Global Multiplex Assay Market Size To Grow USD 7.1 Billion By 2032 | CAGR of 7.3%
The Global Multiplex Assay Market Size was valued at USD 3.5 Billion in 2022 and the Worldwide Multiplex Assay Market size is expected to reach USD 7.1 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: Luminex Corp., Bio-Rad Laboratories, Inc., Abcam plc., Seegene Inc., Merck KGaA, Assay Genie, Promega Connections, QIAGEN N.V., Thermo Fisher Scientific, Perkin Elmer Inc., Advanced Cell Diagnostics, Inc., R&D Systems, and Major Key vendors.
New York, United States, Nov. 06, 2023 (GLOBE NEWSWIRE) — The Global Multiplex Assay Market Size is expected to reach USD 7.1 Billion by 2032, at a CAGR of 7.3% during the forecast period 2022 to 2032.
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Multiplex assays are techniques and instruments for detecting and analysing a large number of analytes (such as proteins, nucleic acids, and metabolites) in a single sample. Multiplex assays provide various advantages over single-analyte assays, such as higher throughput, lower sample consumption, and better data quality. Multiplex assays are also regarded as ELISA versions. They are preferred over singleplex ELISA, however, because of advantages such as faster throughput, higher output per sample volume, and enhanced efficiency. Moreover, the rising prevalence of chronic and infectious diseases, the significant advantages of multiplex assays over singleplex and conventional tests, the increasing use of multiplex assays in companion diagnostics, and increased awareness about early detection are the main factors driving the business.
Technical advancements in multiplex testing, as well as rapid advances in nanotechnology, are major drivers driving the global market’s strong revenue growth. The gradual shift to modern multiplex assays due to various advantages over traditional singleplex ELISA, the rising prevalence of Alzheimer’s disease, cancer, infections, and chronic disorders, a growing elderly population, and cataracts are all key factors driving the increase in demand for multiple assays. Furthermore, the global market is expected to be restricted throughout the projected period by onerous government criteria for multiplex assay clearances. The growing need for healthcare systems to provide services at reasonable prices is expected to constrain the company. Furthermore, the complexity of clinical trial methodologies is thought to be impeding the market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the “Global Multiplex Assay Market Size, Share, and COVID-19 Impact Analysis, By Type (Protein Based Multiplex Assays, Nucleic Acid-Based Multiplex Assay, and Other Multiplex Assays), By Product (Consumables and Software), By Technology (Flow Cytometry, Fluorescence Detection, Luminescenc, Multiplex Real-time PCR, & Other Technologies), By Application (R&D and Clinical Diagnostics), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032.”
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The protein based multiplex assays segment is influencing the market with the largest market share over the forecast period.
The global multiplex assay market is segmented into three types such as protein-based multiplex assays, nucleic acid-based multiplex assays, and other multiplex assays. Because of the rising emphasis on proteomics investigations for biomarker research and clinical diagnostics, the protein-based multiplex assay segment is leading the market with the biggest revenue share over the projection period. In clinical practice, the search for acceptable biomarkers has grown considerably, and quantitative protein evaluation is a key step in biomarker selection. It is a big technological problem to analyze a large number of potential protein biomarkers in a statistically meaningful number of samples and controls.
The consumables segment is dominating the largest market share during the forecast period.
The global multiplex assay market is divided into several product categories, such as consumables and software. Among these sectors, the consumables segment is expected to dominate the market over the projected period owing to a significant increase in attention to research and development by key market participants, which will lead to repeat orders for consumables, contributing to revenue growth. During the forecast period, the reagents and kits sub-segment is expected to account for a significant percentage of the revenue in the consumables sector.
The flow cytometry segment is leading the largest market share during the forecast period.
The worldwide multiplex assay market is classified into flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and other technologies. Throughout these categories, the flow cytometry segment is leading the market throughout the forecast period due to rising diabetes prevalence and improved awareness of blood glucose self-monitoring.
The R&D (research and development) segment is dominating the largest market share during the forecast period.
The global multiplex assay market is segmented by applications, such as R&D (research and development) and clinical diagnostics. The R&D (research and development) segment would dominate the market throughout the projected period due to the increasing necessity for multiplex assays in medication development. These assays are used in clinical and preclinical phases to assess toxicity, immunotherapy success, and drug response biomarkers.
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North America dominating the market with the largest market revenue over the forecast period
North America is expected to lead substantial market expansion throughout the projection period due to the increased R&D activities for the creation of novel drugs and diagnosis & treatment alternatives. The growing frequency of chronic illnesses such as stroke and cancer, as well as greater government assistance for the identification of new biomarkers, are projected to accelerate the region’s growth. Furthermore, the presence of large enterprises in the area is projected to boost growth.
Asia Pacific is expected to grow fast throughout the forecast period because of the growing number of hospitals in emerging countries, the thriving R&D sector, the high need for healthcare infrastructure, and investments by new enterprises in the sector.
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the Market. Major vendors in Global Multiplex Assay Market include Luminex Corp., Bio-Rad Laboratories, Inc., Abcam plc., Seegene Inc., Merck KGaA, Assay Genie, Promega Connections, QIAGEN N.V., Thermo Fisher Scientific, Perkin Elmer Inc., Advanced Cell Diagnostics, Inc., R&D Systems, Inc., and other key players.
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- In August 2021, Becton, Dickinson, and Company introduced the BD COR System, a new completely automated high-throughput diagnostic system. The system employs robotics and sample management software algorithms to establish a new standard in automation for infectious disease molecular testing in core laboratories and other centralized laboratories around the United States.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Multiplex Assay Market based on the below-mentioned segments:
Global Multiplex Assay Market, By Type
- Protein Based Multiplex Assays
- Nucleic Acid-Based Multiplex Assay
- Other Multiplex Assays
Global Multiplex Assay Market, By Product
Global Multiplex Assay Market, By Technology
- Flow Cytometry
- Fluorescence Detection
- Multiplex Real-time PCR
- Other Technologies
Global Multiplex Assay Market, By Application
- Clinical Diagnostics
Multiplex Assay Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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