Multiplex Assays Market Poised to Grow at a CAGR of 6.1% Over the Forecast Period of 2022-2027

Multiplex Assays Market Poised to Grow at a CAGR of 6.1% Over the Forecast Period of 2022-2027

“Multiplex Assays Market”
Increasing Prevalence of Diabetes and the Use of Personalized Medicines in Treating It Has Aided the Growth of the Multiplex Assays Market.

Multiplex Assays Market Overview

The multiplex assays market size is estimated to reach $132.2 million by 2027 and is poised to grow at a CAGR of 6.1% over the forecast period of 2022-2027. Assays help in the measurement and analysis of various molecules present in either serum or plasma. Hence, they are quintessential in the diagnosis and treatment of various diseases. The earlier methodology allowed to check only one analyte of interest per test; however, with the growing diseases count and the pressure on labs to perform multitudes of tests, multiplex assay came into being. The following provides a concise measurement of multiple analytes, which saves both time and expense. Covertly, they are also referred to as bead assays. Immunoassays have been a prime example of multiplex assays. The biomolecule or target of interest, also known as the analyte, is mixed with an antibody or antigen; the binding reaction allows for the diagnosis of whether the body can handle another round of disease or not. Cytokine panels on similar grounds help in understanding the pathogenesis of immune or other disorders with the help of assays. The flow cytometry assays allow for the detection of multiple proteins, gene expressions, and various other cell functions, which would allow for the researchers to perform better studies and analyses. The growth of personalized medicines to cater to the rise in chronic illnesses along with better diagnostic technology has readily aided the growth and are some of the factors driving the multiplex assays industry forward in the projected period of 2022-2027.

Multiplex Assays Market Segmentation Analysis – By Types

The multiplex assays market based on types can be further segmented into – Nucleic Acid-Based Multiplex Assays, Protein-Based Multiplex Assays, and Cell-Based Multiplex Assays. The nucleic acid-based multiplex assays held a dominant market share in the year 2021. It is owing to the emergence of the covid-19 pandemic. As of 28th October, there were close to 250 million identified cases, of which the fatality was close to 5 million. To test the predominant population, various nucleic-based tests are done to check for positivity. Additionally, the test results provided by the following provide high specificity, are eligible to target any protein, and lastly require minimal samples to test.

Moreover, the nucleic acid-based multiplex assays are estimated to be the fastest-growing, with a CAGR of 6.7% over the forecast period of 2022-2027. It is owing to their ability to analyze variations in sequences of DNA and RNA. The following variation can allow the researchers to develop more potent anti-bodies and study the respectable pathogen in a clearer way.

Multiplex Assays Market Segmentation Analysis – By End Users

The multiplex assays market based on end-users can be further segmented into Pharmaceutical and Biotechnology Companies, Contract Research Organizations, Hospitals and Clinics, Academia and Research Institutions, and Others. Pharmaceutical and Biotechnology companies held a dominant market share in the year 2021. It is owing to the advent of the pandemic; various multinationals altered their funds to develop better and effective vaccines and drugs. Moreover, apart from the pandemic, an increase of more than 50% in the allocation of budgets for research activities has been observed by Pharmaceuticals Research and Manufacturers of America and the Association of the British Pharmaceutical Industry.

However, Contract Research Organizations are estimated to be the fastest-growing, with a CAGR of 6.9% over the forecast period of 2022-2027. The majority of the pharmaceutical giants are outsourcing their research pertaining activities to regions such as Asia-Pacific. The following benefits multiple parties. For one, the companies do not need to hire specialized personnel and create a branch within and also saves cost on hiring. The wage distribution helps in establishing more benefits for the firms. As for the second party, the host country benefits as FDI flows in and provides employment to the budding scientists. Governmental policies have helped the CROs to grow.

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Multiplex Assays Market Segmentation Analysis – By Geography

The Multiplex Assays Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America’s multiplex assays market held a dominant market share of 42% as compared to the other regions. It is owing to favorable government policies which allow new research to take place. Additionally, the disease burden in terms of diabetes and cancer has allowed the use of multiple assays to study the genetic variations. Moreover, personalized medicines idea has been contributed by the USA, as diseases had to be encountered with better precision. Lastly, FDAs regulation propels the manufacturer to run companion diagnostic tests before going for further studies to find out the potential health benefits vs. the risk attributes.

However, Asia-Pacific is set to grow at a lucrative pace and provide opportunities to marketers in the projected period of 2022-2027. It is owing to the development of better medical health infrastructure. Additionally, the government’s policies pertaining to R&D by foreign players have allowed the development of markets in a favorable way. For example, India observed an increment of 137% in its health budget as compared to 2020. Similarly, the likes of Japan and Korea with their technological knowledge in healthcare would allow the market to propel at a faunistic pace.

Multiplex Assays Market Drivers

The use of TDM or Therapeutic Drug Monitoring has readily aided the growth of the multiplex assays market

Therapeutic drug monitoring helps in analyzing the concentration of a drug in a biological sample, owing to its high cytotoxicity and a very narrow therapeutic index. It has also aided to improve the overall drug efficacy and reduce the potential side drug effects. The drug known as 5-fluorouracil has been a key treatment way for gastrointestinal cancer across the globe. It is also the backbone for chemotherapy modules in treating colorectal cancer. As per the American cancer society, colorectal cancer prevalence is close to 1 in every 23 adults. Additionally, as per estimates by the organization, 150,000 cases of colorectal cancer were diagnosed in the region. Moreover, the new targeted therapies indicate that certain PK parameters, including trough levels, are correlated with clinical outcomes for many cytotoxic agents, including imatinib, sunitinib, rituximab, and cetuximab. The use of therapeutic drug monitoring has readily aided the growth of multiplex assays.

The increasing prevalence of diabetes and the use of personalized medicines in treating it has aided the growth of the market

Diabetes has been conferred as the leading silent killer across the globe. Moreover, as high as 10.5% of the entire USA population is now diabetic, of which only 80% of the people are aware of their situation. The statistics remain common across the globe, as the incidence of diabetes in countries like India has around 77 million diabetic patients. The research in the field of personalized medicines has been a key driver, as scientists and researchers are curating drugs that could differentiate practices and interventions. Moreover, assays have been a key instrument for such discoveries, as the magnitude of different substrates is checked for toxicity and adverse reactions. Furthermore, a lot of clinical application trials are underway for treating patients with the use of personalized medicines.

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Multiplex Assays Market Challenges

High procurement and operational costs have prevented the growth of the multiplex assay market

The complexity to design a multiplex assay has been a major hurdle, moreover, owing to such complexities researchers rely on external suppliers and manufacturers who may or may not have the set-in house analytics, which exhibits specific analyte combinations. Additionally, the researchers must contemplate whether to use single-plex assays as the development time and the time required to develop and run singleplex assays efficiently mostly take in the same time. Moreover, an immunoassay or any multiplex assay is only as good as the antibody reagent or any reagent for cross-reactivity. Cross-reactivity, which is the opposite of specificity, occurs when an antibody raised against one specific antigen binds to a different antigen (non-target proteins). The issue has been widely acknowledged by researchers and is one of the biggest operational challenges for multiplex assay.

Multiplex Assays Market Competitive Landscape

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the multiplex assay market. The top 10- multiplex assay market companies are-

Agilent Technologies

Thermo Fisher Scientific Inc

Bio-Rad Laboratories Inc

QIAGEN

Randox Laboratories Ltd

Illumina Inc

Meso Scale Diagnostics LLC

Luminex Corporation

Sysmex Corporation

Bio-Techne

Recent Developments

In August 2021, HGMS or High Throughput Gene Detection System was successfully established and verified for semi-quantitative detection of six commonly curable STIs. The assays which were used were able to identify the target genes in four hours and further promises to reduce the overall healthcare costs and improve timely diagnosis. Moreover, six disease-causing pathogens can be detected in a single PCR.

In June 2020, Luminex launched its MAGPIX and labeled it as the simplest and most affordable xMAP instrument in their category. The product can check up to 50 analytes per sample. Has high sensitivity and can approximately check up to 106 copies of DNA. The footprint for the same is 3ft linear, and the daily start-up and shut downtime is 15 minutes. Academic researchers and scientists can take ready advantage of the multiplex.

Key Takeaways

Geographically, North America’s multiplex assays market held a dominant market share in the year 2021. It is owing to an increased need for developing new and advanced therapeutic drugs which can readily aid the growing cases of cardiovascular diseases and other auto-immune diseases. Moreover, FDA’s regulation propels the manufacturer to run companion diagnostic tests before going for further studies to find out the potential health benefits vs. the risk attributes. However, Asia-Pacific is set to offer lucrative opportunities to the marketers to grow at a lucrative rate in the projected period. It is owing to the advent and ready deployment of funds to develop better in-class drugs and find out mutations.

Technological up-gradation, which allows for better efficiency and better results, is a key market driver. However, high procurement and operational costs have prevented the growth of the multiplex assay market.

A detailed analysis of the strengths, weaknesses, opportunities, and threats will be provided in the multiplex assays market report.

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