Multiplexed Diagnostics Market Expected to Reach $41.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Multiplexed Diagnostics Market," The multiplexed diagnostics market size was valued at $10.7 billion in 2022, and is estimated to reach $41.5 billion by 2032, growing at a CAGR of 14.5% from 2023 to 2032. Multiplexing is the ability to identify a broad spectrum of conditions in a single molecular diagnostic test procedure, as opposed to conducting discrete individual procedures. It enables a single test to identify numerous conditions, attributes, or genetic sequences simultaneously, including those belonging to cancer genes, a bacteria or virus in humans, animals or the food distribution supply chain, or specific attributes of a seed variety.  

Multiplexing has enormous implications for cost-efficiencies and time savings in molecular testing, which could prove substantial in a medical situation and in a manufacturing or agricultural scenario. For disease detection, including cancer as well as viral and bacterial infections, more tests that can be run simultaneously, the more affordable the process becomes. 

The growth of the multiplexed diagnostics market share is majorly driven by increase in demand for a technology that is capable of giving out information about variety of biomolecules with a wide density range and a surge in the number of R&D activities in genetic research and increase in emerging diseases that need new diagnosis tests and new drug development creates demand for high density multiplexed assays.

Moreover, the rise in the prevalence of disease caused by infectious microorganisms such as viruses and bacteria, rapid adoption of advanced diagnostic methods, well-defined regulatory framework and observation guidelines, and sophisticated healthcare infrastructure, as they address high unmet needs are the major factors that propel the growth of the multiplexed diagnostics market size.  

Furthermore, the increase in the number of key market players in the multiplexed diagnostics industry and the strategies they adopt such as collaboration, acquisition, technology approval and others to provide a wide range of technologically advanced multiplexed diagnostics test kits and devices are the factors that boost the multiplexed diagnostics market growth. For instance, in October 2021 Hologic, Inc. announced its broad European launch of the Novodiag system, a fully automated molecular diagnostic solution for on-demand testing of infectious diseases and antimicrobial resistance. The launch follows acquisition of Mobidiag Oy by Hologic in June 2021 and is expected to bring the benefits of the Novodiag system to a broader range of customers in Europe.    

Moreover, the increase in collaboration and partnership between biotechnology, pharmaceutical, and diagnostic companies, as well as academic research institutions, has led to the development of more sophisticated and versatile multiplexed diagnostic platforms that propel the growth of the multiplexed diagnostics market share. For instance, in June 2021 Bio-Rad Laboratories, Inc. a global leader of life science research and clinical diagnostic Technology, had announced a partnership with Seegene, Inc., a global leader in multiplex molecular diagnostics, for the clinical development and commercialization of infectious disease molecular diagnostic technology. 

On the basis of product type, the multiplexed diagnostics market analysis is segmented into instruments & accessoris and kits & reagents. The kits & reagents segment generated maximum revenue in 2022, owing to surge in demand for personalized medicine and advancements in multiplexed diagnostic. However, the instruments & accessories segment is expected to witness a significant CAGR during the forecast period.  

On the basis of application, the infectious disease segment dominated the market in 2022, owing to rising burden of infectious diseases and the ability of multiplexed diagnostics test to simultaneously detect and quantify multiple biomarkers for diagnosing complex diseases. The autoimmune disease segment is expected to witness a significant CAGR during the forecast period.  

On the basis of end user, the hospitals segment dominated the market in 2022, owing to upsurge in collaboration between diagnostic companies and hospitals and rise in the incidence of chronic disease. The diagnostic centers segment is expected to witness a significant CAGR during the forecast period. 

On the basis of region, North America generated maximum revenue in 2022 owing to presence of advanced healthcare infrastructure, increasing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases that has driven the demand for advanced diagnostic tools and supportive regulatory agencies such as the U.S. FDA that have established clear pathways for the approval and commercialization of multiplexed diagnostic tests, providing a conducive environment for companies to develop and market multiplexed diagnostics products.                                                                   
However, Asia-Pacific is expected to provide the better multiplexed diagnostics market opportunity and witness the highest CAGR during the forecast period owing to large patient population, increase in healthcare infrastructure and increase in collaborations between domestic and international research institutions, along with partnerships with global biotech companies, for the development and advancement of multiplexed diagnostic technologies. 

The major players profiled in the multiplexed diagnostics industry are Co-Diagnostics, Inc. Agilent Technologies, Inc., bioMérieux SA, Illumina Inc., Hologic, Inc. Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Siemens Healthineers AG, F. Hoffmann-La Roche Ltd., and DiaSorin S.p.A. 

Key findings of the study 

• On the basis of product type, the kits & reagents held the largest share in the multiplexed diagnostics market in 2022. 

• On the basis of application, the infectious disease segment dominated the market in 2022. 

• On the basis of end user, the hospitals segment dominated the market in 2022 and are expected to remain dominant during the multiplexed diagnostics market forecast period. 

• On the basis of region, North America garnered the largest multiplexed diagnostics market trends in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.