Multiplex Assays Market Growth 2022-2028: Increasing Research and Development Activities, Growing Implementation of Precision Medicine, And Surging Preference

Multiplex Assays Market size was USD 2.72 billion in 2020 and is expected to register a robust CAGR of 7.9% during the forecast period. Some key factors driving market revenue growth are rapid increase in research and development activities to develop and launch drugs to treat multiple disorders and growing prevalence of infectious and chronic disorders globally. 

A multiplex assay is an assay that simultaneously measures multiple analytes and is widely utilized in functional genomics for detection and quantification of proteins, biomolecules, and various other biomolecules and cytokines. Multiple assays are preferred over conventional methods such as ELISA (Enzyme-Linked Immunosorbent Assay) as these require comparatively less time for quantification and provide higher efficiency. 

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Multiple assays are a type of immunoassays that help in quantifying multiple analytes in a single reaction cycle. These are derived from ELISA and are more preferred over singleplex ELISA as they are highly efficient, have greater throughput, and are time-efficient due to ability or enable analysis of multiple samples in a single run.

Global market growth is gaining traction due to technological developments in these assays, growing prevalence of chronic diseases, and increasing government funding for research. Moreover, factors, such as investments by key players to develop new and improved products and increasing adoption of personalized medicine are factors augmenting market revenue growth.

The global pharma & healthcare market report points out the key trends and developments taking place in this business space in the ongoing COVID-19 times. According to market experts, the pandemic has turned this industry upside down, with an unprecedented rise in demand and acute supply shortage. The report clearly depicts the current global economic landscape and the considerable situation of the healthcare industry. A substantial increase in demand for healthcare services worldwide, rising cases of the SARS-CoV-2 infection, increasing pharmaceutical research & development activities, and new drug pipelines are among the key factors that have driven the global pharma & healthcare industry growth in the recent past. Growing acceptance of telehealth and telemedicine services, rise in government initiatives for COVID-19 vaccine development, and escalating demand for advanced point-of-care diagnostics and home healthcare products have further bolstered the industry growth.

Some of The Leading Companies Operating in The Global Multiplex Assays Market:

Abbott Laboratories, Hoffmann-La Roche, Siemens Healthineers, Thermo Fisher Scientific, Danaher Corporation, Bio-Rad Laboratories, Biomérieux, Bühlmann Laboratories, Sekisui Medical, and Randox Laboratories

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Some key highlights in the report:

• In context to end use, the hospital segment accounted for largest market share in 2020 and is expected to account for fastest CAGR during the period owing to high rate of diagnostic testing in hospitals, availability of well-trained staff round the clock, and quick accessibility as compared to reference laboratories.
• On the basis of type, the protein-based assays segment revenue is projected to expand at fastest CAGR over the forecast period owing to rising adoption of these assays in research-based projects.
• The market in Europe is expected to account for significant revenue share between 2021 and 2028 due to growing geriatric population, increasing chronic disorders, rapidly increasing clinical trials, and beneficial government initiatives to promote multiplex assays in the region.
• The market in Asia Pacific is projected to register fastest revenue CAGR of 8.5% throughout the forecast period owing to various factors such as increasing geriatric patient pool, growing prevalence of Alzheimer's disease and cataract, and high revenue contribution from India and China.
• Latin America market revenue is expected to expand at a steady rate due to low penetration of multiplex assay technology and strict government policies in countries in the region.

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For this study, Reports and Data has segmented the global multiplex assays market based on product & services, type, class of drugs, technology, application, end use, and region:

Based On Product & Services: (Revenue, USD Billion, 2018 - 2028)

• Consumables
• Instruments
• Software & Services

Based On Type: (Revenue, USD Billion, 2018 - 2028)

• Protein Multiplex Assays
  • Planar Protein Assays
  • Bead-based Protein Assays
  • Other Protein Assays
• Nucleic Acid Assays
  • Planar Nucleic Acid Assays
  • Bead-based Nucleic Acid Assays
  • Other Nucleic Acid Assays
• Cell-based Assays

Based On Class of Drug: (Revenue, USD Billion, 2018 – 2028

• Antiepileptic Drugs
• Antibiotic Drugs
• Immunosuppressant Drugs
• Antiarrhythmic Drugs
• Bronchodilator Drugs
• Psychoactive Drugs
• Others

Based On Technology: (Revenue, USD Billion, 2018 - 2028)

• Flow Cytometry
• Fluorescence Detection
• Luminescence
• Multiplex RT-PCR
• Other Technologies 
• Liquid chromatography–mass spectrometry (LC-MS)
• dPCR
• Colorimetric Detection

Based On Application: (Revenue, USD Billion, 2018 - 2028)

• Research & Development
  • Drug Discovery & Development
  • Biomarker Discovery and Validation
• Clinical Diagnostics
  • Infectious Diseases
  • Cancer
  • Cardiovascular Diseases 
  • Autoimmune Disease
  • Nervous System Disorders
  • Metabolism & Endocrinology Disorders

Based On End Use: (Revenue, USD Billion, 2018 - 2028)

• Pharmaceutical & Biotechnology Companies
• Hospitals 
• Academic & Research Institutes
• Reference Laboratories
• Other End Use
  • Blood banks
  • CROs
  • Forensic Labs

Based On Region: (Revenue, USD Billion, 2018 - 2028)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Rest Of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA

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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.

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