Global Multiplex Assay Market 2024-2032
Market Outlook
Based on Triton’s report, the global multiplex assay market is deemed to witness growth at a CAGR of 8.56% during the forecasting years 2024-2032.
Factors such as the adoption of personalized medications, the high adoption of multiplex assays over traditional methods, and the increasing prevalence of chronic conditions drive the multiplex assay market. Conventional assay techniques are known for their time-consuming nature and their capacity to analyze only one assay per cycle. As a result, there has been a notable shift towards multiplex assays, primarily due to their ability to enhance efficiency, increase output volume, and reduce operational costs.
However, issues related to cross-reactivity and a lack of skilled professionals restrict the development of the multiplex assay market.
REGIONAL OUTLOOK
The global multiplex assay market covers the Middle East and Africa, North America, Asia-Pacific, Latin America, and Europe regions.
The Asia-Pacific is expected to emerge as the fastest-growing region over the forecast period. The regional market’s expansion is propelled by the growing demand for healthcare infrastructure, the rising number of hospitals in developing nations, and the evolving R&D sector. Additionally, the upsurge in healthcare reforms and technological innovations in the healthcare domain contribute significantly to the market’s growth.
Competitive Outlook
The key companies in the multiplex assay market consist of Becton, Dickinson and Company, Abcam Limited, Bio-Rad Laboratories Inc, F. Hoffmann-la Roche Ltd, Bio-Techne Corporation, Merck Millipore, Agilent Technologies Inc, Qiagen NV, Illumina Inc, Seegene Inc, Siemens Healthineers AG, Olink Proteomics AB, Thermo Fisher Scientific Inc, and Randox Laboratories Ltd.
Siemens Healthineers AG serves as the parent company to various medical technology firms. It operates under the umbrella of Siemens AG. The company’s portfolio encompasses the production of medical, surgical, ophthalmic, and veterinary instruments and equipment, coupled with comprehensive imaging, diagnostics, advanced therapies, and services. Siemens holds a prominent position in the imaging systems market, having spearheaded innovations in computed tomography, MRI, molecular imaging, ultrasound, and imaging IT. Its operational footprint extends across the Americas, Europe, Africa, the Middle East, and Asia.