According to the report, the global multiplexed diagnostics market was valued at US$ 8.7 Bn in 2018 and is anticipated to grow at a CAGR of 17.9% from 2019 to 2027
- According to Transparency Market Research’s latest report on the global multiplexed diagnostics market for the historical period 2017–2018 and forecast period 2019–2027, rise in private and public funding for genomics and personalized medicine and growing demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases are projected to drive the global multiplexed diagnostics market during the forecast period
- According to the report, the global multiplexed diagnostics market was valued at US$ 8.7 Bn in 2018 and is anticipated to grow at a CAGR of 17.9% from 2019 to 2027
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Rise in private and public funding for genomics and personalized medicine: Key Driver
- Significant private and public funding for genomics and personalized medicine is a key factor driving the global multiplexed diagnostics market.
- For instance, the Europa Organization supports innovative companies in the development of new products. Blood Cancer Research Fund provided financial assistance to the University of California San Diego (UCSD) to study the effect of PCR duplicates in deep sequencing experiments and potential biasing. In September 2014, UCSD published results in the journal of Genome Biology.
- Furthermore, growing demand for automated equipment & multifaceted analytical strategies and rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases
- Moreover favorable regulatory scenario for new product launch and multiple usage of multiplexed diagnostics technology are some of the major factors responsible for the growth of global multiplexed diagnostics market.
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High cost associated with multiplexed diagnostics assay hamper the market growth
- Lack of skilled labor and high cost associated with multiplexed diagnostics assay can restrain the market growth.
- Moreover Reimbursement structure for diagnostics test that uses multiplexed assays is unclear by private as well as public payers as compared to conventional diagnostic tests which can restrain the global multiplexed diagnostics market
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Global multiplexed diagnostics Market: North America dominated the global market
- On the basis of region, the multiplexed diagnostics market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
- North America region dominated the global market owing sequencing along with higher awareness, significant health care spending in overall national budgets, early availability of advanced technologies, and higher penetration of research activities across the country.
- However, Asia-Pacific region is considered as the most lucrative market during the forecast period from 2019 to 2027. The growth is mainly ascribed to factors such as developing countries such as China and India offer lucrative growth prospects in the multiplexed diagnostics market due to factors such as improving health care infrastructure, rising private and public investment in life science research, and technological advancements.
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Global Multiplexed diagnostics Market: Competitive Landscape
- This report profiles major players in the global multiplexed diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global multiplexed diagnostics market is highly consolidated, with a few global players accounting for a major share in market.
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Global Multiplexed diagnostics Market: Key Developments
Key players in the global multiplexed diagnostics market are engaged in regulatory approvals, new product development, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global multiplexed diagnostics market. A few expansion strategies adopted by players operating in the global Multiplexed diagnostics market are:
- On May 7, 2020, Eurofins Technologies has launched of its RT-PCR (polymerase chain reaction to reverse transcriptase chain reaction) CE-IVD marked multiplex for direct qualitative detection of the pathogen of the new coronavirus (SARS-CoV-2).
- On April 21, 2020, Health Science Authority (HSA) in Singapore has approved Thermo Fisher Scientific a provisionallly authorization for the Applied Biosystems TaqPath COVID-19 Combo Kit
- The report on the global multiplexed diagnostics market discussed individual strategies, followed by company profiles of manufacturers of multiplexed diagnostics. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global multiplexed diagnostics market.
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