Multiplex Assay Market

Multiplex Assay Market Size

[170+ Pages Research Report] 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.

Market Highlights

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.

Figure - Market Analysis of Multiplex Assay Market

Multiplex Assay Market: Segments

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.

Figure - Market Analysis of Global Multiplex Assay

Market Dynamics

Growth Drivers

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.

Restraint

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.

Recent Developments

• A well-known Italian diagnostics company, DiaSorin, finalized the acquisition of Luminex in July 2021 for about $1.8 billion to expand its partnership with biopharma companies and provide improved access to clinical multiplexing assays for upcoming value-based care initiatives.
• The agreement between Bio-Rad and Seegene to offer molecular diagnostic testing solutions in the American market was announced in June 2021.
• Qiagen introduced the NeuMoDx multiplex assay in November 2020 to offer a comprehensive selection of testing options for SARS-CoV-2 in Europe and international markets.

Multiplex Assay Market: Key Players

• Thermo Fisher Scientific

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• 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
• Other Prominent Players

Multiplex Assay Market: Regions

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.

Impact of Covid-19 on Multiplex Assay Market

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:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Multiplex Assay Market report also contains analysis on:

Multiplex Assay Market Segments:

• 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
  • Other 
• By Application
  • Research & Development
  • Clinical Diagnostics
• By End User
  • Pharmaceutical & Biotechnology Companies
  • Hospitals & Diagnostic Laboratories
  • Research & Academic Institutes
  • Others 
• Multiplex Assay Market Dynamics
• Multiplex Assay Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Multiplex Assay Market Report Scope and Segmentation

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