0

Multiplex Assay Market Expected to Reach $7.7 Billion by 2032—Allied Market Research

 
2022
Multiplex Assay Market

Report Code : A01591

quote The growth of multiplex assay market is attributed to an increase in R&D activities in the pharmaceutical sector, rise in acceptance of personalized treatment, and numerous advances in multiplex assays over traditional assays. Furthermore, an increase in healthcare expenditure is expected to further drive market growth during the forecast period. quote

Roshan Deshmukh - Manager
Life Sciences at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Multiplex Assay Market," The multiplex assay market size was valued at $3.6 billion in 2022, and is estimated to reach $7.7 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032. Multiplex assays are techniques in which multiple analytes are analyzed simultaneously, and hence are economical and easily controlled in any sample assay. These assays enable extraction of more data from a sample at the same time as compared to single-plex assays.

Major factors that drive growth of multiplex assay market size include increase in R&D activities for detection of biomarkers for various diseases & treatment options of diseases, rise in adoption of personalized medicine for increasing safety & efficacy of therapies, and benefits such as lower operational cost & reduced labor. However, dearth of skilled labor and high capital investment are anticipated to restrain the market growth during the forecast period.

Rise in the prevalence of chronic diseases, and rise in acceptance of personalized treatment, and numerous advances in multiplex assays over traditional assays are the multiplex assay market trends. In addition, rise in the prevalence of disease caused by infectious microorganisms such as viruses and bacteria propel the demand for multiplexes assay product for diagnosis of these diseases and drives the growth of multiplexes assay market. For instance, according to Centers for Disease Control and Prevention (CDC) 2023, campylobacter infection affects 1.5 million U.S. residents every year. 

Furthermore, rise in research activities in pharmaceutical and biotechnological sectors and increase in government funding creates lucrative opportunities for the multiplex assay market share. However, high prices of procurement and usage of multiplex assays restrain the market growth.

On the contrary, rise in R&D investments, significant increase in capital income in developed countries, and adoption of developmental strategies such as acquisition, agreement, expansion, partnership, product launch, and product approval by key players to stay competitive in the market drive the growth of the multiplex assay market share. For instance, in June 2021, Bio-Rad Laboratories, Inc. announced a partnership with Seegene, Inc., a global leader in multiplex molecular diagnostics, for the clinical development and commercialization of infectious disease molecular diagnostic products. Under the terms of the agreement, Seegene, based in Seoul, Korea, is expected to provide diagnostic tests for use on CFX96 Dx Real-Time PCR System of Bio-Rad for the U.S. markets pending clinical development and clearance from the U.S. Food & Drug Administration (FDA). 

On the basis of type, the market is classified into protein based multiplex assay, nucleic acid-based multiplex assay, and cell-based multiplex assays. The nucleic acid-based multiplex assay is expected to witness the highest CAGR during the forecast period, owing to rise in use of nucleic acid-based multiplex assay and increase in research regarding nucleic acid-based multiplex assay.

On the basis of the product, the multiplex assay market is segregated into reagents & consumables, instruments & accessories, and software & services. The instruments & accessories segment is expected to witness the highest CAGR during the forecast period, owing to a rise in adoption of instruments & accessories and increase in R&D labs which further uses instruments & accessories.

On the basis of application, the market is classified into clinical diagnostics, Research and Development (R&D), and companion diagnostics. The clinical diagnostics segment is expected to witness the highest CAGR during the forecast period, owing to rise in prevalence of chronic disease and increase in awareness regarding diagnosis of diseases. 

On the basis of end user, the market is classified into hospitals, clinical laboratories, research institutes, and pharmaceutical & biotechnology companies. The pharmaceutical & biotechnology companies segment is expected to witness the highest CAGR during the forecast period, owing to rise in penetration of multiplex assays in pharmaceutical & biotechnology companies, as compared to conventional assays, for biomolecular detection, biomarker validation, and measuring pathways for diseases & physiological activities. 

On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the forecast period due to a rise in R&D activities 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 addition, an increase in awareness about healthcare and rise in adoption of multiplex assay services are the key trend, which contribute to the expansion of the multiplex assay market in Asia-Pacific. 

Key Findings of the Study

  • On the basis of type, the protein based multiplex assay segment was the highest contributor to the market in 2022.
  • On the basis of product, the reagents and consumables segment has the highest share in multiplex assay market analysis in 2022.
  • On the basis of application, the R&D segment was the highest contributor to the multiplex assay industry in 2022.
  • On the basis of end user, the pharmaceutical & biotechnology companies segment was the highest contributor to the multiplex assay industry in 2022.
  • On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the multiplex assay market forecast period.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Multiplex Assay Market by Type (Protein Based Multiplex Assays, Nucleic Acid-Based Multiplex Assays, Cell-based Multiplex Assays), by Product (Reagents and Consumables, Instruments and Accessories, Software and Services), by Application (Clinical Diagnostics, Research and Development, Companion Diagnostics), by End User (Hospitals, Clinical Laboratories, Research Institutes, Pharmaceutical and Biotechnology Companies): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Mar 2024

Hairbrush Market

Download Sample
rep-img

Published Date Mar 2024

Debt Security Market

Download Sample
rep-img

Published Date Mar 2024

Wood Adhesives Market

Download Sample

Buy Full Version
"Multiplex Assay Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers