Dublin, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The "Global Multiplex Assays Market by Product & Service (Consumables, Instruments, Software & Services), Type (Nucleic Acid, Protein), Technology (Flow Cytometry, Luminescence), Application (R&D, Diagnosis), End User (Pharma, Hospitals) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
In the dynamic realm of disease management and diagnosis, the multiplex assays market is thriving with opportunities. As the prevalence of chronic diseases continues to rise, accompanied by advancements in biomarker discovery and validation, multiplex assays are emerging as a cornerstone for managing and mitigating these health challenges. At the forefront of innovation, new diagnostic tests are on the horizon, driven by the discovery of novel biomarkers. Understanding the multifaceted landscape of the multiplex assays market is essential, and the research report offers invaluable insights.
Market Dynamics
The multiplex assays market is currently estimated at USD 3.5 billion in 2022 and is anticipated to reach USD 5.3 billion by 2027, registering a robust CAGR of 8.8% during the forecast period. The escalating burden of chronic diseases has necessitated the adoption of multiplex assays for effective containment and management. With the ongoing discovery and validation of numerous biomarkers, the potential for developing new diagnostic tests is high. Currently, only a handful of multiplex assays target specific disease categories, but the discovery of new biomarkers is expected to fuel the growth of this market. However, the high cost of instruments remains a significant barrier to broader adoption.
Consumables Segment Leads the Way
In terms of product and service segments, the multiplex assays market comprises consumables, instruments, and software & services. In 2022, the consumables segment claimed the largest market share and is projected to maintain the highest CAGR. The instruments segment, the second-largest in the market, is gaining prominence due to a surge in infectious diseases and cancer cases, coupled with a rising demand for advanced and automated instruments. There is an increasing need for faster and more accurate test results with minimal human intervention, driving the growth of the instruments market segment.
Research & Development at the Helm
The application segment of the multiplex assays market encompasses research & development (drug discovery & development and biomarker discovery & validation) and clinical diagnostics (infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases). Research & development, particularly drug discovery & development, claimed the largest share of the multiplex assays market in 2022. The demand for multiplex assays in drug discovery & development is growing due to their effectiveness in evaluating drug response biomarkers, assessing immunotherapy success, and monitoring toxicity during clinical stages of drug development.
Asia Pacific Emerges as the Fastest-Growing Region
The Asia Pacific region is poised to experience the highest CAGR during the forecast period. Factors driving this growth include government initiatives to raise awareness about early disease detection, an increase in routine health check-ups, rising healthcare expenditure, a growing number of hospitals and clinical diagnostic laboratories in India and China, and the strengthening of research capabilities for diagnostic procedures in India, China, and Japan.
Competitive Landscape
Key players in the multiplex assays market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands), Abcam plc (UK), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Quanterix (US), Bio-Techne (US), MESO SCALE DIAGNOSTICS, LLC (US), Randox Laboratories Ltd. (UK), Olink (Sweden), Seegene Inc. (South Korea), Siemens Healthcare AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Promega Corporation (US), Enzo Biochem Inc. (US), Cayman Chemical (US), Boster Biological Technology (US), Antigenix America, Inc. (US), Quansys Biosciences Inc. (US), and RayBiotech Life, Inc. (US).
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $3.5 Billion |
| Forecasted Market Value (USD) by 2027 | $5.3 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Premium Insights
- Increasing Adoption of Multiplex Assays in Companion Diagnostics to Drive Market Growth
- Consumables Product & Service Segment to Continue to Dominate Market in 2027
- Protein Multiplex Assays Type Segment to Account for Largest Market Share
- Flow Cytometry Technology to Account for Largest Market Share
- Research & Development Application to Account for Larger Market Share
- Pharmaceutical & Biotechnology Companies End-user Segment to Account for Largest Market Share
- Asia-Pacific to Register Highest Growth Rate During Forecast Period
Market Dynamics
Drivers
- 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
Restraints
- Rising Costs of Equipment
- Growing Number of Stringent Regulations and Standards
Opportunities
- Increasing Validation of Biomarkers in Molecular and Protein Diagnostics
- Rising Need for High-Throughput and Automated Systems
Challenges
- Increasing Dearth of Skilled Professionals
For more information about this report visit https://www.researchandmarkets.com/r/ongynl
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
