Market Research Report
Global Multiplex Assay Market Forecast 2021-2028
|Global Multiplex Assay Market Forecast 2021-2028|
Published: July 19, 2021
Content info: 240 Pages
Delivery time: 2-3 business days
The global multiplex assay market is forecasted to register a CAGR of 8.74% over the estimated period of 2021 to 2028. The market growth is facilitated by key factors like increased government funding as well as research and development activities, the growing preference of multiplex assays over conventional assays, and the growing adoption of personalized medicines.
A multiplex assay is a procedure in which several analytes, including proteins, cytokines, biomolecules, growth factors, chemokines, and others are profiled by detecting and quantifying them simultaneously. The assay is utilized to amplify multiple targets in a polymerase chain reaction (PCR) and gather added information from minute quantities of proteins or other analytes in lesser time compared to traditional methods like ELISA.
Multiplex assays hold tremendous potential in the research and development of drugs for the treatment of diseases, such as cancer and cardiovascular diseases. For instance, bead-based Luminex xMAP multiplex assay offers a platform for cancer biomarker assays compatible with plasma, cultured cells, serum, as well as other biological samples. The American Association of Cancer Research (AACR) designed the multiplex immunoassay that assisted in the examination of acquired resistance to receptor tyrosine kinase (RTK) inhibitors. Moreover, RTK is utilized as a target for drug development to treat cancer.
The global multiplex assay market growth assessment includes the analysis of North America, Europe, the Asia-Pacific, and the Rest of World. North America is set to harbor the highest market share by the end of the forecast period. The market growth is attributed to key drivers such as the increasing research and development activities of new drugs as well as treatment options, the rise in government funds for detecting new biomarkers, and the growing incidence of chronic conditions like stroke and cancer.
The intensity of competitive rivalry within the global multiplex assay market is anticipated to remain high over the projected years. Companies in the market adopt several strategies, including new product developments, mergers and acquisitions, and collaborations in order to compete and retain their market share. The trend continues to remain the same due to the entrance of new firms as well as the rising adoption of multiplex assay technology, anticipated to generate new opportunities in the global market.
Some of the leading firms operating in the market include: F. Hoffmann-la Roche, Agilent Technologies Inc, Qiagen NV, etc.