Multiplex Assay Market: By Product (Consumables, Instruments, Software), By Type (Protein Assays, Nucleic Acid Assays, Cell-Based Assays), By Technology (Flow Cytometry, Fluorescence Detection, Luminescence, Multiplex RT PCR), By Application (Research & Development, Clinical Diagnostics), By End User (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Research & Academic Institutes), And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Multiplex Assay Market to surpass USD 6.7 billion by 2032 from USD 2.8 billion in 2021 at a CAGR of 8.2% throughout the forecast period 2021-32.
Multiplex assay is a type of immunoassay in terms of biological sciences that employs magnetic beads to detect several analyses at once in a single experiment. It is an ‘ELISA’ derivative binding the capture antibody to beads. Clinical settings use these assays less than the research settings. In a multiplex experiment, the microspheres are coated with antibodies having predetermined binding specificities. Since the beads can be identified by their fluorescent signature, the findings are read using flow cytometry. The different bead color quantity affects how many analytes are analyzed. The number of analytes that can be evaluated by a specific multiplex assay can be used to further organize multiplex assays within a certain application area or technology class.
The Multiplex Assay Market is expected to project a notable CAGR of 8.2% in 2032.
Multiplex Assay Market to surpass USD 6.7 billion by 2032 from USD 2.8 billion in 2021 at a CAGR of 8.2% in the coming years, i.e., 2022-32. The market growth is primarily fueled by variables like the rising use of companion diagnostics, the prevalence of infectious and chronic diseases, and the rising public awareness of disease diagnosis. The Multiplex Assay Market is also being significantly driven by the requirement for efficient analytical platforms in research and clinical diagnostics to minimize operational costs and the time required for diagnosis.
The Consumables segment is expected to grow with a higher CAGR during 2022-32
Multiplex Assay Market is categorized on the basis of Product into Consumables, Instruments, and Software. In 2021, the Consumables product category dominated the global market, and is anticipated to lead throughout the forecast period. This segment has had significant growth and a high share due to regular consumable purchases and an increase in diagnostic testing. Moreover, several major manufacturers are providing a broad range of consumables with a number of benefits, including affordability, customizable analytes, and quicker delivery times with solid and trustworthy results.
The Hospitals & Diagnostic Laboratories segment is expected to grow with a higher CAGR during 2022-32
Multiplex Assay Market is categorized on the basis of End User into Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic Laboratories, Research & Academic Institutes, and Others. The Pharmaceutical & Biotechnology Companies segment dominated the global market in 2021 due to growing partnerships and collaborations between the pharmaceutical and biotechnology industries to improve multiplexing capabilities. The Hospitals & Diagnostic Laboratories segment is anticipated to witness higher CAGR over the projection period owing to the rising demand for quick and reliable diagnosis for a variety of chronic conditions.
Expansive Use of Multiple Assay in Companion Diagnostics and Great Prevalence of Chronic Diseases
The discovery of new drugs and companion diagnostics both make substantial use of multiplex tests. Reduced reaction tie, analyte concentration, and reagents are the advantages of multiplex assays over singleplex tests. This allows for speedier assay results and handling of unusual samples (low concentration sample). The wide prevalence of infectious and chronic diseases opens up more business potential by increasing demand for multiplex assays. With its high efficiency and quick delivery of precise multiplex assay test findings, the newest technology of automated multiplex assay instruments is also anticipated to fuel market growth.
Growing Applications of Multiple Biomarker Analysis and Discovery of Several Biomarkers
Applications for multiple biomarker analyses are expanding in the study of cancer, autoimmune illnesses, and neurodegenerative diseases. There is a strong probability that new diagnoses will be formed due to numerous biomarkers that are being found and verified. Proteins can be quantitatively measured using a multiplex test to find biomarkers. With the use of statistically significant numbers of samples and controls, these assays enable the assessment of a wide range of possible protein biomarkers. Hence, multiplex assays for biomarker validation increase the effectiveness and speed of giving precise results, which will drive market growth in the near future.
High Costs Associated with R&D Proficiencies and Lack of Skilled Professionals for Testing in Developing Regions
The growth of the Multiplex Assay Market is anticipated to be constrained by the high costs required for research and development capabilities, constrained infrastructure, and operational constraints related to the use of diagnostic tests. Moreover, insufficient reimbursement policies for microbiology testing procedures, the high cost of reagents used in microbiology biochemical testing, and a shortage of qualified workers to conduct diagnostic tests in low- and middle-income countries are all anticipated to pose challenges to the market during the forecast period.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Multiplex Assay Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America dominated the global market in 2021 due to the expanding R&D activities for the creation of novel medications and diagnosis & treatment alternatives. Future economic development in the region is expected to be fueled by the rising frequency of chronic diseases like cancer and stroke as well as increased government support for the discovery of new biomarkers.
Asia Pacific is predicted to experience the quickest growth rate throughout the projection years due to the rising number of hospitals in developing nations, the expanding R&D industry, the high need for healthcare infrastructure, and investments by emerging companies in the region. The increased use of tobacco is increasing cancer prevalence worldwide. As a result, there has been a slow increase in the number of screenings performed in the area, which is expected to spur market growth in the near future.
Multiplex tests like the SARS-CoV-2 assay, were used to diagnose COVID during the epidemic, which greatly increased market demand. Also, several businesses have been granted FDA emergency use authorization. Consequently, it is anticipated that the COVID-19 pandemic will benefit the market.
Multiplex Assay Market is further segmented by region into:
Multiplex Assay Market Segments:
Market Size Value in 2021
USD 2.8 billion
Revenue Forecast in 2032
USD 6.7 billion
CAGR of 8.2% from 2022 to 2032
Base Year for Estimation
Revenue in USD billion and CAGR from 2022 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, Type, Technology, Application, End User, and Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key Companies Profiled
Thermo Fisher Scientific, Becton Dickinson, Merck KGaA, Perkin Elmer Inc., Illumina, Bio-Rad Laboratories, QIAGEN N.V., Promega Connections, Abcam plc., Luminex Corporation, R&D Systems Inc., Seegene Inc., Advanced Cell Diagnostics Inc., CliniSciences, Assay Genie, and Other Prominent Players.
The Multiplex Assay Market size was estimated at USD 2.8 billion in 2021 and is expected to reach USD 6.7 billion in 2032.
A multiplex assay is a type of immunoassay in terms of biological sciences that employs magnetic beads to detect several analyses at once in a single experiment. It is ‘ELISA’ derivative binding the capture antibody to beads.
The Consumables and Hospitals & Diagnostic Laboratories segments accounted for the larger share of the Multiplex Assay Market
Key players in the Multiplex Assay Market are Thermo Fisher Scientific, Becton Dickinson, Merck KGaA, Perkin Elmer Inc., Illumina, Bio-Rad Laboratories, QIAGEN N.V., Promega Connections, Abcam plc., Luminex Corporation, R&D Systems Inc., Seegene Inc., Advanced Cell Diagnostics Inc., CliniSciences, Assay Genie, and Other Prominent Players.
The major drivers of the Multiplex Assay Market are the rising use of companion diagnostics, the prevalence of infectious and chronic diseases, and the rising public awareness of disease diagnosis.
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