Global Multiplex Assay Market Insights Forecasts to 2032
- The Global Multiplex Assay Market Size was valued at USD 3.5 Billion in 2022.
- The Market Size is Growing at a CAGR of 7.3% from 2022 to 2032.
- The Worldwide Multiplex Assay Market size is expected to reach USD 7.1 Billion by 2032.
- Asia Pacific is expected To Grow the fastest during the forecast period.
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The Global Multiplex Assay Market Size is expected to reach USD 7.1 Billion by 2032, at a CAGR of 7.3% during the forecast period 2022 to 2032.
Multiplex assays are methods and devices that allow the detection and analysis of numerous analytes (such as proteins, nucleic acids, and metabolites) in a single sample. Multiplex assays have advantages over single-analyte assays, such as higher throughput, lower sample consumption, and better data quality. Also, multiplex assays are regarded to be enzyme-linked immunosorbent assay (ELISA) variants. However, they are favored over singleplex ELISA because of benefits such as fast throughput, better output per sample volume, and increased efficiency. In addition, the increasing frequency of chronic and infectious illnesses, the tremendous benefits of multiplex assays over singleplex and conventional tests, the expanding uses of multiplex assays in companion diagnostics, and increased awareness about early detection are the primary drivers driving the business.
This research report categorizes the global multiplex assay market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global multiplex assay market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global multiplex assay market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Multiplex Assay Market Report Coverage
|Market Size in 2022:||USD 3.5 Billion|
|Forecast Period 2022-2032 CAGR:||7.3%|
|2032 Value Projection:||USD 7.1 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Type, By Product, By Technology, By Application, By Region.|
|Companies Covered:||Luminex Corp., Bio-Rad Laboratories, Inc., Abcam plc., Seegene Inc., Merck KGaA, Assay Genie, Promega Connections, QIAGEN N.V., Thermo Fisher Scientific, Perkin Elmer Inc., Advanced Cell Diagnostics, Inc., R&D Systems, and Inc.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Major drivers driving the worldwide market's strong revenue growth include technical innovations in multiplex tests and quick advances in nanotechnology. The gradual shift to modern multiplex assays due to various advantages over conventional singleplex ELISA, the increasing prevalence of Alzheimer's disease, cancer, infections, and chronic disorders, the growing geriatric population, and cataracts are key factors driving the surge in demand for multiple assays. Furthermore, the increased use of precision medicine to provide patients with tailored medicines is projected to drive market expansion. Furthermore rising government financing boosted research efforts in the pharmaceutical and biotechnology industries, and a growing emphasis on improving experiment efficiency is expected to propel the global business forward.
The worldwide market is estimated to be hampered by stringent government requirements for multiplex assay approvals throughout the forecast period. The rising need for healthcare systems to supply services at a reasonable cost is projected to limit the business. Furthermore, the market is believed to be hampered by the intricacy of clinical trial techniques.
- In 2022, the protein based multiplex assays segment is dominating the market with the largest market share over the forecast period.
Based on the type, the global multiplex assay market is segmented into protein based multiplex assays, nucleic acid-based multiplex assays, and other multiplex assays. Among these segments, the protein based multiplex assays segment is dominating the market with the largest revenue share during the forecast period due to the increased emphasis on proteomics investigations for biomarker research and clinical diagnosis. The search for appropriate biomarkers has expanded dramatically in clinical practice, and quantitative protein assessment is an important step in biomarker identification. Analyzing a large number of putative protein biomarkers in a statistically significant number of samples and controls is a considerable technological challenge.
- In 2022, the consumables segment is dominating the largest market share during the forecast period.
Based on the product, the global multiplex assay market is bifurcated into different categories such as consumables and software. Among these segments, the consumables segment is dominating the market during the forecast period due to a substantial rise in attention to research and development by leading market participants would lead to repeat orders for consumables, adding to the increase in revenues. During the projection period, the reagents and kits sub-segment is predicted to account for a large proportion of the consumables sector in terms of revenue.
- In 2022, the flow cytometry segment is dominating the largest market share during the forecast period.
Based on the technology, the global multiplex assay market is segmented into flow cytometry, fluorescence detection, luminescenc, multiplex real-time PCR, & other technologies. Throughout these segments, the flow cytometry segment is dominating the market during the projection period due to the rising prevalence of diabetes and increased awareness of blood glucose self-monitoring. According to the International Diabetes Federation, roughly 463 million people today have diabetes, with this figure anticipated to rise to 700 million by 2050. The increasing prevalence of impaired blood glucose in both type 1 and type 2 patients is also contributing to sector growth.
- In 2022, the R&D (research and development) segment is dominating the largest market share during the forecast period.
Based on the application, the global multiplex assay market is bifurcated into different categories such as R&D (research and development), and clinical diagnostics. Among these segments, the R&D (research and development) segment is dominating the market during the forecast period due to the need for multiplex assays in drug development continually rising. These tests are used in clinical and preclinical phases to evaluate toxicity, immunotherapy success, and drug response biomarkers. Furthermore, biomarker research and validation are critical in the contemporary era for healthcare practitioners to enhance illness diagnosis and cancer detection at early stages, as well as monitor therapy responses. Validation of the marker candidate is essential at each stage of the biomarker pipeline to achieve clinical usefulness.
Regional Segment Analysis of the lancets market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America led the market with the largest market revenue during the forecast period
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North America is influencing the significant market growth during the forecast period owing to the increased R&D activity for the development of innovative medications and diagnosis & treatment alternatives. The rising prevalence of chronic diseases such as stroke and cancer, as well as increased government support for the discovery of novel biomarkers, are expected to propel the region's growth. Furthermore, the presence of significant companies in the area is expected to drive growth.
Asia Pacific is expected to experience high revenue market growth during the forecast period owing to the increasing number of hospitals in developing nations, the burgeoning R&D industry, the strong demand for healthcare infrastructure, and investments by new firms in the area. For example, in November 2021, QuantuMDx obtained a USD 10.9 million investment from Vita Spring and entered into a partnership deal with Sansure Biotech to enhance multiplexing capabilities in China.
The report offers the appropriate analysis of the key organizations/companies involved within the global multiplex assay market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Luminex Corp.
- Bio-Rad Laboratories, Inc.
- Abcam plc.
- Seegene Inc.
- Merck KGaA
- Assay Genie
- Promega Connections
- QIAGEN N.V.
- Thermo Fisher Scientific
- Perkin Elmer Inc.
- Advanced Cell Diagnostics, Inc.
- R&D Systems, Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In September 2021, Bio-Rad Laboratories introduced the Bio-Plex Pro Human IgA and IgM SARS-CoV-2 panels, which detect IgA and IgM antibodies against four SARS-CoV-2 antigens. The panels are solely for research purposes (RUO).
- In August 2021, Becton, Dickinson, and Company launched its new and fully automated high-throughput diagnostic system, BD COR System. The system uses robotics and sample management software algorithms to set a new standard in automation for infectious disease molecular testing in core laboratories and other centralized laboratories in the US.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Multiplex Assay Market based on the below-mentioned segments:
Global Multiplex Assay Market, By Type
- Protein Based Multiplex Assays
- Nucleic Acid-Based Multiplex Assay
- Other Multiplex Assays
Global Multiplex Assay Market, By Product
Global Multiplex Assay Market, By Technology
- Flow Cytometry
- Fluorescence Detection
- Multiplex Real-time PCR
- Other Technologies
Global Multiplex Assay Market, By Application
- Clinical Diagnostics
Multiplex Assay Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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