Multiplexed Diagnostics Market is expected to reach US$26.36 bn till 2024; With multiple application

The global multiplexed diagnostics market is highly competitive and dominated by the three players accounting for a combined share of 59.5% in 2015. These top companies are: Thermo Fisher Scientific, Abbott Laboratories, and Agilent Technologies. Transparency Market Research finds that the leading players are constantly offering a diverse product portfolio, investing in acquiring advanced technologies, and expanding their regional presence to gain a competitive edge over others.

The market is otherwise fragmented with the presence of numerous small and mid-sized enterprises holding minor shares. Acquiring high-performing patented technologies, strengthening of distribution network, and intensifying manufacturing activities require substantial investment. This results in a high degree of competition, which poses significant entry barriers for new players. In order to consolidate their presence across regions, the large players are actively resorting to partnerships, mergers, and acquisitions.

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According to TMR’s estimation, the valuation of the global market for multiplexed diagnostics exceeded US$6.0 bn at the end of 2016. From 2016 to 2024, the market is anticipated to exhibit a consistent growth to attain US$26.36 bn by 2024; the global market, when measured in terms of revenue, is expected to expand at a 20.3% CAGR over the forecast period.

Innovative Multiplex Diagnostic Platform to Transform Cardiovascular Care

Geographically, the global multiplexed diagnostics market is segmented into Asia Pacific, North America, Latin America, the Middle East & Africa, and Europe. North America occupied a major market share in 2015. The regional market is anticipated to lead the market along the forecast period. The impressive growth is attributed to a wide prevalence of cardiovascular diseases, rising incidence of cancer in the U.S., and increasing geriatric population. The rapidly evolving healthcare services and innovations in healthcare IT in the U.S. have created ample opportunities for several players, which is expected to propel the regional market. Coupled with this, an enlarged scope of various reimbursements from both public as well as private players is expected to trigger the market growth.

On the basis of application, the multiplexed diagnostics market is segmented into cardiac diseases, oncology, autoimmune diseases, allergies, and infectious disease diagnostic. Of these, cardiac diseases, oncology, and infectious disease diagnostics are prominent market segments providing lucrative opportunities for numerous players to capitalize on. The cardiac disease diagnostics market is anticipated to grow at the highest rate due to wide prevalence of cardiovascular diseases, coupled with the design of high-throughput multiplex diagnostic equipment.

Automation in Multiplex PCR Systems Opens Promising Avenues for Disease Diagnosis

The global multiplexed diagnostics market is primarily driven by the soaring R&D investments by public as well as private players in the areas of genomics and personalized therapies. Constant advances in multiplex diagnostic technology have led to the application of targeted assay for detecting various pathogens for a wide spectrum of chronic and life-threatening diseases, such as neurological and cardiovascular disorders. Multiplexed real-time polymerase chain reaction (PCR) assays, as precision-based diagnostics, enable the concurrent detection of specific pathogens in a single experiment. Automation in multiplex PCR assay has resulted in reduced hands-on-time and elimination of error with high sensitivity and specificity. Along with this, the application of real-time automated multiplex PCR kits helps in rapid detection and significant cost-savings for laboratories, boosting its demand across a large number of diagnostic facilities.

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However, the high cost of multiplexed diagnostics assay equipment, combined with lack of operational expertise, is likely to impede the growth of the global multiplexed diagnostics market. Nevertheless, continuous automation in assay technology and application of high-throughput multiplexed PCRs for the detection of a wide range of pathogens are expected to open up exciting opportunities for the leading players.

The study presented here is based on a report by Transparency Market Research (TMR) titled “Multiplexed Diagnostics Market (Technology - Very High Density, High Density, Medium Density, Low Density, and Next Generation Sequencing Assays; Application - Infectious Disease Diagnostics, Oncology, Autoimmune Diseases, Cardiac Diseases, Allergies, and Pregnancy & Fertility Testing; End Use - Academic Research Institutes, Hospitals, Pharmaceuticals Companies, Clinical Research Organizations, and Diagnostic Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.