SEATTLE, April 13, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global multiplexed diagnostic market is estimated to be valued at US$ 10,126.6 million in 2019 and is expected to exhibit a CAGR of 7.9% over the forecast period (2019-2027).
Key Trends and Analysis of the Global Multiplexed Diagnostic Market:
Key trends in market include increasing incidence of chronic diseases such as cancer, cardiovascular diseases (CVD), and autoimmune disease, increasing number of product launches, and increasing collaborations and acquisitions by market players. For instance, according to the World Cancer Research Fund International (WCRFI), by 2035 around 24 million cancer cases is expected globally.
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Moreover, according to the National Institute of Health (NIH), 2017, around 23.5 million U.S. population suffered from autoimmune disease. Moreover, the Department of Health and Human Services, 2017, reported that autoimmune disease (AID) ranked first in the top ten list of popular health topics. The rising demand for precise diagnostic tools among people with increasing awareness of autoimmune disease in emerging economies are expected to drive growth of the multiplexed diagnostic market.
The increasing product launches is expected to drive growth of the global multiplexed diagnostic market over the forecast period. For instance, in May 2017, IQuity launched RNA-based diagnostic test based on RT-PCR assay. RNA-based diagnostic test is used for detection of multiple sclerosis, which provides accuracy by 90%. However, high cost of diagnostic procedures is a major restraining factor for the multiplexed diagnostic market growth.
Furthermore, key players operating in the market are focused on adopting acquisitions and collaborations strategies, in order to expand their product offerings in the market. For instance, in January 2018, Siemens Healthineers signed an agreement to acquire Fast Track Diagnostics (FTD), a Luxembourg-based supplier of diagnostics tests. Siemens Healthineers will include the real-time PCR multiplex kits of Fast Track Diagnostics through the acquisition. The PCR kits eliminate the need for repeat the diagnostic testing thereby strengthening the molecular diagnostics portfolio of the Siemens Healthineers.
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Key Market Takeaways:
- The global multiplexed diagnostic market is expected to exhibit a CAGR of 7.9% over the forecast period, owing to rising incidence of chronic diseases and increasing number of product launches. For instance, according to the statistics estimated by the Centers for Disease Control and Prevention in December 2019, around 647,000 deaths occur due to heart disease every year in the U.S.
- North America is expected to hold dominant position in the global market, owing to presence of key players in the region such as Abbott Laboratories, Bio-Rad Laboratories, Inc., and Luminex Corporation, and increasing incidence viral infections. For instance, the Centers for Disease Control and Prevention estimated that around 490,600 people were hospitalized due to influenza in the U.S. during 2018-2019.
Key players operating in the global multiplexed diagnostic market include—
Luminex Corporation, Thermo Fisher, Illumine Inc., Bio-Rad Laboratories, Inc., Qiagen N.V., Abbott Laboratories, Siemens Healthineers, Agilent technologies, BioMerieux SA, and F.Hoffmann-La Roche Ltd.
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Market Segmentation:
- Global Multiplexed Diagnostic Market, By Product Type:
- Reagents & Consumables
- Instruments
- Global Multiplexed Diagnostic Market, By Application:
- Disease Diagnostics
- Molecular Diagnostics
- Drug Development
- Global Multiplexed Diagnostic Market, By End User:
- Hospitals
- Clinical Laboratories
- Academic & Research Institutes
- Others
- Global Multiplexed Diagnostic Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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