The global multiplex assays market size is anticipated to grow at a 7.15% CAGR from 2024 to 2029. It is estimated to be worth USD 5.34 billion by 2029 and USD 3.78 billion in 2024.
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.
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.
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 assay market is believed to be hampered by the complexity of clinical trial methods.
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
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 |
Market Leaders Profiled |
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. |
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.
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.
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.
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.
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.
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.
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.
By Product
By Type
By Application
By Technology
By End-User
By Region
Frequently Asked Questions
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.
Thermo Fisher Scientific, Bio-Rad Laboratories, Siemens Healthineers, and Abbott Laboratories are some of the notable companies 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.
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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