- Increasing need of automated equipment and varied analytical methodologies is estimated to propel the global multiplexed diagnostics market
ALBANY, N.Y., March 17, 2022 (GLOBE NEWSWIRE) -- The value of global multiplexed diagnostics market stood at US$ 8.7 Bn in 2018. The global market is likely to develop at a CAGR of 17.9% during the forecast period, from 2019 to 2027. The global multiplexed diagnostics market is expected to attain the valuation of US$ 39.8 Bn by 2027. Diagnostic assays are procedures that examine target analytes in cells of an organism, biochemical substances, or an organic material for illness diagnosis, either qualitatively or quantitatively.
In a single cycle of the test technique, multiplexed diagnostics examine numerous analytes. Although single plex assays are commonly accessible, they do not produce findings for multiple analytes in a single cycle of the assay procedure. Hence, when many analytes must be checked, the turnaround time and cost of a single plex test are higher than those of a multiplexed assay. The global multiplexed diagnostics market can be attributed to the rising need of sophisticated diagnostic technologies for precise detection of life-threatening disorders.
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In 2018, North America led the worldwide multiplexed diagnostics market, and this trend is expected to continue during the forecast period.
Key Findings of Market Report
- Growing need of automated equipment and varied analytical methodologies are likely to propel the global multiplexed diagnostics market. Increasing frequency of infectious illnesses and cancer is expected to drive market growth. Besides, rising demand for sophisticated diagnostic technologies for precise detection of life-threatening diseases is expected to bolster the growth of the global multiplexed diagnostics market.
- The medium density multiplexed assays segment occupied a large share of the market in 2018, and is likely to continue to do so during the forecast period. This can be ascribed to their growing application in genetic research. The demand for high-density multiplexed assays is growing as new illnesses emerge that necessitate novel diagnostic tests and therapeutic development.
- In 2018, the oncology category led the global market, due to product improvements that allow for a simple and fast process for both patients and physicians alike. In addition, the segment is predicted to rise owing to increase in illnesses such as colorectal cancer, breast cancer, and prostate cancer.
- The Asia Pacific region is regarded as one of the most profitable regions in the global multiplexed diagnostics market. Development of the regional market can be attributed to reasons such as increasing commercial and public investment in life sciences research, expanding infrastructure of healthcare, and technological improvements. Developing nations such as India and China also offer excellent growth possibilities for players in the global multiplexed diagnostics market.
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Global Multiplexed Diagnostics Market: Growth Drivers
- The global multiplexed diagnostics market is being driven by substantial commercial and governmental funding for personalized medicine and genomics
- Favorable regulatory environment for new product launches and diverse applications of multiplexed diagnostics technology are likely to emerge as significant drivers of the global multiplexed diagnostics market during the forecast period
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Global Multiplexed Diagnostics Market: Key Players
Some of the key market players are
- F. Hoffmann-La Roche Ltd.
- Thermo Fisher Scientific, Inc.
- Bio-Rad Laboratories, Inc.
- Luminex Corporation
- bioMérieux SA
- Abbott Laboratories
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Global Multiplexed Diagnostics Market: Segmentation
Technologies
- Very High Density
- High Density
- Medium Density
- Low Density
- Next Generation Sequencing Assays
Applications
- Infectious Disease Diagnostics
- Oncology
- Autoimmune Diseases
- Cardiac Diseases
- Allergies
End User
- Academic Research Institutes
- Hospitals
- Pharmaceuticals Companies
- Clinical Research Organizations
- Diagnostic Laboratories
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