Dublin, May 09, 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.
The multiplex assays market is valued at an estimated USD 3.5 billion in 2022 and is projected to reach USD 5.3 billion by 2027, at a CAGR of 8.8% during the forecast period.
The burden of chronic diseases has necessitated the use of multiplex assays for containment and management. As many biomarkers are being discovered and validated, there is a higher probability of the development of new diagnostic tests. At present, there are only a few multiplex assays targeting specific disease classes.
With the development of new biomarkers, new multiplex assays can be developed. Owing to this, biomarker validation can create opportunities for the development of the multiplex assays market. However, high instrument cost is a major factor limiting the wider adoption of multiplex assays.
The consumables segment accounted for the highest growth rate in the multiplex assays market, by product & service, during the forecast period
Based on product & service, the multiplex assays market is segmented into three broad categories, namely, consumables, instruments, and software & services. In 2022, the consumables segment accounted for the largest share of the market. This segment is also expected to grow at the highest CAGR. The instruments segment accounted for the second largest share of the multiplex assays market.
The increasing incidence of infectious diseases & cancer, growing demand for automated and advanced instruments with high-throughput capacities and increasing need for faster and more accurate test results with minimal human intervention are driving the instruments market segment.
The research & development segment accounted for the highest growth rate in the multiplex assays market, by application, during the forecast period
Based on applications, the multiplex assays market is segmented into 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). The research & development application segment accounted the largest share of the multiplex assays market in 2022.
The drug discovery & development segment accounted for the largest share of the multiplex assays market for research & development in 2022. The demand for multiplex assays in drug discovery & development has increased due to their benefits. These assays tend to be effective in evaluating drug response biomarkers, immunotherapy success, and toxicity during the clinical stages of drug development.
Asia Pacific: The fastest-growing region multiplex assays market
The global multiplex assays market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The Asia Pacific region is projected to register the highest CAGR during the forecast period.
The Asia Pacific market is expected to witness the highest growth during the forecast period due to factors such as growing government efforts to increase awareness about the early detection of diseases and the increasing number of regular health check-ups; rising healthcare expenditure; the increasing number of hospitals and clinical diagnostic laboratories in India and China; and growing strength in the research base for diagnostic procedures across India, China, and Japan.
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 |
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
Companies Mentioned
- Abcam plc
- Agilent Technologies, Inc.
- Antigenix America, Inc.
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- Bio-Techne
- Boster Biological Technology
- Cayman Chemical
- Diasorin S.P.A.
- Enzo Biochem Inc.
- Illumina, Inc.
- Merck KGaA
- Meso Scale Diagnostics, LLC
- Olink
- Perkinelmer Inc.
- Promega Corporation
- Qiagen N.V.
- Quansys Biosciences Inc.
- Quanterix
- Randox Laboratories Ltd.
- Raybiotech Life, Inc.
- Seegene Inc.
- Shimadzu Corporation
- Siemens Healthineers Ag
- Thermo Fisher Scientific, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kbzg7e
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