Market Research Report
North America Multiplex Assay Market Forecast 2021-2028
|North America Multiplex Assay Market Forecast 2021-2028|
Published: July 19, 2021
Content info: 154 Pages
Delivery time: 2-3 business days
The North America multiplex assay market is set to grow with a CAGR of 8.70% during the forecasted years of 2021 to 2028. The regional market's growth is ascribed to the increasing research and development activities linked to new drugs, diagnosis, as well as treatment options, the surging incidence of chronic conditions including cancer and stroke, and the rising government funds for the detection of new biomarkers.
The North America multiplex assay market growth evaluation entails the assessment of Canada and the United States. The healthcare expenditure in Canada has continued to increase over the years. The country also ranks among the highest per capita spenders across the Organization for Economic Co-operation and Development (OECD) nations. In 2019 nearly 11.6% of Canada's gross domestic product (GDP) was spent on healthcare. The rising healthcare expenditure raises the number of diagnostic procedures, thereby augmenting the demand for multiplex assay while performing numerous diagnostics tests.
As per statistics, the Canadian population included 6,592611 senior citizens in 2019, accounting for more than 17% of the overall citizens. This percentage is estimated to reach 22.7% by 2031. With the growing geriatric population, the incidence of cancers, as well as other infectious conditions, is likely to register increasing numbers over the upcoming years. Hence, this aspect results in increased diagnoses based on PCR devices for accurate and rapid disease detection. As a result, these factors are expected to fuel the multiplex assay market growth in North America during the forecasting period.
Some of the key firms operating in the market are: Agilent Technologies Inc, Thermo Fisher Scientific Inc, Bio-Rad Laboratories Inc, etc.