Global Multiplex Assays Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product (Consumables, Instruments, Accessories and Software and Services), Type, Application, End-User & Region - Industry Forecast From 2024 to 2029

Updated On: January, 2024
ID: 4817
Pages: 180

Global Multiplex Assays Market Size (2023 to 2028)

The global multiplex assays market size is anticipated to grow at a 7.15% CAGR from 2023 to 2028. It is estimated to be worth USD 4.99 billion by 2028 and USD 3.53 billion in 2023.

Multiplex assays are used in research to measure multiple analytes in a single run simultaneously. It differs from the procedures that measure only one analysis at a time. For example, they are extensively used in experiments involving functional genomics. These experiments attempted to detect or assay the state of all biomolecules of a given class (e.g., mRNAs, proteins) in a biological sample to determine the effect of an experimental treatment or the impact of a DNA mutation over all of the biomolecules or pathways in the sample.

MARKET DRIVERS:

The growing of chronic illnesses particularly cancer, where multiplex assays are widely employed is one of the key factors driving the multiple assays market growth.

Due to the increased incidence of chronic diseases, the growing acceptance of personalized treatment, and the numerous advantages of multiplex assays over traditional assays, the market for multiplex assays is expected to develop rapidly. Other significant factors predicted to promote the growth of the global multiplex assays market are the numerous benefits of multiplex assays and fast advancements in nanotechnology. In addition, the market is also being driven by the usage of multiplex tests for diagnosing cancer, the benefits of multiplex assays over singleplex tests, immune system disorders, bone marrow diseases, and other infectious diseases, as well as technical advances in multiplex assay techniques.

More research activities in the pharmaceutical and biotechnological sectors, increased government funding, and a rising focus on improving the efficiency of experiments are further expected to propel the worldwide market forward. The growing recognition of the multifactorial character of illnesses and pathological situations such as cancer and Alzheimer's disease has necessitated the development of a method for measuring several analyzers in a single sample that is both cost-effective and time-saving. This factor drives the global market for multiplex tests. In the next few years, new growth opportunities will likely emerge from developing very dense nanoarray technology and attempting to deliver more improved and cost-effective solutions. Companion diagnostics are fast-growing in terms of number and use in disease areas and have quickly become an important element of personalized treatment. Companion diagnostics are expected to develop rapidly in the near future, based on the present product pipeline. This increase in companion diagnostics is likely to impact the development of the global multiplex assays market substantially.

MARKET RESTRAINTS:

The high procurement prices and usage of multiplex assays are key major obstacles to the global multiplex assays market's growth. Furthermore, the global multiplex assays market will likely be hampered by strict government requirements for multiplex assay approval throughout the forecast period. The rising demand for healthcare systems to deliver services at a reasonable cost is expected to restrict the expansion of the Multiplex Assays Market. In addition, the Multiplex Assays Market is believed to be hampered by the complexity of clinical trial methods.

COVID-19 Impact on the global multiplex assays market:

COVID-19 has affected the global economy. Almost all the world's industries were affected negatively during the pandemic due to the implementation of strict lockdowns. In parallel to that, some industries were seen positive growth irrespective of the pandemic, and the Multiplex Assays Market is one of them. The Multiplex Assays Market has had some positive growth during the pandemic due to the rise in the adoption of multiplex assays in covid-19 vaccines is driven the market. The increase in multiplex assays' usage has made the market players increase their production to meet demand. Moreover, On July 2, 2020, FDA granted an Emergency Use Authorization for the U.S. Centers for Disease Control and Prevention (CDC) Influenza SARS-CoV-2 (Flu SC2) Multiplex Assay. Like any other industry, the multiplex assay market had faced supply chain disturbance and a lack of industry workers due to the lockdown. But the market players dealt with these issues well and led the market to grow.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

Segments Covered

By Product, Type, Application, Technology, End-User, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This market research report on the global multiplex assays market has been segmented and sub-segmented based on the product, type, application, technology, end-user, and region.

Multiplex Assays Market – By Product:

  • Consumables
  • Instruments
  • Accessories
  • Software and Services

Based on the product, the consumables sub-segment is expected to account for the largest share of the product segment due to increased demand for consumables.

 Multiplex Assays Market – By Type:

  • Nucleic Acid-Based Multiplex Assays          
    • Planar Nucleic Acid Assays
    • Bead-Based Nucleic Acid Assays
  • Protein-Based Multiplex Assays   
    • Planar Protein Assays
    • Bead-Based Protein Assays

The Protein-based assays segment is further categorized into planar protein assays and bead-based protein assays based on type. The protein-based assays segment is anticipated to witness the fastest growth in this segment of the multiplex assays market due to adopting these assays for research purposes.

Multiplex Assays Market – By Application:

  • Research & Development               
    • Drug Development
    • Biomarker Discovery and Validation
    • Infectious Diseases
    • Cancer
    • Cardiac Diseases
    • Autoimmune Diseases
    • Alzheimer’s Disease
    • Allergies
  • Companion Diagnostics     
  • Other Applications       

The research & development segment is projected to account for the largest share of the multiplex assays market based on application. Factors such as convenience in performing the assays and quicker results offered by multiplex assays are aiding the growth of this segment.        

Multiplex Assays Market – By Technology:

  • Multiplex PCR
  • Multiplex Arrays   
    • Multiplex Planar Arrays
    • Multiplex Bead-Based Array
  • Other Technologies  

The multiplex arrays segment is projected to hold the largest share of the multiplex assays market based on technology. Due to its benefits over traditional assays, the need for effective analytical platforms in research to reduce operational costs, and the adoption of companion diagnostics for increasing the safety and efficacy of therapy by multiplex assays are driving the growth of this segment.         

Multiplex Assays Market – By End-User:

  • Pharmaceutical & Biotechnology Companies          
  • Academic & Research Institutes   
  • Clinical Laboratories           
  • Hospitals  
  • Other End Users   

Based on End User, the pharmaceutical and biotechnology companies segment is projected to account for the largest share due to the increase in the adoption of multiplex assays in this segment.

Multiplex Assays Market – By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • The Middle East and Africa

Geographically, North America accounts for the largest share of the global multiplex assays market. The rise in the number of immunoassays tests performed and the prevalence of Alzheimer's patients drive the North American market. The U.S. is forecasted to rule the North American multiplex assay market due to the government's initiatives in improving precision medicine in advance with strategic partners among the critical players in contesting for multiplex assay development. Moreover, the increasing per capita income of the United States is boosting the market. The rise in the geriatric population and many market players lead the US to the top in North America Multiplex Assays Market. The Canadian market is predominantly growing due to the rise in R&D investments and the increasing number of cancer cases.

Europe accounts for the second-largest share in the global multiplex assays market during the forecast period. The increase in the geriatric population and chronic diseases are driving the European Multiplex Assays Market. Germany, France, and the U.K. are the primary European market contributors. The increase in clinical trials and the rise in investments in R&D in Germany are propelling the market. Moreover, the government initiatives and healthcare expenditure are boosting the European Multiplex Assays Market.

Asia-pacific is expected to witness the highest growth rate in the coming years. The risen prevalence of Alzheimer's patients and increasing patient population are driving the market. The countries like India and China are the most significant market contributors. Moreover, many pharmaceutical companies in India and China and a substantial rise in investments in research & development are propelling the Asia Pacific Multiplex Assays Market.

KEY MARKET PARTICIPANTS:

Some of the notable companies leading the global multiplex assays market profiled in this report are Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Abcam Plc, Becton, Dickinson and Company, Luminex Corporation, Meso Scale Diagnostics, Randox Laboratories Ltd and Seegene Inc.

RECENT MARKET DEVELOPMENTS:

  • In February 2021, Thermo Fisher Scientific Inc., a provisioner of scientific instrumentation, reagents & consumables, and software & services to healthcare, life science, and other laboratories, acquired a privately held point-of-care molecular diagnostic company, Mesa Biotech, Inc.
  • In September 2020, Biomedical Advanced Research and Development Authority (BARDA) partnered with Luminex Corporation, one of the key players in the Global Multiplex Assays Market, to develop a cost-effective, high throughput test that assesses the level of neutralizing antibodies in plasma.

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Frequently Asked Questions

What are the key drivers of the multiple assays market?

The growing need for high-throughput and efficient testing methods, the increasing prevalence of chronic diseases, and the growing demand for personalized medicine are majorly driving the growth of the multiple assays market.

What are some of the key players in the multiple assays market?

Thermo Fisher Scientific, Bio-Rad Laboratories, Siemens Healthineers, and Abbott Laboratories are some of the notable companies in the multiple assays market.

What are some of the trends in the multiple assays market?

The development of new and innovative technologies, increasing focus on personalized medicine, and growing demand for point-of-care testing are some of the recent trends in the multiple assays market.

How is the COVID-19 pandemic impacting the multiple assays market?

The COVID-19 pandemic has led to a surge in demand for multiple assays for the diagnosis and monitoring of COVID-19.

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