Market Research Report
Multiplex Assay Market by Type, Product, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2020-2030
|Multiplex Assay Market by Type, Product, Application, and End User : Global Opportunity Analysis and Industry Forecast, 2020-2030|
Published: January 24, 2022
Allied Market Research
Content info: 245 Pages
Delivery time: 2-3 business days
The global multiplex assay market was valued at $1,940.49 million in 2020, and is projected to reach $4,366.32 million by 2030, registering a CAGR of 8.3% from 2021 to 2030.
The multiplex assay is a procedure in which various analytes (such as proteins, biomolecules, growth factors, cytokines, chemokines, and others) are profiled by detecting and quantifying them simultaneously. This assay is used to amplify multiple targets in a polymerase chain reaction (PCR) and collect more information from minute quantities of proteins or other analytes in lesser time as compared to conventional methods such as ELISA. Multiplex assays are widely used for pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, forensic studies, and others.
The multiplex assays market is witnessing tremendous growth owing to increase in R&D activities in pharmaceuticals for the treatment of several diseases. These assays are used in clinical trials as they decrease the cost of research & manual labor and increase the efficiency of experiments and therapies. In addition, they offer easier & faster analysis of diseases, and automated as compared to conventional methods, thus fueling the market growth. However, high capital investment and dearth of skilled labors are the major factors that hinder the market growth.
The global multiplex assays market in this report is studied based on type, product, application, end user, and region. On the basis of type, the market is divided protein based multiplex assays, nucleic acid-based multiplex assay, and other multiplex assays. By product, the market is classified into reagents & consumables, instruments & accessories, software & services.
The applications covered in the study include clinical diagnostics, research & development, and companion diagnostics. As per end user, the market is segregated into hospitals, clinical laboratories, research institutes, and pharmaceutical & biotechnology companies. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major factors driving the market are increasing use of multiplex assays in companion diagnostics, increasing advantages over singleplex and traditional assays, increasing incidence of chronic and infectious diseases, and growing awareness about early disease diagnosis. In addition, growing adoption of personalized medicine, and a wide range of advantages of multiplex assays over traditional assays are positively impacting the growth of the multiplex assay market.
However, dearth of skilled professionals is expected to create hindrances for the growth of the multiplex assay market. Moreover, high procurement and operational costs along with the cumbersome and complex nature of multiplex assay instruments remain a significant hurdle in the multiplex assay market.
Increasing validation of the biomarkers in molecular and protein diagnostics, along with the rising need of the high-throughput and automated systems which are creating lucrative opportunities in the multiplex assay market.
Region wise, this market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the multiplex assays market in 2020, and is expected to retain its dominance throughout the forecast period. This is primarily attributed to the increase in government funds for the detection of new biomarkers, rise in R&D activates of new drugs and diagnosis & treatment options, as well as surge in prevalence of chronic diseases such as cancer and strokes.
The major players operating in the global multiplex assays market are Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Becton, Dickinson and Company, Abcam PLC, Seegene Inc., Meso Scale Diagnostics LLC, and Randox Laboratories Ltd. These players adopted product launch, collaboration, and merger & acquisition as their key developmental strategies.
List of key players profiled in the report: