Multiplex Assays Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Multiplex Assays Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Multiplex Assay Market is expected to grow at a significant CAGR of 4.2% during the study period, 2022-2027.

In recent times, countries have faced a huge threat of COVID-19. As per the World Health Organization (WHO), coronavirus disease is an infectious disease, and most people infected with the COVID-19 virus will experience mild to moderate respiratory illness.

The application of multiplex diagnostic for the diagnosis of COVID-19 and associated diseases has positively impacted the growth of the studied market. The research and developments increased for the development of advanced diagnostic solutions for the detection of SARS-CoV-2. Major players of the studied market focused more on innovations and increased investments in developing devices or panels for multiplexed detection of the virus. For instance, in March 2020, bioMérieux received Emergency Use Authorization for BIOFIRE COVID-19 test, which detects SARS-CoV-2 as well as 21 other common respiratory viruses and bacteria responsible for illnesses such as COVID-19, the common cold, influenza, pneumonia, bronchiolitis, and even whooping cough. This comprehensive detection often influences patient management by tailoring therapy and limiting the unnecessary administration of antibiotics.

Therefore, due to the factors mentioned above, although COVID-19 has led to a shortage in essential diagnostic tests during the early pandemic, the multiplex assays have played an important role in providing quick results for COVID-19 diagnostics.

The multiplex assays market will show rapid growth due to the rising prevalence of chronic diseases, growing adoption of personalized medicine, and a wide range of advantages of multiplex assays over traditional assays. Additionally, the growing geriatric population, increasing product launches, and rising research and development studies will also lead to significant growth of the market.

Personalized medicine aims to provide tailor-made therapies to individual patients depending on the molecular basis of the disease, which has become popular over recent years. Companion diagnostics are becoming an indispensable part of personalized medicine and are rapidly expanding, both in terms of number and application in disease areas. In accordance with the current product pipeline, the rapid growth of companion diagnostics is likely in the foreseeable future. This expansion of companion diagnostics is also expected to have a significant effect on the development of the global multiplex assay market.

The growing prevalence of chronic diseases will increase its usage contributing to the growth of the market. The World Health Organization (WHO) report updated in September 2021 estimates that more than 55 million people lived with dementia worldwide in 2021, and there are nearly 10 million new cases every year, with Alzheimer's disease accounting for most of the cases.

The new product launches in the market will help in addressing the growing demand for multiplex diagnostics, thus driving the market. For instance, in May 2022, QuantuMDx Group Limited launched a new respiratory panel test; Q-POC SARS-CoV-2, Flu A/B & RSV Assay. Its multiplex capabilities provide customers with rapid, point-of-care testing in a range of healthcare settings.

Therefore, owing to the aforementioned factors, the studied market is expected to grow significantly during the study period. However, high procurement and operational costs, along with the cumbersome and complex nature of multiplex assay instruments, are expected to hinder the market growth during the study period.

Key Market TrendsMultiplex Real-Time PCR Segment is Expected to Hold a Major Market Share in the Multiplex Assays Market

PCR (polymerase chain reaction) tests are a fast, highly accurate way to diagnose certain infectious diseases and genetic changes. The tests work by finding the DNA or RNA of a pathogen (disease-causing organism) or abnormal cells in a sample. Multiplex PCR panels allowed laboratories to rapidly provide highly sensitive and specific test results for a broad range of viruses and bacteria causing upper respiratory illness.

Factors such as increasing product launches, rising research and development activities, and strategies adopted by key market players will drive the studied market growth.

Moreover, new product launches and continuous government support are projected to boost the segment's growth. For instance, In January 2022, Under Health Canada's Interim Order, Seegene Inc., South Korea's leading molecular diagnostic company, received approval for its Allplex SARS CoV-2 FluA/FluB/RSV Assay. The Allplex SARS CoV-2 FluA/FluB/RSV Assay from Seegene is a multiplex real-time PCR assay that allows for both amplification and differentiation of respiratory symptoms. It can distinguish between Influenza A, B, RSV, and COVID-19 in a single test.

Additionally, in February 2022, the United Kingdom Health Security Agency's Medical Devices (Coronavirus Test Device Approvals) (Amendment) Regulations 2021 ("CTDA") approved QuantuMDx Group Limited's rapid PCR SARS-CoV-2 test with the multiplex Q-POC platform for continued sales in the UK.

The rising research and development studies proving the efficacies of PCR technology in diagnosing multiple pathogens in one assay will boost the segment. According to a study “A capillary electrophoresis-based multiplex PCR assay for expanded carrier screening in the eastern Han Chinese population,” published in January 2022, a carrier screening assay for 448 pathogenic variants was developed using capillary electrophoresis-based multiplex PCR technology, which achieved a sensitivity, specificity, and accuracy of 97.4%, 100%, and 99.6%, respectively. Such research activities are expected to propel the market growth during the study period.

Thus, due to the above-mentioned factors, the studied segment is expected to contribute to the significant growth of the market.

North America Captured the Large Market Share and is Expected to Retain its Dominance Over the Forecast Period

The primary driving factors for the growth of the North American multiplex assays market are the growing burden of chronic diseases such as HIV, CNS disorders, gastrointestinal disorders, and others, rising adoption of multiplex assays over single assays, increasing product approvals, increasing investments, and key initiatives taken by the key market players.

The United States within North America is expected to grow significantly during the study period. The rising burden of chronic diseases is expected to boost the advancements in the multiplex assays market. For instance, according to the HIV Government factsheet in May 2021, approximately 1.2 million people are infected with HIV in the United States. About a third of them are unaware of it and require testing. In the United States, an estimated 34,800 new HIV infections occurred in 2019, with 36,801 people receiving an HIV diagnosis. Thus, with the rising prevalence of infectious diseases in the country, the demand for multiplex assays is expected to rise over the forecast period.

The launch of products and services in the region will also drive the market significantly. For instance, in December 2021, Applied BioCode received Emergency Use Authorization (EUA) from the United States Food and Drug Administration for its BioCode CoV-2 Flu Plus Assay. This PCR-based, multiplex molecular diagnostic assay can simultaneously detect and differentiate between SARS-CoV-2, Influenza A with subtypes (seasonal H1, 2009 H1N1, H3, Influenza B), and Respiratory Syncytial Virus (RSV) in nasopharyngeal swab specimens.

Adopting strategic initiatives such as partnerships, acquisitions, investments, and expansion plans, among others, will increase the accessibility of the products, leading to significant market growth. For instance, In January 2022, QIAGEN N.V. reported significant advancements in the commercialization of its QIAstat-Dx syndromic testing solution, which enables laboratories and hospitals around the world to test patients for multiple pathogens from one sample. The company has submitted an application for United States regulatory approval of a Gastrointestinal (GI) panel that can detect 22 common viral, bacterial, and parasite pathogens that can cause potentially fatal diseases.

Therefore, due to the above-mentioned factors, the studied market is expected to lead to lucrative growth of the market in North America.

Competitive Landscape

The studied market is consolidated and moderately competitive. Product innovation and ongoing R&D activities to develop advanced technologies have helped in boosting the growth of the market. The key players operating in the global multiplex assay market are Thermo Fisher Scientific, Inc., Abcam, Merck KGaA, Perkinelmer, Inc., Bio-Rad Laboratories, Inc., and Promega Corporation.

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