The global multiplex assays market size is expected to reach USD 4.91 billion by 2028 and register a CAGR of 7.9% over the forecast period, according to the latest report by Reports and Data. Increasing prevalence of cancer, Alzheimer’s, and other chronic diseases, rising adoption of personalized medicines, and increasing implementation of multiplex assays are some key factors boosting global market revenue growth.
Multiple assays are a type of immunoassays that help in quantifying multiple analytes in a single reaction cycle. These are derived from ELISA and are more preferred over singleplex ELISA as they are highly efficient, have greater throughput, and are time-efficient due to ability or enable analysis of multiple samples in a single run.
Global market growth is gaining traction due to technological developments in these assays, growing prevalence of chronic diseases, and increasing government funding for research. Moreover, factors, such as investments by key players to develop new and improved products and increasing adoption of personalized medicine are factors augmenting market revenue growth.
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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.
Some key highlights in the report:
- In context to end use, the hospital segment accounted for largest market share in 2020 and is expected to account for fastest CAGR during the period owing to high rate of diagnostic testing in hospitals, availability of well-trained staff round the clock, and quick accessibility as compared to reference laboratories.
- On the basis of type, the protein-based assays segment revenue is projected to expand at fastest CAGR over the forecast period owing to rising adoption of these assays in research-based projects.
- The market in Europe is expected to account for significant revenue share between 2021 and 2028 due to growing geriatric population, increasing chronic disorders, rapidly increasing clinical trials, and beneficial government initiatives to promote multiplex assays in the region.
- The market in Asia Pacific is projected to register fastest revenue CAGR of 8.5% throughout the forecast period owing to various factors such as increasing geriatric patient pool, growing prevalence of Alzheimer’s disease and cataract, and high revenue contribution from India and China.
- Latin America market revenue is expected to expand at a steady rate due to low penetration of multiplex assay technology and strict government policies in countries in the region.
- Abbott Laboratories, Hoffmann-La Roche, Siemens Healthineers, Thermo Fisher Scientific, Danaher Corporation, Bio-Rad Laboratories, Biomérieux, Bühlmann Laboratories, Sekisui Medical, and Randox Laboratories are some of the leading companies operating in the global multiplex assays market.
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For this study, Reports and Data has segmented the global multiplex assays market based on product & services, type, class of drugs, technology, application, end use, and region:
Based On Product & Services: (Revenue, USD Billion, 2018 – 2028)
- Software & Services
Based On Type: (Revenue, USD Billion, 2018 – 2028)
- Protein Multiplex Assays
- Planar Protein Assays
- Bead-based Protein Assays
- Other Protein Assays
- Nucleic Acid Assays
- Planar Nucleic Acid Assays
- Bead-based Nucleic Acid Assays
- Other Nucleic Acid Assays
- Cell-based Assays
Based On Class of Drug: (Revenue, USD Billion, 2018 – 2028
- Antiepileptic Drugs
- Antibiotic Drugs
- Immunosuppressant Drugs
- Antiarrhythmic Drugs
- Bronchodilator Drugs
- Psychoactive Drugs
Based On Technology: (Revenue, USD Billion, 2018 – 2028)
- Flow Cytometry
- Fluorescence Detection
- Multiplex RT-PCR
- Other Technologies
- Liquid chromatography–mass spectrometry (LC-MS)
- Colorimetric Detection
Based On Application: (Revenue, USD Billion, 2018 – 2028)
- Research & Development
- Drug Discovery & Development
- Biomarker Discovery and Validation
- Clinical Diagnostics
- Infectious Diseases
- Cardiovascular Diseases
- Autoimmune Disease
- Nervous System Disorders
- Metabolism & Endocrinology Disorders
Based On End Use: (Revenue, USD Billion, 2018 – 2028)
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutes
- Reference Laboratories
- Other End Use
- Blood banks
- Forensic Labs
Based On Region: (Revenue, USD Billion, 2018 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Multiplex Assays market growth over the forecast period of 2021-2028. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.
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