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Multiplex Assays Market Valued at $5.3B by 2028 | Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands)
Multiplex Assays Market by Product & Service (Consumables, Instruments, Software & Services), Type (Nucleic Acid, Protein), Technology (Flow Cytometry, Luminescence), Application (R&D, Diagnosis), End User (Pharma, Hospitals) - Global Forecast to 2027Download FREE Sample Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=644155
The key players in this market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands), Abcam plc (UK), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Quanterix (US), Bio-Techne (US), MESO SCALE DIAGNOSTICS, LLC (US), Randox Laboratories Ltd. (UK), Olink (Sweden), Seegene Inc. (South Korea), Siemens Healthcare AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Promega Corporation (US), Enzo Biochem Inc. (US), Cayman Chemical (US), Boster Biological Technology (US), Antigenix America, Inc. (US), Quansys Biosciences Inc. (US), and RayBiotech Life, Inc. (US).
"Growing burden of chronic diseases is driving the overall growth of the multiplex assays market"
The multiplex assays market is valued at an estimated USD 3.5 billion in 2022 and is projected to reach USD 5.3 billion by 2027, at a CAGR of 8.8% during the forecast period. The burden of chronic diseases has necessitated the use of multiplex assays for containment and management. As many biomarkers are being discovered and validated, there is a higher probability of the development of new diagnostic tests. At present, there are only a few multiplex assays targeting specific disease classes. With the development of new biomarkers, new multiplex assays can be developed. Owing to this, biomarker validation can create opportunities for the development of the multiplex assays market. However, high instrument cost is a major factor limiting the wider adoption of multiplex assays.
"The consumables segment accounted for the highest growth rate in the multiplex assays market, by product& service, during the forecast period"
Based on product & service, the multiplex assays market is segmented into three broad categories, namely, consumables, instruments, and software & services. In 2022, the consumables segment accounted for the largest share of the market. This segment is also expected to grow at the highest CAGR. The instruments segment accounted for the second largest share of the multiplex assays market. The increasing incidence of infectious diseases & cancer, growing demand for automated and advanced instruments with high-throughput capacities and increasing need for faster and more accurate test results with minimal human intervention are driving the instruments market segment.
"The research & development segment accounted for the highest growth rate in the multiplex assays market, by application, during the forecast period"
Based on applications, the multiplex assays market is segmented into research & development (drug discovery & development and biomarker discovery & validation) and clinical diagnostics (infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases). The research & development application segment accounted the largest share of the multiplex assays market in 2022. The drug discovery & development segment accounted for the largest share of the multiplex assays market for research & development in 2022. The demand for multiplex assays in drug discovery & development has increased due to their benefits. These assays tend to be effective in evaluating drug response biomarkers, immunotherapy success, and toxicity during the clinical stages of drug development.
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"Asia Pacific: The fastest-growing region multiplex assays market"
The global multiplex assays market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The Asia Pacific region is projected to register the highest CAGR during the forecast period. The Asia Pacific market is expected to witness the highest growth during the forecast period due to factors such as growing government efforts to increase awareness about the early detection of diseases and the increasing number of regular health check-ups; rising healthcare expenditure; the increasing number of hospitals and clinical diagnostic laboratories in India and China; and growing strength in the research base for diagnostic procedures across India, China, and Japan.
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