Global Multiplex Assay Market Size, Share, Growth Analysis, By Product, By Type, By Technology, By Application - Industry Forecast 2024-2031

Global Multiplex Assay Market size was valued at around 2.05 billion in 2022 and is expected to rise from USD 2.35 billion in 2023 to reach a value of USD 7.08 Billion by 2031, at a CAGR of 14.77 % over the forecast period (2024-2031).

The primary factors driving the global multiplex assay market are the increasing prevalence of infectious and chronic diseases, the key benefits of multiplex assays over single plex and conventional assays, the growth of multiplex assay use in companion diagnostics, and the rising awareness of early diagnosis.

Predicted on current drug approval scenarios, companion diagnostics is expected to significantly expand in the near future. For example, the FDA authorized Roche to sell companion diagnostics in August 2021 to find dMMR solid tumors in patients who would benefit from anti-PD-1 immunotherapy. Therefore, the growth of the global market can be significantly aided by the expansion of companion diagnostics. Early diagnosis can enhance a patient's quality of life in many chronic diseases, including cancer, where there is a threefold increase in survival rate. Early detection can also reduce the cost of long-term illnesses and increase the spectrum of accessible therapies.

An report published in Avalere in July 2021 states that by the time the disease has spread to other body areas and decreased the likelihood of survival, between 36% and 53% of patients with non-small cell lung cancer, stomach cancer, and pancreatic cancer are diagnosed with stage 4 cancer. If non-small-cell lung cancer, stomach cancer, and pancreatic cancer are detected in their early stages, the 5-year survival rate can double. These differences are increasing awareness of the value of early disease diagnosis and could have a major impact on market growth throughout the projected period of time. The increasing validation of biomarkers in molecular and protein diagnostics, coupled with the growing demand for automated systems and high-throughput tests, will further present opportunities for market expansion.

Numerous applications of multiple biomarker analysis can be found in the research of neurological diseases, autoimmune diseases, and cancer. With so many biomarkers being discovered and validated, it is highly likely that new diagnoses will be developed. A multiplex test can be used to assess proteins quantitatively in order to identify biomarkers. These assays allow evaluation of several potential protein biomarkers using statistically significant quantities of samples and controls. As a result, the application of multiplex assays in biomarker validation improves the efficiency and speed at which reliable data may be delivered, thereby fostering short-term market expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Multiplex Assay Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Multiplex Assay Market Segmental Analysis

The global multiplex assay market is segmented based on product, type, technology, application, process and region. Based on product the market is segmented into consumables, instruments and software. In terms of type, the market is segmented into protein multiplex assays, planar protein assays, bead-based protein assays, nucleic acid multiplex assays, planar protein assays, bead-based protein assays, and cell-based multiplex assays. Further classification of technology segments include flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and other technologies. Based on application the market is segmented into research & development and clinical diagnostics. Based on end-users the market is segmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, research & academic institutes, and other end-users. Based on region the global multiplex assay market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Multiplex Assay Market

Multiplex assay demand is being driven by the increasing need for personalized medication. Multiple biomarkers can be measured simultaneously with these assays, improving patient classification and enabling more individualized treatment choices.

Restraints in the Global Multiplex Assay Market

Multiplex assays' acceptance may be constrained by the regulatory issues they raise. Regulatory clearance for these assays is necessary, and it can be expensive and time-consuming.

Market Trends of the Global Multiplex Assay Market

Growing use of multiplex immunoassays: Because multiplex immunoassays can test many proteins in a single sample, there is a growing demand for these assays. Drug discovery, diagnostic testing, and biomarker identification all make extensive use of these assays.

Increasing use of microarrays: Because microarray technology can assess numerous analytes at once, it is becoming more and more popular in the multiplex assay market. Drug discovery, proteomics, and genomes all make extensive use of microarrays.

Next-generation sequencing (NGS) technology development: Because NGS technologies can sequence a large number of genes or DNA fragments at once, they are being used more often in multiplex experiments. Personalized medicine, diagnostic testing, and genomics research all make extensive use of NGS technologies.

Growing requirement for point-of-care testing (POCT): The need for quick and precise diagnostic testing is driving the demand for POCT. Because multiplex assays allow for the simultaneous detection of numerous analytes in a single sample, they are a good fit for point-of-care testing.

Precision medicine is becoming more and more popular. It is a new area that focuses on tailoring medical care to a patient's genetic composition, lifestyle, and surroundings. Precision medicine benefits greatly from multiplex assays since they allow for the evaluation of several biomarkers in one sample, resulting in individualized treatment options.