Multiplex Assay Market

Multiplex Assay Market Statistics 2030:

The global multiplex assay market size was valued at $1,940.49 million in 2020, and is projected to reach $4,366.32 million by 2030, registering a CAGR of 8.3% from 2021 to 2030. Multiplex assay is a procedure in which various analytes (such as proteins, biomolecules, growth factors, cytokines, and chemokines) are profiled by detecting and quantifying them simultaneously. This assay is used to amplify multiple targets in a polymerase chain reaction (PCR) and collect more information from minute quantities of proteins or other analytes in lesser time as compared to conventional methods such as ELISA. Multiplex assays are widely used for pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, and forensic studies.

During the pandemic, multiplex assays like SARS-CoV-2 assay were used for covid diagnosis which created massive demand in the market. Moreover, various companies have also received FDA emergency use authorization. Therefore, the COVID-19 pandemic is expected to have a positive impact on the market.

The multiplex assay market is witnessing significant growth, owing to increase in R&D activities in the pharmaceutical sector for treatment of several diseases. These assays are used in clinical trials as they decrease the cost of research & manual labor and increase the efficiency of experiments and therapies. In addition, they offer easier & faster analysis of diseases, and are automated, thus propel the multiplex assay market growth. However, high capital investments and dearth of skilled labors are the major factors that hinder the market growth.

Impact Of Covid-19 On Multiplex Assay Market (Pre And Post Analysis)

The outbreak of COVID-19 has disrupted workflows in the health care sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. The overall impact of the COVID-19 pandemic remained positive for key players in the multiplex assay industry. As multiplex assays are been used for covid diagnosis, there has been a massive demand of multiplex of the SARS-CoV-2 assay such as multiplex point-of-care assays is positively boosting the growth of the multiplex assay market during the pandemic. Several companies received the FDA emergency use authorization for their COVID-19 multiplex assays to meet the soaring demand of the high volume of testing.

Multiplex Assay Market Segmentation

The global multiplex assays market in this report is studied based on type, product, application, end user, and region. On the basis of type, the market is divided protein based multiplex assays, nucleic acid-based multiplex assay, and other multiplex assays. By product, the market is classified into reagents & consumables, instruments & accessories, and software & services. The applications covered in the study include clinical diagnostics, research & development, and companion diagnostics. As per end user, the market is segregated into hospitals, clinical laboratories, research institutes, and pharmaceutical & biotechnology companies. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment review

By type, the protein based multiplex assay segment currently dominates the global multiplex assay market and is expected to continue during the forecast period owing to the upsurge in adoption of protein based multiplex assays, and continuously investing in R&D for the introduction of innovative technology.

By product, the reagents and consumables segment dominated the global multiplex assay market in 2020. This is attributed to rising demand increasing demand of consumables and the recurring purchase of assays and reagents for increasing research applications. 

By application, the research and development segment dominated the global multiplex assay market in 2020 and is anticipated to be dominant owing to wide applications of multiplex assay technologies in research & development functions and convenience and quicker results offered by the multiplex assays while performing assays. 

By end users, the pharmaceutical and biotechnology companies segment dominated the global multiplex assay market in 2020 and is anticipated to be dominant in the market owing to rise in penetration of multiplex assays in pharmaceutical and biotechnological companies, as compared to conventional assays, for biomolecules detection, biomarker validation, and measuring the pathways for diseases & physiological activities. 

Region segment review

Region wise, North America dominated the multiplex assay market in 2020, owing to increase in government funds for the detection of new biomarkers, rise in R&D activates of new drugs and diagnosis & treatment options, as well as surge in prevalence of chronic diseases such as cancer and strokes in the region in the region. However, Asia-Pacific region is expected to witness considerable market growth during the forecast period, due to increase in per capita income in many countries, rise in government initiatives for the improvement of the healthcare sector, and surge in focus of leading manufacturers on expanding their geographic presence in emerging Asia-Pacific countries.

The key players in this multiplex assay market have adopted product launch as one of their key developmental strategies such as business expansion and collaboration. The major companies profiled in this report include Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Becton, Dickinson and Company, Abcam PLC, Seegene Inc., Meso Scale Diagnostics LLC, and Randox Laboratories Ltd.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the global multiplex assay market along with the current trends and future estimations to explain the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the multiplex assay market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2020 to 2030 is provided to enable the stakeholders to capitalize on the prevailing multiplex assay market opportunities.
• Extensive analysis of the key segments of the industry helps to understand the application and products of multiplex assay used across the globe.
• Key market players and their strategies have been analyzed to understand the competitive outlook of the multiplex assay market.

 Multiplex Assay Market Report Highlights