The global 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.
The global 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.
Increasing usage of multiplex assays for early detection of cancer, increasing adoption of personalized medicine, and rising funds by public and private organizations for clinical research are some key factors fueling growth of the global multiplex assays market. In addition, development of highly dense nanoarray technology and efforts to provide more enhanced and cost-effective products are expected to open up new growth opportunities in the coming years.
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Market Dynamics:
Driver: Advancements in technology, rise in research and development activities, and growing utilization of precision medicines
Major factors driving robust revenue growth of the global market are technological developments in multiplex assays and rapid advancements in nanotechnology. Gradual shift to modern multiplex assays due to various benefits over conventional singleplex ELISA, increasing prevalence of Alzheimer’s disease, cancer, infections, and chronic disorders, increasing geriatric population, and cataract are key factors responsible for surging demand for multiple assays. In addition, increasing utilization of precision medicine to offer tailor-made therapies to patients is expected to further boost market growth.
Restraint: Stringent regulations imposed by governments for approving multiple assays and dearth of skilled personnel
Despite escalating growth of the global market, a few factors are expected to hamper revenue growth of the market, including rising focus among hospitals and healthcare service providers to offer treatments and services at reduced and affordable cost. In addition, provision of costly therapeutic drug monitoring services may not be possible for small hospitals in some developing countries, which is a key factor expected to restrain market growth to some extent. Furthermore, other factors such as high initial investments, operational costs, and lack of healthcare professionals to operate these systems, coupled with strict regulations for usage and approval of multiple assay systems, are expected to restrain market growth over the forecast period.
Product & Services Outlook:
On the basis of products & services, the global multiplex assays market is segmented into consumables, instruments, and software & services. The consumables segment dominated the other products and services segments in 2020 and is expected to maintain its leading position throughout the forecast period. High revenue contribution is attributed to some key factors such as growing requirement for kits and reagents and increasing demand for immunoassay tests globally due to growing prevalence of various infections and chronic diseases. Moreover, bulk purchase of consumables is also projected to support market growth.
Type Outlook:
On the basis of type, the global market is broadly segmented into protein multiplex assays, nucleic acid multiplex assays, and cell-based multiplex assays. The nucleic acid assays segment is further sub-segmented into planar nucleic acid assays and bead-based nucleic acid assays; whereas the protein multiplex assay segment is further sub-segmented into bead-based protein assays and planar protein assays. The nucleic acid assays sub-segment accounted for largest share in the global market and is expected to register the highest CAGR during the forecast period. Rising implementation of nucleic acid assays in diagnostics and clinical research and increasing number of molecular tests to diagnose rising prevalence of diseases are some factors expected to augment growth of this segment.
Drug Class Outlook:
Based on drug class, the global market is segmented into antiepileptic drugs, immunosuppressant drugs, antiarrhythmic drugs, bronchodilator drugs, antibiotic drugs, psychoactive drugs, and others. The antiepileptic drugs segment is projected to exhibit significant revenue growth between 2021 and 2030. These are the most commonly monitored drug classes owing to their high therapeutic range for treating various neurological disorders including seizures, epilepsy, and bipolar disorder.
Technology Outlook:
By technology, the global market is segmented into flow cytometry, fluorescence detection, luminescence, multiplex RT-PCR, and other technologies. The flow cytometry segment accounted for largest market share in 2020 and is expected to maintain its dominance during the forecast period. High revenue growth of the flow cytometry segment is attributed to easy application of multiplex assays and ability to run various samples at the same time, accurately. Moreover, several key players are focusing on developing modern multiplex bead-based assays for flow cytometers, which is expected to fuel market growth over the forecast period.
Application Outlook:
In context to application, the market is segmented into research & development (drug discovery & development, biomarker discovery, and validation) and clinical diagnostics (infectious diseases, cancer, cardiovascular diseases, autoimmune disease, nervous system disorders, and metabolism & endocrinology disorders). The research & development segment is expected to account for significant revenue growth throughout the forecast period. Increasing investments by major market players, rising funds from public and private sectors for developing novel drugs and products, and availability of multiplex assays exclusively for research are some of the significant factors boosting revenue growth.
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End Use Outlook:
On the basis of end use, the global market is segmented into pharmaceutical & biotechnology companies, hospitals, academic & research institutes, reference laboratories, and others. The pharmaceutical and biotechnology companies segment is projected to account for a robust revenue growth over the study period. Factors, such as growing adoption of multiplex assays by pharmaceuticals, rapid expansion of pharmaceutical and biotechnology companies in developed economies, growing focus on establishing biotechnology companies in emerging countries, and rising demand for multiplex assays, are supporting market growth.
Regional Outlook:
North America dominated other regional markets for multiplex assays in 2020 and is expected to retain its leading position throughout the forecast period. Significant factors boosting market growth are increasing number of immunoassays tests combined with growing prevalence of chronic and genetic diseases, especially Alzheimer’s. Moreover, rising government initiatives to support and promote precision medicine, technological advancements, and increasing per capita expenditure in this region is supporting market growth.
The market in Europe accounted for a large share in the global multiplex assays market after North America. Germany, the UK, and France are primary revenue contributing countries in this region. High market share is attributable to factors such as increasing geriatric patient pool, growing chronic infections, systemic illnesses, and increasing investments by key players in research and development activities.
Asia Pacific market is expected to register highest revenue CAGR of 8.5% over the forecast period. High CAGR is attributed to factors such as growing patient population, surging prevalence of cataract and Alzheimer’s disease, rising investments for research and development, and dominance of various leading pharmaceutical companies.
Competitive Landscape:
The global multiplex assays market is highly competitive and comprises various regional and international key players. These players are adopting various strategies, mergers, acquisitions, collaborations, and partnerships to enhance their market position and expand consumer base. Abbott Laboratories, Hoffmann-La Roche, Siemens Healthineers, Luminex Corporation, Thermo Fisher Scientific, Danaher Corporation, Bio-Rad Laboratories, Biomérieux, Bühlmann Laboratories, Sekisui Medical, and Randox Laboratories are some of the leading companies operating in the global multiplex assays market.
- In September 2020, BARDA collaborated with Luminex Corporation to develop a high throughput test for neutralizing antibodies in plasma at affordable prices.
This report offers historical data points and forecasts and revenue growth at a global, regional, and country-level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2018 to 2030. 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:
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Multiplex Assays Market Report Scope
Segments covered By Based On Product & Services, Based On Type, Based On Class of Drug, Based On Technology, Based On Application, Regional Outlook
By Based On Product & Services
- Consumables
- Instruments
- Software & Services
By Based On Type
- 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
By Based On Class of Drug
- Antiepileptic Drugs
- Antibiotic Drugs
- Immunosuppressant Drugs
- Antiarrhythmic Drugs
- Bronchodilator Drugs
- Psychoactive Drugs
- Others
By Based On Technology
- Flow Cytometry
- Fluorescence Detection
- Luminescence
- Multiplex RT-PCR
- Other Technologies
- Liquid chromatography–mass spectrometry (LC-MS)
- dPCR
- Colorimetric Detection
By Based On Application
- Research & Development
- Drug Discovery & Development
- Biomarker Discovery and Validation
- Clinical Diagnostics
- Infectious Diseases
- Cancer
- Cardiovascular Diseases
- Autoimmune Disease
- Nervous System Disorders
- Metabolism & Endocrinology Disorders
By Based On End Use
- Pharmaceutical & Biotechnology Companies
- Hospitals
- Academic & Research Institutes
- Reference Laboratories
- Other End Use
- Blood banks
- CROs
- Forensic Labs
Regional scope
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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