Multiplex Detection Immunoassay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
The global Multiplex Detection Immunoassay Market is set to witness substantial growth, with a projected value exceeding US$ 3.03 billion by 2024. The market's expansion is attributed to the increasing concerns about food contamination due to antibiotic residues and the adoption of rapid, cost-effective, and high-throughput screening methods for antibiotic residue detection. Additionally, immunoassays are gaining traction for evaluating environmental and food safety, further propelling the market's growth.
Rising Demand for Multiplex Detection Immunoassays
The Multiplex Detection Immunoassay Market is expected to experience moderate growth, primarily due to its wide range of applications compared to traditional detection assays. The market's growth is driven by the rising prevalence of chronic diseases like Alzheimer's and cancer, as well as the development of efficient methods for simultaneous and cost-effective measurement of multiple analytes in a single sample.
Factors Boosting Market Growth
• Increased Prevalence of Foodborne Diseases: Quick and effective detection methods, such as immunoassays, are in high demand in the food sector to combat foodborne pathogens. The market benefits from the need for rapid detection technologies.
• Rise in Point-of-care Testing: The demand for point-of-care diagnosis for initial screening in non-laboratory settings is significantly increasing, driven by patient convenience. Various point-of-care immunoassays are available to detect various diseases, contributing to market growth.
• Multiplexing Technologies in Drug Development: Multiplex detection immunoassays offer a solution to the challenges of analyzing multiple biomarkers in drug development, reducing effort and costs. This adoption in drug development is expected to drive market growth.
Challenges Faced by the Market
• High Cost of Equipment: The cost of equipment for multiplex assay testing is high, making it challenging for researchers and manufacturers to conduct tests cost-effectively. Strict quality control criteria for multiplex assays also pose challenges.
Impact of COVID-19
The COVID-19 pandemic has affected various industries, including healthcare. However, the demand for multiplex assays for COVID-19 diagnosis has positively impacted the market. Multiplex point-of-care assays for SARS-CoV-2 have contributed to market growth.
Competitive Landscape
The Multiplex Detection Immunoassay market is highly competitive, with major players like Bio-Rad Laboratories Inc., Thermo Fisher Scientific, and others leading the market. Key players are focused on research and development activities to expand the applications of multiplex detection immunoassay technologies.
Key Companies Profiled
• Bio-Rad Laboratories Inc.
• Thermo Fisher Scientific
• EMD Millipore (Merck KGaA.
• Becton, Dickinson and Company.
• Microsynth AG
• Quansys Biosciences Inc
• QIAGEN N.V.
• F. Hoffmann-La Roche Ltd.
• Danaher Corporation.
• Luminex Corporation
Multiplex Detection Immunoassay Market Categorization
Multiplex Detection Immunoassay Market By Technique
• Nucleic Acid Based Technique
• Protein Based Technique
• Biosensor Based Technique
Multiplex Detection Immunoassay Market By Assay Type
• Planar Assay
Blends Protein Arrays (Multiplexed ELISA)
Antibody Arrays
• Bead-based Assay
Magnetic Bead-based
Non-magnetic Bead-based
Multiplex Detection Immunoassay Market By Application
• Disease Testing
Infectious Disease Testing
Autoimmune Disease Testing
Other Diseases Testing
• Food Contamination Testing
• Research and Development
• Veterinary Disease Testing
Multiplex Detection Immunoassay Market By End User
• Pharmaceutical Companies
• Clinical Research Organizations
• Food & Beverages Companies
• Academic Research Institutes
• Diagnostic Centers
• Biotechnology Centers
Multiplex Detection Immunoassay Market By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
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