Global Multiplex Assays Market to grow with a growth rate of 7.15% during 2016 to 2021

According to the Global Multiplex Assays Market Research Report, the market is anticipated to grow at a 7.15% CAGR from 2016 to 2021 and it is estimated that the global market was valued at USD 2.68 billion in 2016 and is expected to reach USD 3.79 billion by 2021.

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A multiplex assay is a type of assay that is used in research to simultaneously measure multiple analytes simultaneously in a single run. It is different from the procedures that measure only one analyte at a time. They are extensively used in experiments involving functional genomics. These experiments are attempted to detect or to assay the state of all biomolecules of a given class (e.g., mRNAs, proteins) in a biological sample, to determine the effect of an experimental treatment or the effect of a DNA mutation over all of the biomolecules or pathways in the sample.

This is can be credited to the increasing geriatric population, rising prevalence of cataract, and increasing government initiatives to eliminate avoidable blindness. Moreover, increase in adoption of premium lens due to their enhanced visual performance ensures reduced rates of astigmatism, thus boosting the growth of the market. However, unfavorable reimbursement schemes and postoperative complications such as refractive errors are expected to have a negative impact on the market growth.

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The Global Multiplex Assays Market Segmentation into Product, Technology, Type, Application and End User. On the basis of product, it is segmented into Consumable, Kits & Reagents and Panels. The consumables sub-segment is expected to account for the largest share of the products segment due to increase in the demand of consumables. On the basis of Technology, it is segmented into PCR and Multiplex Array. The multiplex array is further segmented into planar arrays and bead-based arrays. The multiplex arrays segment is projected to hold the largest share of the multiplex assays market due to its benefits over traditional assays, need for effective analytical platforms in research to reduce operational costs, and adoption of companion diagnostics for increasing safety and efficacy of therapy by multiplex assays are driving the growth of this segment. On the basis of Type, it is segmented into Nucleic Acid-Based and Protein-Based. Nucleic acid-based assays segment is further classified into planar nucleic acid assays and bead-based nucleic acid assays. Protein-based assays segment is further categorized into planar protein assays and bead-based protein assays. The protein based assays segment is anticipated to witness the fastest growth in this segment of the multiplex assays market due to adoption of these assays in research purpose. On the basis of Application, it is segmented into R&D and Companion Diagnostics. The research & development segment is projected to account for the largest share of the multiplex assays market. Factors such as convenience in performing the assays and quicker results offered by multiplex assays are aiding the growth of this segment. On the basis of End User, it is segmented into Hospital and Clinical Laboratory. The pharmaceutical and biotechnology companies segment is projected to account for the largest share due to increase in the adoption of multiplex assays in this segment.

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Global Multiplex Assays Market Geography, the market is analyzed under various regions namely North America, Europe, Asia-Pacific and Middle East and Africa. North-America accounts for the largest share of the market. Europe is the second-largest source, this regional market is driven by the availability of government funds. Asia-pacific is expected to witness the highest growth rate in the coming years owing to developing countries like India and China.

Multiplex Assays Industry Players are Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Abcam Plc, Becton, Dickinson and Company, Luminex Corporation, Meso Scale Diagnostics, Randox Laboratories Ltd and Seegene Inc.

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