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LI_171921
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Pages: 180
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Mar 2017 | 3750 Views
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Author(s) :
Shubhangi Bawakar and Abha Thakur
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Tables: 50
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Charts: 46
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Multiplex Assays Market was valued at $3,470 million in 2015 and is expected to garner $5,720 million by 2022, registering a CAGR of 7.4% during the forecast period. Multiplex assays is a process that measures multiple analytes simultaneously such as DNA and proteins.
Factors such as rise in number of research & development for treatment of diseases, increase in adoption of multiplex assays to reduce operation costs, technological advancements, and growth in adoption of personalized medicine for increasing safety & efficacy of therapies are expected to create new opportunities for the key players during the analysis period. However, shortage of experienced healthcare professionals and huge capital investments are the major restrains for the market growth.
Global multiplex assays market segmentation
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Segment review
The global multiplex assays market is categorized based on type into nucleic acid-based multiplex assays and protein-based multiplex assays. The protein-based multiplex assays accounted for the highest market share and is expected to grow with the highest rate during the forecast period. Rise in adoption of protein-based multiplex assays for analyzing the unknown proteins and their functions simultaneously and precisely is the key trend that drives the market.
Top Investment Pocket
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Geographical review
Geographically, the global multiplex assays market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America held the highest share of the market in 2015, followed by Europe. Asia-Pacific has anticipated to grow at the highest rate during the analysis period. The key factors that drive the growth of this market includes increase in pool of patient population, rise in the prevalence of Alzheimer patients, and significant rise in research & development activities in pharmaceuticals for the treatment of diseases, such as cancer and Alzheimer’s.
Italy Multiplex Assays Market ($Million), 2014-2022
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Asia-Pacific is expected to emerge as the area with maximum growth potential, owing to focus of key players in the developing countries and improvement in the healthcare infrastructure.
Market Drivers and Restraints
Rise in R&D activities & related funding
Multiplex assays hold high potential in the R&D of drugs for the treatment of diseases, such as cancer and cardiovascular diseases. For instance, bead-based Luminex xMAP multiplex assay provides a platform for the cancer biomarker assays, which is compatible with plasma, serum, cultured cells, and other biological samples. Moreover, the American Association of Cancer Research (AACR) developed multiplex immunoassay that helped in the examination of acquired resistance to receptor tyrosine kinase (RTK) inhibitors. RTK is used as a target for the drug development for the treatment of cancer. Centers for Disease Control and Prevention estimated that in the U.S. one in every four deaths is due to cancer, thus Bio-Rad Laboratories’ Bio-Plex (magnetic bead-based multiplex assay) is developed using Luminex xMAP that help in the quantification of cancer biomarkers. Moreover, the funding for research has increased in both the developed and the developing countries. According to the AACR, 2015, there was a 7% increase in federal funding for the National Cancer Institute (NCI), National Institute of Health (NIH). In the developing countries, such as India, Australia, and Mexico, the government has invested toward the development of healthcare, and the number of clinical laboratories, hospitals, and research centers are increasing.
Technological advancements
The change in technological landscape for R&D and clinical diagnostics have raised the demand for technologically advanced multiplex assays. Recent developments in multiplex assays have the potential to evaluate the complexity of analytes, such as proteins and amino acids, in a better manner. For instance, in 2016, Merck launched MILLIPLEX MAP Equine-specific multiplex assay that can measure 27 cytokines simultaneously and delivers important information about immune response, inflammation, and general health. In clinical laboratories, multiplex assays are expected to interrogate multiple pathogen using a single specimen.
The scarcity of skilled labor/healthcare professionals
The dearth of skilled professionals (technologists and lab technicians) to handle the multiplex assay related tests is the major factor that restrains the market growth. For instance, according to Labor Statistics analyzed by the U.S. Department of Labor’s Bureau there is an inadequacy of lab technicians, and the job for lab technicians is expected to grow by 2022 with a share of 22%. Canada is currently facing a nation-wide shortage of medical laboratory technologists. According to Canadian Society for Medical Laboratory Sciences, half of the laboratory technologists are over the age of 45 years and are expected to retire in next 10 years; hence, there would be a high need for skilled laboratory professionals in R&D and clinical diagnostic sector. There is a shortage of laboratory managers possessing advanced laboratory expertise, experience, and knowledge, specifically in remote healthcare organizations. The demand for multiplex assays has increased to reduce the man-hours required to carry out large number of tests with single plex assays; however, lack of skilled labor to handle multiplex analyzers limits the growth of multiplex assays market.
The top players in this market 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., Randox Laboratories Ltd., The other players in the value chain include Sysmex Corporation, Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., and Johnson & Johnson Services, Inc.
Key Benefits:
The global multiplex assays market is driven by increase in pool of patient population, rise in prevalence of Alzheimer patients, and significant rise in research & development activities in pharmaceuticals for the treatment of diseases, such as cancer and Alzheimer’s. The North American region accounted for the highest market share, owing to availability of ample government funds and increase in prevalence of chronic diseases, such as cancer and strokes Moreover, increase in cases of virus outbreaks in North America stimulates the demand for virus specific multiplex assay, only to identify degree of infection caused by specific viruses. For instance, in 2016, Luminex (U.S.) launched multiplex nucleic acid test to identify Zika virus infection. Technological advancement in this market is expected to create new opportunities during the forecast period.
Asia-Pacific has the highest market potential and the highest growth rate during the analysis period, owing to the increase in per capita income in India and China. Government initiatives for the improvement of healthcare sector and rise in focus of leading manufacturers on expanding their geographic presence in emerging Asia-Pacific countries have captured high growth opportunities in the market. Major companies involved in the multiplex assays market globally are Luminex Corporation, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., and others.
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