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The Global Multiplex Assays Market is expected to reach an approximate CAGR of 7.2% during the forecast period.
Global Multiplex Assays Market Key Players:
Luminex, Thermo Fisher Scientific, Illumina, Bio-Rad Laboratories, Qiagen, Abcam, Becton Dickinson and Company, Merck, Agilent Technologies, Meso Scale Diagnostics, Randox Laboratories, Quanterix, Bio-Techne, Olink, Seegene, and others.
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The increase in high-throughput screening tests in research and development for detection of biomolecules of various diseases drives the market growth. Multiplex assays are used for diagnosing various autoimmune diseases, infectious diseases, and chronic diseases such as cancer and cardiovascular diseases. According to the National Institutes of Health (2012), autoimmune diseases are most prevalent as compared to other diseases and 23.5 million people in America suffer from autoimmune diseases, whereas 9 million people have cancer. Thus, growing prevalence of such diseases and rise in government funding for the R&D sector influence the growth in this market. The growing demand for rapid and precise measurement of analyses, operational and labor cost reduction, rising use of multiplex assays for diagnostic uses, and technological advancements are also the key factors for the market to grow.
However, factors such as expensive multiplex assays, heavy capital investments, shortage of skilled labor, and others are expected to restrict the market growth during the forecast period.
The global multiplex assays market is segmented on the basis of product and service, type, technology, application, and end-user. The multiplex assays market, by product and service, is sub-segmented into consumables, instruments, software and services, and others. On the basis of type, the market is categorized into protein multiplex assays, nucleic acid multiplex assays, cell-based multiplex assays, and others. Protein multiplex assays are further sub-segmented into planar protein assays, bead-based protein assays, and others. Nucleic acid multiplex assays are further sub-segmented into planar nucleic acid assays, bead-based nucleic acid assays, and others. The technology segment includes flow cytometry, fluorescence detection, luminescence, real-time multiplex PCR, and others. On the basis of application, the market is categorized into research and development and clinical diagnostics. The research & development segment includes drug discovery and development and biomarker discovery and validation. The clinical diagnostics segment includes infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism and endocrinology disorders, and others. On the basis of end-user, the market is segmented into pharmaceutical and biotechnology companies, hospitals and research institutes, reference laboratories, and others. On the basis of region, the global multiplex assays market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is sub-segmented into North America and South America. The North American region is further segmented into the U.S. and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the U.K., Spain, and the rest of Western Europe. The Asia Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia Pacific. The Middle Eastern and African region is sub-segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and the rest of the Middle East and Africa.
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Regional Market Analysis:
The multiplex assays market is dominated by North America owing to strong R&D activities in this region. According to the International Trade Administration (ITA), the United States is the leading country in Biopharmaceutical Research and Development (R&D) activities and conducts around half the world’s Research and Development (R&D) in pharmaceuticals. Increased adoption of technologically advanced devices and the high amount of healthcare expenditure drive the market in this region.
It is estimated that Europe stood second in the global multiplex assays market. Increasing healthcare expenditure and health care activities and increase in the use of diagnostics and unmet needs for health care are driving the growth of this market in Europe. The use of multiplex assays for diagnostics influences the market growth in this region. According to the European Heart Network (2017), 45% of deaths in Europe are due to cardiovascular diseases. Thus, increasing prevalence of cardiovascular diseases in Europe drives the market growth. Furthermore, growing biotechnology sector in Europe is expected to boost the market in this region.
Asia Pacific was projected to be the fastest growing region for the global multiplex assays market. Key factors such as rising number of patient population, increase in the prevalence of chronic diseases, and growing research and development activities in pharmaceuticals for the treatment of diseases, such as cancer and other infectious diseases influence the market in this region.
The Middle East and Africa holds the least share in the global multiplex assays market due to the presence of stringent government policies and poor economies. However, increasing investment by private market players in this region can boost the market growth.
TABLE OF CONTENT:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
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