Tissue Microarray Market Set to Reach $12.36 Billion in 2024, Driven by Precision Medicine and Drug Discovery
The Business Research Company's Tissue Microarray Market Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 24, 2024 /EINPresswire.com/ -- The global tissue microarray market1 is poised for substantial growth, with the market size projected to increase from $11.17 billion in 2023 to $12.36 billion in 2024, reflecting a compound annual growth rate (CAGR) of 10.7%. This growth is attributed to the rise of precision medicine, advancements in drug discovery and development, efficient analysis capabilities, increasing prevalence of chronic diseases, and initiatives in biobanking.
Projected Growth to $18.68 Billion by 2028, Fueled by Digital Pathology and AI Integration
The tissue microarray market2 is expected to continue its rapid growth, reaching $18.68 billion by 2028, with a CAGR of 10.9%. This growth is driven by the emergence of digital pathology, expanded applications of tissue microarrays, growth in the biopharmaceutical industry, regulatory support and standards, and integration of artificial intelligence (AI) and machine learning. Major trends in the forecast period include advancements in imaging technologies, development of 3D tissue microarrays, high-content screening, standardization initiatives, and integration of single-cell analysis.
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Rising Demand for Personalized Medicine Driving Market Growth
The increasing demand for personalized medicine is expected to propel the growth of the tissue microarray market. Personalized medicine tailors medical treatment to individual characteristics for more effective and precise healthcare. Tissue microarrays are used to analyze multiple tissue samples concurrently, facilitating rapid and efficient assessment of biomarkers for tailored patient treatments. According to the Personalized Medicine Coalition, the FDA's Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs) in 2022, with approximately 34% classified as personalized medicines. This trend is driving the growth of the tissue microarray market.
Key Players and Trends
Major companies operating in the tissue microarray market include Roche Group, Merck & Co. Inc., Thermo Fisher Scientific Inc., and Becton, Dickinson Biosciences. These companies focus on technological advancements to sustain their positions in the market. For instance, advancements in imaging technologies and the development of 3D tissue microarrays are key trends shaping the market.
Regional Insights
North America dominated the tissue microarray market in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period. The market report covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation
The tissue microarray market covered in this report is segmented –
1) By Type: Immunohistochemistry, Fluorescent In Situ Hybridization, Frozen Tissue Array, Other Types
2) By Technology: Deoxyribonucleic Acid (DNA) Microarray, Polymerase Chain Reaction (PCR), Next-Generation Sequencing, Northern Blotting, Western Blotting
3) By Application: Oncology, Gene Expression Profiling, Single Nucleotide Polymorphism (SNP) Detection, Double-Stranded B-DNA Microarrays, Comparative Genomic Hybridization, Sequencing Bioinformatics
4) By End-User: Pharmaceutical And Biotechnological Companies, Research Organization, Hospitals
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Tissue Microarray Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Tissue Microarray Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on tissue microarray market size, tissue microarray market drivers and trends3, tissue microarray market major players, competitors' revenues, market positioning, and market growth across geographies. The tissue microarray market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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1 https://www.thebusinessresearchcompany.com/report/tissue-microarray-global-market-report
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