Multiplex Assays Market - Segmented by Product (Consumables, Instruments, and Software and Services), Assay Type, Technology, and Geography - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The multiplex assays market will show rapid growth due to the rising prevalence of chronic diseases, growing adoption of personalized medicine, and a wide range of advantages of multiplex assays over traditional assays.

Personalized medicine aims to provide tailor-made therapies to individual patients depending on the molecular basis of the disease, which has become popular over recent years. Companion diagnostics are becoming an indispensable part of personalized medicine and are rapidly expanding, both in terms of number, and application in disease areas. In accordance with the current product pipeline, the rapid growth of companion diagnostics is likely in the foreseeable future. This expansion of companion diagnostics is also expected to have a significant effect on the development of the global multiplex assay market. Other factors which are contributing to the market growth include advantages of multiplex techniques, such as increased throughput.

However, The high procurement and operational costs along with the cumbersome and complex nature of of multiplex assay instruments remain a significant hurdle that can hinder the market growth during the forecast period.

Key Market Trends

Pharmaceutical & Biotechnology Companies Segment is Expected to Hold a Major Market Share in the Multiplex Assays Market

• The pharmaceutical & biotechnology companies segment holds a significant market share in the multiplex assays market and is anticipated to show a similar trend over the forecast period due to growing utilization in manufacturing and drug development and discovery process.
• According to the publication by Pharmaceuticals Research and Manufacturers of America and the Association of the British Pharmaceutical Industry, estimates worldwide pharmaceutical R&D spend has grown from 108.1 billion USD in the year 2006 to 156.7 billion USD in the year 2016, this, in turn, has led to growth in multiplex assays market.
• Increasing adoption of multiplex assays used to diagnose cancer, immune system diseases, bone marrow diseases, and other infectious diseases and technological advancements in multiplex assay techniques are also driving the market.

North America Captured the Largest Market Share and is Expected to Retain its Dominance

• North America was the largest regional market in terms of revenue. The increasing prevalence of chronic diseases, such as cancer, aging population, growing demand for targeted and personalized medicine, and favorable government initiatives are the primary factors behind the large market size. The growth can also be attributed to the presence of sophisticated diagnostics laboratories and high acceptance rate of novel assay technologies.
• Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the increasing R&D investment by the government and increasing infrastructural development in the region.

Competitive Landscape

The key players operating in the global multiplex assay market are Thermo Fisher Scientific, Inc., Abcam, Merck KGaA, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., and Promega Corporation. Product innovation and ongoing R&D activities to develop advanced technologies have helped in boosting the growth of the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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