Multiplex Assays Market Size to Hit USD 6.3 Billion by 2030

According to Nova one advisor, the global Multiplex Assays market was valued at USD 3.4 billion in 2021 and it is expected to hit around USD 6.3 billion by 2030 with a CAGR of 7.6% during the forecast period 2022 to 2030. Market growth is mainly driven by factors such as the increasing adoption of companion diagnostics, the increasing incidence of chronic and infectious diseases, the growing awareness of the disease diagnosis, and the need for effective analytical platforms in research and clinical diagnostics to reduce the operational costs and the time taken for diagnosis.

The emerging Asian markets is expected to offer strong growth opportunities for players in the market. In contrast, the high cost of multiplex assay equipment, stringent regulations and standards, and issues in the standardization of multiplex assays design are the major factors restraining the growth of this market. The multiplex assays market is segmented based on product & service, type, technology, application, end user, and region.

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Report Scope of the Multiplex Assays Market

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Impact of Covid-19 on Global Multiplex assays Market

The COVID-19 pandemic has positively impacted the multiplex assays market. The massive demand multiplex of the SARS-CoV-2 assay such as multiplex point-of-care assays. The multiplex assay manufacturers have launched several assays for the diagnosis of the SARS-CoV-2. Several companies received the FDA emergency use authorization for their COVID-19 multiplex assays to meet the soaring demand of the high volume of testing. However, the companies also faced certain operational challenges that initially haled their business activities during the lockdown. Although, eventually, with the lifting of the lockdown and unprecedented demand of the diagnosis, the revenues of the multiple manufacturers have grown positively.

Global Multiplex assays Market Dynamics

DRIVER: Increasing use of multiplex assays in companion diagnostics, increasing advantages over singleplex and traditional assays, increasing incidence of chronic and infectious diseases, and growing awareness about early disease diagnosis

The multiplex assays are extensively used in the companion diagnostics, and in the drug development. The edge of the multiplex assays over the singleplex assays which includes reduced reaction tie, reagents, and analyte concentration, helps to deliver the assay result faster, and deal with the rare samples (low concentration sample). The massive prevalence of chronic and infectious diseases offers more opportunities for the market by creating more demand of multiplex assays.

RESTRAINT: The increasing cost of the equipment and increasing stringent regulation and standards

The high expenses of the equipment are posed challenges to the researcher and manufacturers to perform the multiplex assay testing under an affordable price. Also, the Quality control (QC) standards for multiplex assays are more stringent compared to singleplex assays.

OPPORTUNITY: Increasing validation of the biomarkers in molecular and protein diagnostics, along with the rising need of the high-throughput and automated systems

Multiple biomarker analysis has a vast application in the area of cancer, autoimmune diseases, and neurodegenerative diseases. A large number of biomarkers are being discovered and validated, and there is a higher probability of the development of new diagnostic tests. The incoming latest technology of automated multiplex assay instrument are also expected to boost the market growth with their high efficiency and speed of delivering the accurate multiplex assay test results.

CHALLENGES: Dearth of skilled professionals

There is a dearth of skilled lab technicians hinder the continuous practice in clinical laboratory work

Product and Service accounted for the largest share of the multiplex assays market and is expected to grow at the highest CAGR in the forecast period.

Based on product & service, the multiplex assays market is segmented into instruments, consumables, and software & services. In 2021, the consumables segment is expected to account for the largest share of the market; it is also the fastest-growing segment of the multiplex assays market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.

Protein-based multiplex assays segment is expected to account for the largest share of the global multiplex assays market and is expected to grow at the highest CAGR in the forecast period.

Based on type, the global multiplex assays market is divided into protein-based multiplex assays, nucleic acid-based multiplex assays, and cell-based multiplex assays. In 2021, the protein-based multiplex assays segment is expected to account for the largest share of the global multiplex assays market. This large share can be attributed to the increasing focus on proteomics studies for biomarker research and clinical diagnostics.

Flow cytometry segment is expected to account for the largest share of the global multiplex assays market and is expected to grow at the highest CAGR in the forecast period.

On the basis of technology, the global multiplex assays market is divided into flow cytometry, multiplex RT PCR, luminescence, fluorescence detection, and other technologies. In 2021, the flow cytometry segment is expected to account for the largest share of the global multiplex assays market. The large share can be attributed to the wide applications of flow cytometry in the detection and measurement of protein expression, RNA, and cell health status (cell viability & toxicity) alongside the characterization and identification of various cell types.

Research & development companies account for the largest share of the multiplex assays market in 2020 and is expected to grow at the fastest CAGR in the forecast period.

On the basis of application, the global multiplex assays market is divided into research & development and clinical diagnostics. In 2021, the research & development segment is expected to account for the largest share of the global multiplex assays market. This large share can be attributed to the wide applications of multiplex assay technologies in research & development functions.

Pharmaceutical & biotechnology companies account for the largest share of the multiplex assays market in 2021 and is expected to grow at the fastest CAGR in the forecast period.

Based on end user, the multiplex assays market is segmented into pharmaceutical & biotechnology companies, hospitals & research institutes, reference laboratories and other end users. In 2021, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the global multiplex assays market. This large share can be attributed to the increasing adoption of multiplex assays in drug discovery and development by pharmaceuticals and the growing focus of biotechnology companies on developing biosimilars and monoclonal antibodies.

North America was the largest regional market for the Multiplex Assays Market in 2021

The Multiplex Assays Market is segmented into four major regions, namely, North America (US and Canada), Europe, Asia Pacific, and Rest of the world. North America was the largest regional market for Multiplex Assays Market in 2021. North America is expected to account for the largest share of the multiplex assays market in 2021, followed by Europe. The dominant share of the North American market is primarily attributed to its established pharmaceutical industry, presence of leading pharmaceutical and biotechnology companies, and high R&D investment.

Some of the prominent players in the Multiplex Assays Market include: Luminex Corporation (US), Thermo Fisher Scientific Inc. (US), Illumina, Inc (US), Bio-Rad Laboratories, Inc. (US), Qiagen N.V. (Netherlands), Abcam plc (UK), Becton, Dickinson and Company (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Meso Scale Diagnostics (US), Randox Laboratories (UK), Quanterix (US), Bio-Techne Corporation (US), Olink (Sweden), DiaSorin S.p.A. (Italy), Seegene (South Korea), Promega Corporation (US), Siemens Healthineers (Germany), PerkinElmer, Inc. (US), Shimadzu Biotech (Japan), Antigenix America, Inc. (US), Enzo Life Sciences, Inc. (US), Boster Biological Technology (US), AYOXXA Biosystems GmbH (Germany), and Cayman Chemical Company (US).

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Nova one advisor, Inc. has segmented the global Multiplex Assays market

By Product and Service

• Consumables
• Instruments
• Software and Services

By Type

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

By Technology

• Flow Cytometry
• Fluorescence Detection
• Luminescence
• Multiplex Real-Time PCR
• Other Technologies

By Application

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

By End User

• Pharmaceutical & Biotechnology Companies
• Hospitals & Research Institutes
• Reference Laboratories
• Other End Users

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Multiplex Assays industry analysis from 2022 to 2030 to identify the prevailing Multiplex Assays industry opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the global Multiplex Assays industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Multiplex Assays industry trends, key players, market segments, application areas, and market growth strategies.

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