Market Research Report
Global Multiplex Assays Market - 2020-2027
|Global Multiplex Assays Market - 2020-2027|
Published: February 9, 2021
Content info: 180 Pages
Delivery time: 2 business days
A multiplex assay is a kind of immunoassay that utilizes magnetic beads to concurrently measure various analytes in a single experiment. It is a derivative of an ELISA using beads for combining the capture antibody. It offers different advantages over singleplex assays. The requirement for lower sample input has been mentioned to already; typically 25-50 µL sample volume is required to test several markers compared with 100 µL per target required for ELISA.
The global multiplex assays market size was worth US$ XX billion in 2019 and further predicted to reach US$ XX billion by 2027, at a CAGR of XX% during the forecast period (2020-2027).
The major factors driving the growth of the multiplex assays market include the adoption of companion diagnostics for improving the safety & efficacy of therapies and the advantages of multiplex assays over conventional singleplex assays.
Rising demand for commercial multiplex assays globally
The multiplex assay market is witnessing substantial growth, backed by the increase in R&D activities across the pharmaceutical sector for the treatment of numerous diseases, including chronic diseases. The multiplex assays are used in clinical trials as it has a capability of decreasing the cost of R&D labor and simultaneouly increase the efficiency of therapies and experiments. Moreover, the multiplex assays offer easier and faster analysis of diseases through incorporating automation, thus fueling the multiplex assay market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic is expected to drive the growth of the multiplex assays market during the forecast period. The market has seen a modest increase in 2020, backed by the rise in its adoption during the development of vaccine for the COVID-19. Therefore, a modest growth has been witnessed by the multiplex assays market in 2020.
Based on the end-user, the multiplex assays market has been classified into pharmaceutical and biotechnology companies, hospitals & clinics, and research institutes.
Pharmaceutical & biotechnology companies lead the market throughout the forecast period
Pharmaceutical & biotechnology companies segment led the overall market with a share in 2019. This dominance is backed by its growing utilization in discover, manufacturing, and drug development process. Moreover, the increasing adoption of multiplex assays in cancer diagnosis, including bone marrow diseases, immune system diseases, and other infectious diseases are also driving the market.
Based on the product, the multiplex assays market has been classified into consumables and reagents, instruments and accessories, and software and services.
Consumables and reagents segment dominated the global multiplex assays market in 2019
Consumables and reagents segment accounted for the largest share in the global market in 2019. This is owing to the requirement of frequent purchase of kits and reagents, and the increasing number of immunoassay tests performed globally, backed by the rising incidence of chronic and infectious diseases globally. Thermo Fisher Scientific, Siemens Healthineers, and F. Hoffmann-La Roche are some of the major players operating in this market and offering consumables and reagents to the end-users across the globe.
Based on geography, the study analyzes the multiplex assays market in the global market, including North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
North America leads the global market throughout the forecast period
North America dominates the global multiplex assays market with the largest share in terms of value and volume globally, followed by Europe and Asia Pacific. The US dominated the North American multiplex assay market in 2019. The market is mainly driven by the presence of well-developed technologically advanced healthcare infrastructure in the US coupled with the increasing per capita healthcare expenditure. Moreover, the increase in funding by government agencies and rise in focus to develop innovative drug and biomarkers in this region. Moreover, Asia Pacific is projected to grow at a fastest CAGR in the multiplex assays market during the forecast period. China is estimated to dominate the Asia Pacific market due to the rapidly developing healthcare infrastructure, increase in patient population, and significant rise in R&D activities in pharmaceutical companies in the country.
The multiplex assays market is highly competitive, owing to the large presence of multiplex assays brands. The key multiplex assays players include Abcam Plc, Becton, Dickinson and Company, Bio-Techne, Bio-Rad Laboratories, Biomerieux SA, Hologic Corporation, Luminex Corporation, Seegene Inc., Thermo Fisher Scientific Inc., Merck KGaA, HD Biosciences Co., Ltd. The crucial players are adopting new product launches and expansion strategies for global growth in the multiplex assays market.
Thermo Fisher Scientific Inc.
Overview: Thermo Fisher Scientific Inc. is a medical equipment and devices company based in Massachusetts, the US, and was founded in 1960. The company manufactures scientific instruments, chemicals, and consumables. It offers laboratory equipment, analytical instrument, software, services, reagents, consumables, and supplies to biotech and pharmaceutical, clinical diagnostic labs and hospitals, research institutions, universities, and government agencies. Thermo Fisher operates through Analytical Instruments, Life Sciences Solutions, Specialty Diagnostics, and Laboratory Products & Services segment.
Product Portfolio: The company's portfolio comprises Luminex xMAP (Multi-Analyte Profiling) technology.
The global multiplex assays market report would provide access to an approx. 68 market data tables, 71 figures, and 273 pages.
LIST NOT EXHAUSTIVE