New York, USA, Aug. 23, 2022 (GLOBE NEWSWIRE) -- As per the newly published report by Research Dive, the global multiplex assay market is anticipated to grow at a stunning CAGR of 5.8%, thereby garnering a revenue of $4,162.5 million by 2028. This comprehensive report provides a brief outlook of the current framework of the multiplex assay market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2021-2028. All the necessary and essential market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Over the years, there has been an increase in the incidence of chronic diseases, especially among the geriatric population, which is expected to drive the multiplex assay market forward. Additionally, an increase in the research works in order to study the nature of diseases is predicted to push the market forward.
Opportunities: Technological advancements and investments by large corporations in the innovation sector of biotechnology and biopharmaceuticals is predicted to offer huge growth opportunities to the market in the forecast period. Along with this, growing prevalence of chronic ailments is predicted to push the market forward in the analysis timeframe.
Restraints: The high investment cost of multiplex assays, however, is expected to become a restraint in the growth of the multiplex assay market.
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Impact of Covid-19 on the Market
The Covid-19 pandemic and the subsequent lockdowns across the globe had severely impacted various industries. The multiplex assay market, however, witnessed growth in this period. The rapidly mutating nature of the SARS-CoV-2 virus led to an increase in demand for multiplex assays, as they helped in studying and determining the nature of the virus. Multiplex assays were also helpful in assessing the relationship and interaction between the virus and certain biomolecules present in the patient’s body. All these factors helped in a significant growth of the market in the forecast period.
Segments of the Market
The report has divided the multiplex assay market into certain segments based on type, product, application, end-user, and region.
Type: Protein Sub-segment to be the Most Dominating
By type, the protein sub-segment is expected to have the most dominating market share and is expected to register $2,713.30 million by 2028. Intensive research that is underway to assess and analyze the nature of certain unidentified proteins and their working mechanisms is predicted to be the primary growth driver of the market in the forecast period.
Product: Software Sub-segment to be the Fastest Growing
By product, the software sub-segment is expected to have the fastest growth rate and is expected to register $454.8 million by 2028. Technological advancements in the software sector of latest multiplex assay products are expected to help the sub-segment grow in the forecast years.
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Application: Research Sub-segment to have the Highest Market Share
By application, the research sub-segment of the multiplex assay market is expected to have the largest market share and gather a revenue of $2,871.80 million by 2028. Increase in research activities to understand the nature of chronic diseases and ailments is anticipated to drive the growth of this sub-segment forward.
End-User: Pharmaceutical & Biotechnology Companies Sub-segment to be the Most Profitable
By end-user, the pharmaceutical & biotechnological companies sub-segment is expected to be the most profitable sub-segment and surpass $2,043.80 million by 2028. Constant innovation by large pharmaceutical & biotechnological corporations to develop efficient assay techniques is expected to be the leading growth driver of this sub-segment during the analysis period.
Region: Market in Asia-Pacific Region to Have the Highest CAGR
By regional analysis, the multiplex assay market in the Asia Pacific region is anticipated to be the fastest growing and is projected to register a revenue of $882.5 million by 2028. Growing incidence of chronic diseases in countries like India and China, along with continuously improving healthcare infrastructure are expected to become the two major factors which will propel the growth of the market in this region.
Prominent Market Players
Some of the key players in the multiplex assay market are
- Becton
- Abbott Laboratories
- Dickinson and Company
- Bio-Rad Laboratories Inc.
- Agilent Technologies
- Quansys Biosciences Inc.
- Thermo Fisher Scientific
- Quest Diagnostics
- Abcam PLC
- Luminex Corporation
- Seegene Inc.
These key players are devising new technologies and smart innovations to gain a prominent position in the global market.
For instance, in March 2021, Roche, a Swiss healthcare company, announced the acquisition of GenMark, a leading multiplex molecular diagnostic solutions provider. This acquisition is expected to help Roche immensely as the company will be able to gain access to the latest technology in order to test a broad range of pathogens and understand the nature of their working.
Finally, the report also summarizes many crucial aspects of the multiplex assay market including SWOT analysis, latest strategic developments, product portfolio, and financial performance of the key players.
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