Multiplex Assay Market by Type (Protein Based Multiplex Assays, Nucleic Acid-Based Multiplex Assay, and Other Multiplex Assays), Product (Reagents & Consumables, Instruments & Accessories, and Software & Services), Application (Clinical Diagnostics, Research & Development, and Companion Diagnostics), and End User (Hospitals, Clinical Laboratories, Research Institutes, And Pharmaceutical & Biotechnology Companies): Global Opportunity Analysis and Industry Forecast, 2020–2030
The global multiplex assay market was valued at $1,940.49 million in 2020, and is projected to reach $4,366.32 million by 2030, registering a CAGR of 8.3% from 2021 to 2030.
The multiplex assay is a procedure in which various analytes (such as proteins, biomolecules, growth factors, cytokines, chemokines, and others) are profiled by detecting and quantifying them simultaneously. This assay is used to amplify multiple targets in a polymerase chain reaction (PCR) and collect more information from minute quantities of proteins or other analytes in lesser time as compared to conventional methods such as ELISA. Multiplex assays are widely used for pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, forensic studies, and others.
The multiplex assays market is witnessing tremendous growth owing to increase in R&D activities in pharmaceuticals for the treatment of several diseases. These assays are used in clinical trials as they decrease the cost of research & manual labor and increase the efficiency of experiments and therapies. In addition, they offer easier & faster analysis of diseases, and automated as compared to conventional methods, thus fueling the market growth. However, high capital investment and dearth of skilled labors are the major factors that hinder the market growth.
The global multiplex assays market in this report is studied based on type, product, application, end user, and region. On the basis of type, the market is divided protein based multiplex assays, nucleic acid-based multiplex assay, and other multiplex assays. By product, the market is classified into reagents & consumables, instruments & accessories, software & services.
The applications covered in the study include clinical diagnostics, research & development, and companion diagnostics. As per end user, the market is segregated into hospitals, clinical laboratories, research institutes, and pharmaceutical & biotechnology companies. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major factors driving the market are increasing use of multiplex assays in companion diagnostics, increasing advantages over singleplex and traditional assays, increasing incidence of chronic and infectious diseases, and growing awareness about early disease diagnosis. In addition, growing adoption of personalized medicine, and a wide range of advantages of multiplex assays over traditional assays are positively impacting the growth of the multiplex assay market.
However, dearth of skilled professionals is expected to create hindrances for the growth of the multiplex assay market. Moreover, high procurement and operational costs along with the cumbersome and complex nature of multiplex assay instruments remain a significant hurdle in the multiplex assay market.
Increasing validation of the biomarkers in molecular and protein diagnostics, along with the rising need of the high-throughput and automated systems which are creating lucrative opportunities in the multiplex assay market.
Region wise, this market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the multiplex assays market in 2020, and is expected to retain its dominance throughout the forecast period. This is primarily attributed to the increase in government funds for the detection of new biomarkers, rise in R&D activates of new drugs and diagnosis & treatment options, as well as surge in prevalence of chronic diseases such as cancer and strokes.
The major players operating in the global multiplex assays market are Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Becton, Dickinson and Company, Abcam PLC, Seegene Inc., Meso Scale Diagnostics LLC, and Randox Laboratories Ltd. These players adopted product launch, collaboration, and merger & acquisition as their key developmental strategies.
KEY BENEFITS FOR STAKEHOLDERS
The report provides in-depth analysis of the global multiplex assay market size along with the current trends and future estimations to elucidate the imminent investment pockets.
It offers market analysis from 2021 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
A comprehensive analysis on region assists to understand the regional market and facilitate the strategic business planning and determine prevailing opportunities.
The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook of the global multiplex assay market growth.
KEY MARKET SEGMENTS
By Type
Protein-Based Multiplex Assays
Nucleic Acid-Based Multiplex Assay
Other multiplex Assays
By Product
Reagents & Consumables
Instruments & Accessories
Software & Services
By application
Clinical Diagnostics
Research & Development
Companion Diagnostics
By End Users
Hospitals
Clinical Laboratories
Research Institutes
Pharmaceuticals & Biotechnological Companies
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
List of key players profiled in the report:
Luminex Corporation
Thermo Fisher Scientific Inc.
Illumina Inc.
Bio-Rad Laboratories Inc.
QIAGEN N.V.
Becton, Dickinson and Company
Abcam PLC
Seegene Inc.
Meso Scale Diagnostics LLC
Randox Laboratories Ltd.
List of Company Profiles
Luminex Corporation
Thermo Fisher Scientific Inc.
Illumina Inc.
Bio-Rad Laboratories Inc.
QIAGEN N.V.
Becton
Dickinson and Company
Abcam PLC
Seegene Inc.
Meso Scale Diagnostics LLC
Randox Laboratories Ltd.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook