to the global DNA chip market. DNA chips play a critical role in aiding medical researchers in measuring the expression levels of thousands of genes at the same time. They are two types, which are oligonucleotide DNA (oDNA) and complementary DNA (cDNA). They are used in gene identification, gene expression profiling, and comparative genomic hybridization.
The research report encompasses all the important parameters of the global DNA chip market, including its dynamics, competitive landscape, and region-wise outlook. The statistics pertaining to the market at both global and regional levels are included in the report. The study profiles key players operating in the market along with their business strategies, latest developments, and contact information.
Global DNA Chip Market: Drivers and Restraints
The growing number of deaths due to cancer every year is creating a pressing need for early cancer detection. According to the American Cancer Society, by 2030, the number of new cancer cases is expected to reach 21.7 million and cancer deaths to 13 million. Therefore, the alarming rate of increase in prevalence is working in favor of the global DNA chip market. Moreover, the spiraling demand for personalized medicines is translating into the greater uptake of DNA chips. The growing investments by governments for research and development in the field are also stoking the growth of the market.
However, the dearth of workforce with adequate technical and clinical acumen is adversely affecting the growth of the global DNA chips market. On the other hand, market players are relocating manufacturing facilities to emerging countries to maximize their revenue generation.
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Global DNA Chip Market: Geographical Segmentation
The key segments analyzed in the report in terms of geography are North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America will be a prominent market for DNA chip in the coming years. Rapid clinical advancements in the field in the region are providing a tremendous boost to the growth of the market. However, the regional market is poised to reach maturity in the offing and therefore, register a sluggish growth rate.
Asia Pacific, on the other hand, is estimated to expand at an aggressive growth rate during the review period. The growing investments by governments and private organizations in the development of DNA chips are driving the growth of the region. Moreover, the increasing number of clinical trials and drug discovery is fuelling the growth of APAC. Countries such as India, South Korea, Singapore, and China are major revenue contributors to the growth of the region. Among these, Singapore will be at the forefront, owing to the excellent logistics connectivity and supply chain and strong intellectual property laws.
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Global DNA Chip Market: Competitive Landscape
Key players in the global DNA chip market are relying on extensive research and development activities to stay ahead. The growing popularity of DNA chips is attracting new players to venture into this market, which is likely to intensify the competition in the market in the near future. The majority of players are aiming at capitalizing on regions that offer a strong supply chain, cutting-edge scientific infrastructure, skilled manpower, and superior logistical connectivity. Some of the prominent companies operating in the global DNA chip market are Agilent Technologies, Affymetrix Inc., Eurofins MWG Operon, Biometrix Technology Inc, Biomérieux SA, Bioneer Corporation, Illumina Inc., Greiner Bio-One, Macrogen Inc, Microarrays Inc, Scienion AG, Wafergen Biosystems Inc., Savyon Diagnostics Ltd, Sigma-Aldrich, Life Technologies Corporation, Roche Nimblegen Inc, and Sequenom Inc.
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