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Detailed analysis of multiplex assays market

A multiplex assay is a procedure that concurrently detects and counts a number of analytes, such as biomolecules, proteins, growth factors, cytokines, and chemokines. As opposed to more traditional methods like ELISA, this test is used to amplify several targets in a polymerase chain reaction (PCR) and obtain more data from little amounts of proteins or other analytes faster. Pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, and forensic research all frequently use multiplex assays.

The market for multiplex assays in 2021 was USD 3.36 billion and will reach USD 6.47 billion by 2030 at a 7.53% CAGR during 2021-2030.

Due to increased R&D efforts in the pharmaceutical industry for the treatment of numerous ailments, the multiplex assay market is experiencing tremendous expansion. These tests are used in clinical trials because they reduce the expense of manual labor and research and increase the effectiveness of studies and treatments. Additionally, they offer a quicker and easier way to analyze diseases and are automated, which affects the growth of the multiplex assay market.

Market Dynamics

Drivers

Rapid advances in nanotechnology and multiplex assay technology are two major reasons boosting the global market’s revenue growth. The gradual transition from traditional singleplex ELISA to current multiplex assays, the rising incidence of diseases including Alzheimer’s, cancer, infections, and chronic disorders, as well as the growing senior population and cataract, are the main causes of the surge in demand for multiple tests. Additionally, growing the use of precision medicine to provide patients with customized treatments will accelerate market expansion.

Restraints

Several factors, including a growing emphasis among hospitals and healthcare service providers to deliver treatments and services at reduced and inexpensive costs, are likely to impede the market’s revenue growth. Another important aspect that will hinder market expansion is the possibility that tiny hospitals in some developing nations may not be able to afford expensive therapeutic medication monitoring services. 

Opportunities

The market will have significant expansion throughout the forecast period due to technological developments and investments made by large firms in the biotechnology and biopharmaceutical innovation sector. Along with this, the market will advance over the analysis period due to the rising prevalence of chronic illnesses.

Market Segmentation

By product, the multiplex assay market is segmented into consumables, instruments, and software.

 In 2021, the market was ruled by the consumables product sector, with 74.25% of the revenue share. This segment has had significant growth and a high share due to an increase in diagnostic tests and regular purchases of consumables.

By type, the multiplex assays market is segmented into nucleic acid multiplex assays, protein multiplex assays, and cell based multiplex assays.

In 2021, the protein multiplex assays segment ruled the entire market with 52.00% of the revenue share. This is because proteomics investigations are receiving more attention for biomarker research and clinical diagnosis. Clinical practice has seen considerable growth in the search for appropriate biomarkers, and quantitative protein measurement is an essential first step in the discovery of new biomarkers. A significant technological challenge is the analysis of a large number of putative protein biomarkers in statistically significant numbers of samples and controls.

By technology, the market is segmented into luminescence, fluorescence detection, flow cytometry, multiplex real-time PCR, and others.

In 2021, the flow cytometry technology category held the largest market share, representing more than 34.70% of the total revenue share. Flow cytometry has emerged as a crucial tool for both fundamental research and clinical diagnosis. 

By application, the market is segmented into research & development and clinical diagnostics.

In 2021, the research and development application segment ruled the global market and was responsible for more than 52.57% of the total revenue share. Multiplex assays are becoming more and more used in the drug discovery process. These tests are employed in preclinical and clinical phases to assess drug response biomarkers, immunotherapy efficacy, and toxicity.

By end-user, the market is segmented into reference laboratories, hospitals & research institutes, pharmaceutical & biotechnology companies, and others.

In 2021, the pharmaceutical and biotechnology companies category led the global market and was responsible for the biggest percentage of revenue, more than 40.65%. This is because more pharma and biotech companies are partnering and cooperating to improve multiplexing capabilities.

Regional Insights

North America ruled the global industry in 2021 for the greatest share of more than 37.05% of the total revenue. It is due to the expanding R&D activities for the discovery of novel pharmaceuticals and diagnosis & treatment alternatives. The rise in government financing for the discovery of new biomarkers and the increased frequency of chronic diseases like cancer and stroke are expected to fuel the region’s growth. Furthermore, the rise is probably driven by the presence of important players in the area.

Key Players

  • Bio-Rad Laboratories, Inc.
  • Qiagen N.V.
  • Luminex Corporation
  • Illumina Inc
  • Thermo Fisher Scientific Inc
  • Becton, Dickinson, and Company
  • Meso Scale Diagnostics
  • Abcam plc
  • Merck KGaA
  • Agilent Technologies, Inc.
  • Randox Laboratories
  • DiaSorin S.p.A.
  • Seegene
  • Quanterix
  • Bio-Techne Corporation
  • Olink
  • Promega Corporation
  • Antigenix America, Inc.
  • Enzo Life Sciences, Inc.
  • Siemens Healthineers
  • AYOXXA Biosystems GmbH
  • PerkinElmer Inc.
  • Shimadzu Biotech
  • Boster Biological Technology
  • Cayman Chemical Company

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

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