Multiplexed Diagnostics Market: Rise in private and public funding for genomics and personalized medicine is a driving factor
Transparency Market Research (TMR) has published a new report titled, ‘Multiplexed Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global multiplexed diagnostics market was valued at around US$ 8.7 Bn in 2018 and is projected to grow at a CAGR of 17.9% from 2019 to 2027.
- Diagnostic assays are tests used to assess target analytes, quantitatively or qualitatively, in biochemical substances, cells of an organism, or an organic sample for disease diagnosis
- Multiplexed diagnostics screen multiple analytes in a single cycle of assay procedure. Though single plex assays are widely available in the market, they fail to yield results for multiple analytes in a single cycle of assay process, and thus when multiple analytes are needed to be screened, cost and turnaround time of single plex assay is higher as compared to multiplexed assay.
- Rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases is the major factor to drive the global market.
- North America dominated the global multiplexed diagnostics market in 2018 and anticipated to dominate during the forecast period.
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Significant private and public funding for genomics and personalized medicine to Drive Market
- Growing demand for automated equipment and multifaceted analytical strategies is the major driver for the growth of global multiplexed diagnostics market.
- Rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases and Increasing prevalence of cancer and infectious diseases are some of the major factors responsible for the growth of global multiplexed diagnostics market
- For instance, as per WHO 2010 data, Breast cancer is one of the most common causes of mortality among females, accounting for 25% of total cancer cases and 15% of cancer mortality across the world (WHO, 2010).
- Moreover significant private and public funding for genomics and personalized medicine is also fuelling the growth of global multiplexed diagnostics market.
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Medium Density Multiplexed Assays Segment to Dominate Market
- Based on technology, the global multiplexed diagnostics market has been segmented into Very High Density Multiplexed Assays, High Density Multiplexed Assays, Medium Density Multiplexed Assays, Low Density Multiplexed Assays, and Next Generation Sequencing
- Medium Density Multiplexed Assays segment is accounted for major market share in 2018 and is expected to dominate throughout the forecast period owing to increasing use in genetic research.
- Increasing emerging diseases that need new diagnosis tests and new drug development create demand for high density multiplexed assays
Cardiac Diseases- More Lucrative Application Segment
- Based on application, the global multiplexed diagnostics market has been divided into Infectious Disease Diagnostic, oncology, autoimmune diseases, cardiac diseases, allergies, and others
- Oncology segment dominated the global market in 2018 due to Product developments that enable smooth, fast procedure for both the physician and patient, and increase in incidence of diseases associated with breast cancer, colorectal cancer, and prostate cancer
- Cardiac diseases segment is more promising segment during the forecast period owing to rising prevalence of cardiac diseases and development of important biomarkers for cardiac disease detection
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Academic research institutes Segment- Lion Market Share
- Based on end-user, the global multiplexed diagnostics market has been segmented into academic research institutes, hospitals, diagnostic laboratories, pharmaceutical companies, and clinical research organizations
- Academic research institutes is accounted for major market share in 2018. Increasing research projects in the field of genetic engineering is the key factor driving the segment.
North America to Dominate Global Market
- In terms of region, the global multiplexed diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- North America accounted for major share of the global multiplexed diagnostics market in 2018. Increasing use of multiplexed diagnostics in academic and research institutes, large number of people with oncology and infectious diseases, several market players in the U.S., technological advancements, extensive R&D practices, and increasing awareness about the diagnosis and treatment are likely to boost market growth in the U.S.
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- For instance, the University of California San Francisco (UCSF) has seven PCR installations for its academic research
- The multiplexed diagnostics market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be ascribed to growing aging population, high incidence of various diseases, and increased research activities in the region.
- The global multiplexed diagnostics market is consolidated as few players hold major market share in global market.
- Key players include Agilent Technologies, bioMérieux SA, Bio-Rad Laboratories, Inc., Illumina, Inc., F. Hoffmann-La Roche Ltd., Hologic, Inc., Luminex Corporation, Siemens Healthineers, Thermo Fisher Scientific, Inc., Abbott Laboratories, among others
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