New York, Aug. 23, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global multiplex assay market is anticipated to register a revenue of $4,162.5 million by 2028, at a CAGR of 5.8% during the forecast period from 2021 to 2028, increasing from $2,666.7 million in 2020. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the rapid increase in prevalence of chronic disease among the elderly population and the growth in the number of R&D activities in the field of biotechnology and pharmaceutical to study & find an effective treatment option for various diseases are the major factors estimated to fuel the growth of the global multiplex assay market over the forecast period. Besides, the increased investments by companies in the R&D activities and the technological advancements in the multiplex assays are predicted to create more growth opportunities in the estimated period. However, the lack of skilled labor for operating the apparatus and the high investment cost of multiplex assays are factors that may restrict the market growth in the coming years.
Impact of COVID-19 on the Industry
The outbreak of COVID-19 across the globe has progressively impacted the global multiplex assay market. This is majorly because the multiplex assay has played a crucial role in helping many researchers & scientists to study about the interaction of the novel virus with the biomolecules present in a coronavirus affected patient’s body. For example, certain researches have showed that the multiplex assays are proved to be efficient and more sensitive when compared to singleplex assay. Multiplex assays are efficient in detecting the presence of antibodies against the virus in the COVID-19 patient’s body. This factor is flourishing the growth of the global market in the pandemic crisis.
The Global Multiplex Assay Market to Experience a Boost Owing to the Rising Diagnostic Procedures
Nucleic Acid Sub-segment to Grow at Significant Rate
By type, the nucleic acid sub-segment valued for $892.4 million in 2020 and is projected to witness the fastest growth during the forecast period. This growth can be attributed to the extensive usage of nucleic acids in clinical diagnostics. These acids are highly specific and can determine the existence of foreign nucleic acids in the host body. The multiplex nucleic acid assays are broadly widely used to identify the microorganisms in the blood samples.
Consumable Sub-segment to Hold the Largest Market Share
By product, the consumable sub-segment is estimated to account for $3,040.2 million by 2028 and hold the majority of market share over the forecast period. This sub-segment growth is majorly owing to the rising increasing demand for kits & reagents and the bulk purchasing by hospitals and laboratories. Besides, the demand for rapid reagents & kits have increased with the rising number of patients with chronic diseases.
Diagnostic Sub-segment to Observe Substantial Growth
By application, the diagnostic sub-segment valued for $1,869.50 million in 2020 and expected to grow at significant CAGR over the forecast period. This can be attributed to the rising demand for rapid & accurate diagnosis for various chronic diseases. As multiplex assay provides quick result delivery for multiple biomolecule targets in a single run, and is thus the preferable choice of diagnostic in the patients.
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Diagnostic Laboratories & Clinics Sub-segment to be Most Lucrative
By end user, the diagnostic laboratories & clinics sub-segment valued for $800.9 million in 2020 and predicted to have substantial growth by 2028. The rapid growth of the sub-segment can be attributed to the increasing demand for diagnosis for various chronic diseases. This has resulted into increased use of multiplex assay kits and reagents in the diagnostic labs and clinics.
North America Region to be Most Dominant
By region, the North America market for multiplex assay valued for $1,157.3 million in 2020 and is estimated to be most dominant during the forecast period. The substantial growth of the North America market is majorly due to the increasing per capita healthcare expenditure in the countries such as U.S., and the growing demand among patients for better & advanced healthcare diagnostic facilities in the region.
Prominent Multiplex Assay Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global multiplex assay industry are:
- Seegene Inc.
- Becton
- Dickinson and Company
- Quansys Biosciences Inc.
- Luminex Corporation
- Abcam PLC
- Thermo Fisher Scientific
- Agilent Technologies
- Bio-Rad Laboratories Inc.
- Abbott Laboratories
- Quest Diagnostics.
These players are implementing several strategies to gain a chief position in the global industry.
For instance, in September 2020, a leading biotechnology company, Luminex Corporation and BARDA partnered to develop a high throughput test to evaluate the level of neutralizing antibodies in plasma. Based on the EUA xMAP SARS-CoV-2 Multi-Antigen IgG assay, the advanced serology is a multiplex, highly sensitive, specific, and microsphere-based assay that detects or identifies the antibodies present against three different SARS-CoV-2 antigens.
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