New York, USA, July 20, 2021 (GLOBE NEWSWIRE) -- According to Research Dive, the global multiplex assay market is estimated to generate a revenue of $4,162.5 million by 2028, and grow at CAGR of 5.8% over the forecast period (2021 to 2028). As per our analysts, the growing prevalence of chronic disease cases among elderly population and the increasing R&D activities in the field of biotechnology and pharmaceutical are the major factors estimated to propel the growth of the global multiplex assay market in the coming years. Moreover, technological advancements and increasing investments in R&D activities are factors expected to create huge growth opportunities for the global market by 2028. However, the high costs associated with multiplex assay procedural is estimated to restrict the market growth in projected timeframe.
For More Detail Insights, Download Free Sample Copy of the Report at: https://www.researchdive.com/download-sample/847
Impact of COVID-19 on the Industry
The COVID-19 pandemic has impacted the global multiplex assay market in a favorable way. The application of multiple assay has played a vital role in supporting researchers to study about the interaction of virus with biomolecules present in the body of the patient. For example, according to a research on ‘Development and Validation of a Multiplex, Bead-based Assay to Detect Antibodies Directed Against SARS-CoV-2 Proteins,’ multiplex assays proved to be more sensitive and efficient in detecting the presence of antibodies against the coronavirus in the patient’s body. This factor is boosting the growth of the global market in the pandemic period.
Protein Sub-segment to Have Dominant Market Share
By type, the protein sub-segment is projected to hold the largest share in the global industry and reach up to $2,713.30 million by 2028. This growth is due to increase in number of research activities for analyzing unknown proteins and predicting their mechanism.
The Global Multiplex Assay Market to Experience a Boost Owing to the Rising Diagnostic Procedures
Consumables Sub-segment to Hold Largest Market Share
By product, the consumable sub-segment is predicted to account for majority of market share and reach up to $3,040.20 million during the forecast period. This is majorly attributed to the rising demand for reagents & kits and bulk purchasing by the hospitals and laboratories.
Diagnostic Sub-segment to Observe Significant Growth
By application, the diagnostic sub-segment accounted for $1,869.5 million in 2020 and is predicted to have considerable growth over the forecast period. This is mainly due to the increasing demand for rapid and accurate diagnosis of various chronic diseases.
Diagnostic Laboratories & Clinic Sub-segment to Witness Significant Growth
By end user, the diagnostic laboratories & clinic sub-segment is expected to observe rapid growth and garner $ 1,310.00 million by 2028. This can be majorly due to the growing demand for diagnosis of several chronic diseases and the increased utilization of multiplex assay kits & reagents in diagnostic labs and clinics.
Connect with Our Analyst to Contextualize Our Insights for Your Business: https://www.researchdive.com/connect-to-analyst/847
North America Region to Lead the Market
By region, the North America multiplex assay market valued for $1,157.3 million in 2020 and is estimated to be most dominant during the forecast period. The dominance of this region can be attributed to increasing per capita healthcare expenditure in the US, and the growing demand for advanced and better healthcare diagnostic facilities among patients. In addition, the adoption of novel and advanced technologies will further boost the regional market growth.
Prominent Market Players
Some of the top players of the global multiplex assay market are:
- Becton
- Dickinson and Company
- Luminex Corporation
- Thermo Fisher Scientific
- Bio-Rad Laboratories Inc.
- Quest Diagnostics
- Abbott Laboratories
- Agilent Technologies
- Abcam PLC
- Quansys Biosciences Inc.
- Seegene Inc.
These players are applying numerous strategies to gain a strong hold and competitive edge in the global industry.
For instance, in September 2020, Luminex Corporation, a leading biotechnology company, and Biomedical Advanced Research & Development Authority (BARDA) entered into a partnership to develop a high throughput test that evaluates the level of neutralizing antibodies in plasma. The advanced serology based on the EUA (Emergency Use Authorized) xMAP SARS-CoV-2 Multi-Antigen IgG assay, is a multiplex, highly sensitive, microsphere-based, and specific assay that identifies or detects the antibodies present against three different SARS-CoV-2 antigens.
Top Trending Reports-
- Life Science Analytics Software Market - https://www.researchdive.com/8419/life-science-analytics-software-market
- X-ray Detector Market - https://www.researchdive.com/1572/x-ray-detectors-market
- Plasma Fractionation Market - https://www.researchdive.com/1945/plasma-fractionation-market