A multiplex assay is a procedure that simultaneously identifies and quantifies many analytes, such as proteins, cytokines, growth factors, and chemokines. Multiplex assays are used in forensic investigations, pathogen recognition, RNA detection, gene detection analysis, linkage analysis, and mutation analysis.
The market for multiplex assays in 2021 was worth
USD 3.36 billion, and by 2030 it will be worth USD 6.47 billion, growing at a 7.53% CAGR during the forecast period.
The expansion of the market is mainly driven by the rising use of multiplex assays in companion diagnostics. Multiplex assays have benefits over single-plex and conventional assays, and this is further bolstering their market presence. However, high equipment costs and onerous rules and standards are likely to impede market expansion. The growing demand for automated systems with high throughput is anticipated to open up possible opportunities during the forecast period.
Market Dynamics
Drivers
Rising research and development efforts in the pharmaceutical industry for the treatment of different diseases and the rising incidence rate of cancer are anticipated to impact the growth of the multiplex assay market. Assays are used in clinical trials as the cost of research and manual labor is reduced, and they provide simpler & faster disease analysis. These factors will drive the development of the multiplex assay market. The growth of the multiplex assays market will be aided by factors such as the use of multiplex assays in companion diagnostics, growing advantages of multiplex assays over singleplex and traditional assays, and rising public awareness of early disease detection.
Restraints
The Multiplex Assays Market growth is restricted due to the high initial cost of the equipment and rising regulations and standards regarding the use of Multiplex assays. However, a shortage of qualified experts in the industry is anticipated to impede market expansion.
Opportunity
In the fields of cancer, neurodegenerative illnesses, and autoimmune diseases, multiple biomarker analysis is widely use. The Asia-Pacific region is more likely to develop new diagnostic tests due to the discovery of numerous biomarkers, which will likely lead to plenty of growth possibilities in the coming years.
Additionally, the most recent technological advancement, like an automated multiplex assay instrument, will accelerate market expansion generally and support the market’s exponential future growth.
Market Segmentation
By Product
In 2021, the consumables segment ruled the market with the largest revenue share of 74.25%. This sector has experienced rapid growth due to an increase in diagnostic tests and recurring purchases of consumables. Additionally, several major players are providing various consumables with many benefits, including affordability, customizable analyses, and quicker delivery times with solid and trustworthy data.
By Type
In 2021, the multiplex protein assay segment held the largest market share, more than 52.00%. This is because proteomics studies are receiving more attention for biomarker studies and clinical diagnostics. Clinical practice has seen a significant rise in the search for appropriate biomarkers, and quantitative protein measurement is an essential first step in discovering new biomarkers. A significant technological challenge is the analysis of a large number of potential protein biomarkers in statistically significant numbers of samples and controls.
By Technology
In 2021, the flow cytometry technology category held the largest market share of 34.70%. Flow cytometry has emerged as a crucial tool for both fundamental study and clinical diagnosis. Numerous solitary cells are subject to information-rich multiparametric analysis every second. Technical developments and the introduction of novel flow cytometers by several businesses are also aiding the development of the industry.
By End-Use
In 2021, the pharmaceutical and biotechnology companies segment ruled the entire market with 40.65% of the revenue share. This is because more pharma and biotech companies are partnering and cooperating to improve multiplexing powers.
By Application
In 2021, the research and development application segment ruled the entire market with a 52.57% revenue share. Multiplex assays are becoming more and more popular in the drug development process. These tests are employ in preclinical and clinical phases to assess drug response biomarkers, immunotherapy efficacy, and toxicity. In the modern era, biomarker discovery and validation are crucial for healthcare workers to enhance disease diagnosis, early cancer detection, and therapeutic response monitoring.
Regional Analysis
North America led the entire market in 2021 and accounted for the highest revenue share of more than 37.05%. It is due to the expanding R&D activities for developing novel drugs and diagnosis & treatment options. The rise in government funding for discovering new biomarkers and the growing incidence of chronic diseases like cancer and stroke are expect to fuel the region’s growth.
On the other hand, Asia Pacific will experience the fastest development during the forecast period. This is due to the expansion of hospitals in developing nations, the expansion of the research and development (R&D) industry, the high demand for healthcare infrastructure, and expenditures made by new regional players.
Key Players
- Qiagen N.V.
- Thermo Fisher Scientific Inc
- Illumina Inc
- Luminex Corporation
- Bio-Rad Laboratories, Inc.
- Merck KGaA
- Agilent Technologies, Inc.
- Abcam plc
- Becton, Dickinson, and Company
- Quanterix
- Meso Scale Diagnostics
- Randox Laboratories
- Olink
- DiaSorin S.p.A.
- Bio-Techne Corporation
- Seegene
- PerkinElmer Inc.
- Promega Corporation
- Siemens Healthineers
- Shimadzu Biotech
- Boster Biological Technology
- Antigenix America, Inc.
- Enzo Life Sciences, Inc.
- AYOXXA Biosystems GmbH
- Cayman Chemical Company
Related Reports:
Autonomous Car Market Report – The global autonomous car market will witness a robust CAGR of 25.7%, valued at
$25.14 billion in 2021, expected to appreciate and reach $196.97 billion by 2030, confirms Strategic Market Research.
