Multiplex Assays Market Share, Size, Trends, Industry Analysis Report, By Technology ; By Type (Protein Multiplex Assays, Nucleic Acid Multiplex Assays, Cell-Based Multiplex Assays); By Application, By End-User; By Regions; Segment Forecast, 2022 - 2030
- Published Date:Feb-2022
- Pages: 101
- Format: PDF
- Report ID: PM2299
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Summary
The global multiplex assays market was valued at USD 3.03 billion in 2021 and is expected to grow at a CAGR of 7.2% during the forecast period. The increased prevalence of chronic disorders, particularly cancer, where multiplex tests are commonly used, is one of the major drivers driving the worldwide multiplex assays market.
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Numerous advantages along with rapid breakthroughs in nanotechnology are expected to propel the global industry forward. In addition, the use of multiplex tests for cancer diagnosis, immune system disorders, as well as other factors is driving the market.
Furthermore, expanded government funding increased research efforts in the pharmaceutical and biotechnology sectors, and a growing focus on enhancing experiment efficiency is projected to move the global industry forward. The increased acknowledgment of the multifactorial nature of illnesses and pathological circumstances such as cancer and Alzheimer's disease has demanded the development of a cost-effective and time-saving technology for assessing many analyzers in a single sample.
This aspect drives the global market for multiplex tests. New development prospects are projected to arise in the coming years as researchers work to improve and cost-effectively supply highly dense Nano array technology. Companion diagnostics are quickly becoming an essential part of individualized treatment, both in number and utilization in disease areas. Companion diagnostics are projected to develop rapidly shortly based on the current product pipeline. This rise in companion diagnostics is projected to significantly impact the worldwide multiplex assays industry.
However, the high costs of purchasing and using multiplex assays are significant impediments to the expansion of the global market. Moreover, the global market is likely to be restrained by tight government criteria for multiplex assay approvals throughout the projected period. The industry is expected to be constrained by the increased demand for healthcare systems to deliver services at an affordable cost. Furthermore, the complexity of clinical trial methodologies is thought to hinder the market.
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Industry Dynamics
Growth Drivers
In April 2021, GRAIL, a healthcare startup focused on the early life-saving diagnosis of various malignancies, was bought by Illumina. However, during the European Commission's current regulatory examination, Illumina will hold GRAIL as a separate entity. In addition, in February 2021, Mesa Biotech, Inc., a privately held point-of-care molecular diagnostic company, was bought by Thermo Fisher Scientific Inc., a provider of scientific apparatus, reagents & consumables, and software & services to healthcare, life science, and other laboratories. Thus, significant players' acquisitions and advancements are the factors that are boosting the market growth during the forecast period.
Further, In August 2021, Becton, Dickinson, and Company introduced the BD COR System, a revolutionary, completely automated high-throughput diagnostic system. The system employs robotics and sample management software algorithms to establish the new standard in automated for viral disease analysis. Thus, the launches of products for the treatment of various diseases are boosting the multiplex assays market growth.
Report Segmentation
The market is primarily segmented based on type, technology, application, end-user, and region.
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By Type |
By Technology |
By Application |
By End-User |
By Region |
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Insight by End-Use
Based on the end-user segment, the pharmaceutical & biotechnology companies segment is the most significant revenue contributor in the global market in 2021 and is expected to retain its dominance in the foreseen period. Pharmaceutical and biotechnology firms are likely to dominate the worldwide multiplex assays market. This substantial percentage can be due to pharmaceutical firms' rising use of these in drug research and development and biotechnology companies' increased focus on creating biosimilars and monoclonal antibodies.
Geographic Overview
In terms of geography, North America had the highest share in 2021. The market for multiplex assays in North America is the largest globally. The North American market is driven by an increase in the number of immunoassay tests conducted and the prevalence of Alzheimer's patients. Due to the apparent government's endeavors in enhancing precision medicine in advance with strategic partners among the critical players in competing for multiplex assay development, the U.S. is expected to dominate the North American multiplex assay industry.
Furthermore, the market is being boosted by the United States' rising per capita income. The rise of the geriatric population and the presence of numerous industry players has propelled the U.S. to the top of the North American Multiplex Assays Market. The Canadian market is mainly expanding due to increased R&D spending and increased cancer patients.
Moreover, Asia Pacific witnessed a high CAGR in the global market in 2021 and is predicted to grow at the fastest rate in the coming years. The industry is driven by the rising prevalence of Alzheimer's patients and the growing patient population. India and China are the two most significant contributors to the global market. Furthermore, the Asia Pacific multiplex assays market is driven by many pharmaceutical businesses in India and China and a significant increase in research and development investments.
Competitive Insight
Some of the major players operating in the global market include Luminex Corporation, Enzo Life Sciences, Inc., Promega Corporation, Meso Scale Diagnostics, Quanterix, Thermo Fisher Scientific Inc., Qiagen N.V., Illumina, Inc, Shimadzu Biotech, Abcam plc, Bio-Rad Laboratories, Inc., Becton, AYOXXA Biosystems GmbH, Bio-Techne Corporation, Dickinson and Company, Randox Laboratories, Merck KGaA, Agilent Technologies, Inc., Olink, DiaSorin S.p.A., Antigenix America, Inc., Siemens Healthineers, PerkinElmer, Inc., Boster Biological Technology, Seegene, and Cayman Chemical Company among others.
Multiplex Assays Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 3.03 billion |
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Revenue forecast in 2030 |
USD 5.57 billion |
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CAGR |
7.2% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD million and CAGR from 2022 to 2030 |
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Segments covered |
By Type, By Technology, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
Luminex Corporation, Enzo Life Sciences, Inc., Promega Corporation, Meso Scale Diagnostics, Quanterix, Thermo Fisher Scientific Inc., Qiagen N.V., Illumina, Inc, Shimadzu Biotech, Abcam plc, Bio-Rad Laboratories, Inc., Becton, AYOXXA Biosystems GmbH, Bio-Techne Corporation, Dickinson and Company, Randox Laboratories, Merck KGaA, Agilent Technologies, Inc., Olink, DiaSorin S.p.A., Antigenix America, Inc., Siemens Healthineers, PerkinElmer, Inc., Boster Biological Technology, Seegene, and Cayman Chemical Company |
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