Global Multiplex Assays Market – Industry Trends and Forecast to 2031

Multiplex Assays Market Analysis and Size      

The growing number of research and development activities about mutation analysis, RNA detection, and linkage analysis is creating lucrative growth opportunities for the multiplex assays market.  Moreover, the rising incidence and prevalence of cancer are acting as a major growth driver for the multiplex assays market. This surge in cancer patients each year will raise the demand for multiplex assays in the forecast period.

Data Bridge Market Research analyzes that the global multiplex assays market which was USD 3.44 billion in 2023, would reach up to USD 5.97 billion by 2031, and is expected to undergo a CAGR of 7.13% during the forecast period. The “protein multiplex assays” dominate the application segment of the market due to the increasing focus on proteomics studies for biomarker research and clinical diagnostics. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation

Market Definition

Multiplex assays are a procedure wherein the analytes are profiled separately. Analytes such as proteins, biomolecules, growth factors, cytokines, and chemokines are used to amplify multiple targets in a polymerase chain reaction (PCR). The multiplex assays are widely used in pathogen identification, gene detection analysis, and others.

Global Multiplex Assays Market Dynamics

Drivers

• Rising Prevalence of Cancer

Surging incidence rate of cancer all around the globe is carving the way for the growth of the market. More than 10 million people die of cancer every year and cancer is the second most leading cause of deaths in the world. This will further carve the way for the growth of the market in the future.  

• Research and Development Proficiencies

Rising expenditure for research and development proficiencies especially in the developed and developing economies about the medical instruments and devices will further create lucrative market growth opportunities. Research and development proficiencies being conducted for the integration of advanced technologies in the healthcare facilities and on the detection of infectious diseases is also bolstering the market growth rate.

• Government investments on healthcare infrastructure

The increase in the funding by the federal government is set to drive the market growth rate. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative market growth opportunities. Also, high return on investments assured by the research activities will also work in the favour of the market.

Opportunities

• Advancements in Diagnostics

Multiplex assays allow for the simultaneous detection of multiple biomarkers, facilitating more comprehensive diagnostic tests. This can improve the accuracy and efficiency of disease detection and monitoring. Multiplex assays enable the identification of multiple biomarkers associated with specific diseases. This supports the trend towards personalized medicine by tailoring treatments based on individual patient profiles.

• Drug Discovery and Development

Multiplex assays are valuable in drug discovery for high-throughput screening of potential drug candidates. Researchers can simultaneously analyze the effects of compounds on multiple targets, accelerating the drug development process. Also, multiplex assays play a crucial role in identifying and validating biomarkers associated with various diseases. This information is essential in developing targeted therapies and stratifying patient populations for clinical trials.

Restraints/Challenges

• High Development Costs

Developing multiplex assays involves intricate research, requiring advanced technologies and extensive validation processes to ensure accuracy and reliability. The costs associated with sourcing high-quality reagents, optimizing assay conditions, and conducting thorough validation studies contribute to the overall high development expenses, potentially limiting accessibility for smaller companies or research institutions.

• Complexity in Assay Design

Designing multiplex assays demands meticulous attention to avoid cross-reactivity or interference among multiple analytes. Achieving specificity and reliability necessitates careful optimization of assay components, including antibodies and detection methods. The intricate nature of multiplex assay design poses challenges in maintaining consistent performance across various analytes, potentially hindering the development of robust and widely applicable assays.

This multiplex assays market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the multiplex assays market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Global Multiplex Assays Market Scope

The multiplex assays market is segmented on the basis of products and services, type, technology, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Products and Services

• Reagents and Consumables
• Instruments and Accessories
• Software and Services

Type

• Nucleic Acid Multiplex Assays
• Protein Multiplex Assays
• Cell-Based Multiplex Assays

Technology

• Protein Microarray
• Polymerase Chain Reaction
• Multiplex Real-Time Polymerise Chain Reaction
• Flow Cytometry
• Fluorescence Detection
• Luminescence
• Others

Application

• Clinical Diagnostics
• Research and Development

End User

• Hospitals
• Clinical Laboratories
• Pharmaceutical and Biotechnology Companies
• Research Institutes
• Others

Global Multiplex Assays Market Regional Analysis/Insights

The multiplex assays market is analyzed and market size insights and trends are provided by country, products and services, type, technology, application and end user.

The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Belgium, Lithuania, Austria, Ireland, Norway, Poland, Italy, Spain, Russia, Turkey, Netherlands Switzerland, rest of Europe, Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, rest of Asia-Pacific, Brazil, Argentina, rest of South America, South Africa, Saudi Arabia, U.A.E., Egypt, Israel and rest of Middle East and Africa.

North America is expected to dominate the market due to the strong base of healthcare facilities, rising investment from key players in the growth of the advanced devices, well-established distribution channels for clinical microbiology product manufacturers and rising number of research activities in this region. 

Asia-Pacific is expected to witness significant growth during the forecast period due to the increase in government initiatives to promote awareness, growing research activities in the region, favourable regulatory scenario to improve the adoption rate for microbiology testing and other advanced diagnostic methods and the growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Healthcare Infrastructure growth Installed base and New Technology Penetration

The multiplex assays market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for multiplex assays market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the multiplex assays market. The data is available for historic period 2011-2021.

Competitive Landscape and Global Multiplex Assays Market Share Analysis

The multiplex assays market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to multiplex assays market.

Some of the major players operating in the multiplex assays market are:

• Luminex Corporation (U.S.)
• Thermo Fisher Scientific Inc. (U.S.)
• Illumina, Inc (U.S.)
• Bio-Rad Laboratories, Inc. (U.S.)
• QIAGEN (Netherlands)
• Abcam plc (U.K.)
• BD (U.S.)
• Merck KGaA (Germany)
• Agilent Technologies, Inc. (U.S.)
• Meso Scale Diagnostics (U.S.)
• Randox Laboratories (U.K.)
• Quanterix (U.S.)
• Bio-Techne Corporation (U.S.)
• Olink (Sweden)
• DiaSorin S.p.A. (Italy)
• Seegene (South Korea)
• Promega Corporation (U.S.)
• Siemens (Germany)
• PerkinElmer, Inc. (U.S.)
• Shimadzu Corporation (Japan)

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