Newark, NJ, Aug. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global multiplexed diagnostics market is expected to grow from USD 10.26 billion in 2019 to USD 38.30 billion by 2027, at a CAGR of 17.9% during the forecast period 2020-2027.
According to the World Health Organisation, breast cancer is one of the most prevalent causes of female mortality, responsible for 25% of overall cancer cases & 15% of cancer mortality worldwide (WHO, 2010). There is an increasing demand for state-of-the-art diagnostic technologies, multifaceted analytical strategies, and automated equipment for the accurate diagnosis and treatment of fatal diseases. The rising occurrence of cancer & infectious diseases, increasing public as well as private funding for personalized medicine & and genomics, and increasing cases of chronic diseases are some of the key factors behind the growth of the global multiplexed diagnostics market. Key players are expanding focus on R&D towards developing next-gen sequencing solutions.
Diagnostic assays are tests that are employed to analyze target analytes, qualitatively or quantitatively, in organic samples, cells of organisms, biochemical substances, etc. for the purpose of disease diagnosis. Multiplexed diagnostics can screen multiple analytes in just one cycle of an assay procedure. While singleplex assays are commonly available on the market, they struggle to produce results in a single assay cycle for multiple analytes. Thus, where multiple analytes are required to be screened, the turnaround time and the cost of a singleplex assay is much higher than a multiplexed assay. The growing demand for innovative medical technologies to detect life-threatening diseases reliably is a key force driving the global market.
With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the multiplexed diagnostics market. With less disposable income and broken supply chains, the market's growth is expected to slow down. Another restraint that hampers the growth of the market is the lack of skilled labour required to operate such devices.
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Key players operating in the global multiplexed diagnostics market include Agilent Technologies, Abbott Laboratories, bioMérieux SA, Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Siemens Healthineers, Illumina, Inc., Luminex Corporation, F. Hoffmann-La Roche Ltd., and Hologic, Inc., among others. To gain a significant market share in the global multiplexed diagnostics market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Abbott Laboratories and F. Hoffmann-La Roche Ltd. are some of the biggest manufacturers and suppliers of multiplexed diagnostics globally.
- For instance, Eurofins Technologies released its RT-PCR (Reverse Transcription Polymerase Chain Reaction) CE-IVD, a multiplex labeled for direct qualitative identification of the new coronavirus pathogen (SARS-CoV-2), on 7 May 2020.
Medium density multiplexed assays dominated the market and held the largest market share of 27.82% in the year 2019
The technology segment includes low density multiplexed assays, medium density multiplexed assays, high density multiplexed assays, very high density multiplexed assays, and next-generation sequencing. Medium density multiplexed assays dominated the market and held the largest market share of 27.82% in the year 2019. This is due to the increasing use of medium density multiplexed assays in genetic research.
Oncology dominated the market and valued at USD 2.03 billion in the year 2019
The application segment comprises of autoimmune diseases, cardiac diseases, oncology, infectious disease diagnosis, allergies, and others. Oncology dominated the market and valued at USD 2.03 billion in the year 2019. This is owing to factors like product development that enabled faster & smoother procedures for both the patient & physician, and an increase in the number of diseases associated with prostate cancer, colorectal cancer, and breast cancer.
Academic research institutes dominated the market and held the largest market share of 41.59% in the year 2019
Based on end-user, the market has been segmented into diagnostic laboratories, hospitals, pharmaceutical companies, academic research institutes, and clinical research organizations. Academic research institutes dominated the market and held the largest market share of 41.59% in the year 2019. The main driving force of the segment is growing research activities in the area of genetic engineering.
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Regional Segment Analysis of the Multiplexed Diagnostics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global multiplexed diagnostics market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 50.34% in the year 2019. The key factors that are driving the market growth in the region are a large amount of people with infectious & oncology diseases, presence of several major market players in the United States, rising usage of multiplexed diagnostics in academic & research institutes, growing awareness about treatment & diagnosis, technological developments and increasing R&D activities. On the other hand, the Asia Pacific region is anticipated to grow at the highest CAGR in the forecast period. A growing geriatric population, increasing R&D activities, and rising cases of diseases new and old are the primary factors driving the growth of the global multiplexed diagnostics market.
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About the report:
The global multiplexed diagnostics market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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