Multiplex Assays Market – Trends Forecast Till 2030

Market Snapshot

Market Overview

The global Multiplex Assays Market size is projected to reach a CAGR of 10.3% from 2023-2030.

Multiplex assay is a procedure in which various analytes (such as proteins, biomolecules, growth factors, cytokines, and chemokines) are profiled by detecting and quantifying them simultaneously. This assay is used to amplify multiple targets in a polymerase chain reaction (PCR) and collect more information from minute quantities of proteins or other analytes in lesser time as compared to conventional methods such as ELISA. Multiplex assays are widely used for pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, and forensic studies.

The Multiplex assays are extensively used in companion diagnostics, and in drug development. The edge of the multiplex assays over the single plex assays which include reduced reaction tie, reagents, and analyte concentration, helps to deliver the assay result faster and deal with the rare samples (low concentration samples). The massive prevalence of chronic and infectious diseases offers more opportunities for the market by creating more demand for multiplex assays. Market growth is further driven by the following factors such as the increasing adoption of companion diagnostics, the increasing incidence of chronic and infectious diseases, the growing awareness of disease diagnosis, and the need for effective analytical platforms in research and clinical diagnostics to reduce the operational costs and the time taken for diagnosis.

On the other hand, the high expenses of the equipment are posed challenges to the researcher and manufacturers to perform the multiplex assay testing at an affordable price. Also, the Quality control (QC) standards for multiplex assays are more stringent compared to single plex assays, this significantly restricts the Multiplex Assays Market

The outbreak of COVID-19 has disrupted workflows in the healthcare sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. The overall impact of the COVID-19 pandemic remained positive for key players in the multiplex assay industry. As multiplex assays are been used for covid diagnosis, there has been a massive demand for a multiplex of the SARS-CoV-2 assay such as multiplex point-of-care assays is positively boosting the growth of the multiplex assay market during the pandemic. Several companies received the FDA emergency use authorization for their COVID-19 multiplex assays to meet the soaring demand for the high volume of testing.

Delvens Industry Expert's Standpoint

The desire for more effective and affordable diagnostic tests is expanding, and technical advancements that make it possible to identify more analytes in a single sample are driving the multiplex assay market's rapid growth and evolution. While there are a few big firms and many smaller businesses competing in the market, it is rather fragmented. However, there is a tendency towards consolidation as larger companies attempt to increase their product offerings and increase their market share. The market for multiplex assays is projected to keep expanding in the upcoming years due to the continued need for more efficient diagnostic tools in industries like medical diagnostics and drug development. Continuous innovation and technical development, as well as rising demand from a range of end-users, including as clinical laboratories, research institutes, and pharmaceutical firms, are projected to be the main drivers of this expansion.

Market Portfolio

Key Findings

• The product and services segment are further segmented into Consumables, Instruments, and Software and Services. The consumables segment is anticipated to hold the largest share during the forecast period. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.

• The type segment is further segmented into Protein Multiplex Assays, Nucleic Acid Multiplex Assays, and Cell-Based Multiplex Assays. The protein-based multiplex assay segment is expected to account for the largest share of the global multiplex assay market. This large share can be attributed to the increasing focus on proteomics studies for biomarker research and clinical diagnostics.

• The technology segment is further segmented into Flow Cytometry, Fluorescence Detection, Luminescence, Multiplex Real-Time PCR, and Other Technologies. The flow cytometry segment is expected to account for the largest share of the global multiplex assay market. The large share can be attributed to the wide applications of flow cytometry in the detection and measurement of protein expression, RNA, and cell health status (cell viability & toxicity) alongside the characterization and identification of various cell types.

• The application segment is further segmented into Research & Development and Clinical diagnostics. the research & development segment is expected to account for the largest share of the global multiplex assays market. This large share can be attributed to the wide applications of multiplex assay technologies in research & development functions.

• The end-user segment is further segmented into Pharmaceutical & Biotechnology Companies, Hospitals & Research Institutes, Reference Laboratories, and Other End Users. The pharmaceutical & biotechnology companies’ segment is expected to account for the largest share of the global multiplex assays market. This large share can be attributed to the increasing adoption of multiplex assays in drug discovery and development by pharmaceuticals and the growing focus of biotechnology companies on developing biosimilars and monoclonal antibodies.

Regional Analysis

North America to Dominate the Market

• North America was the largest regional market in terms of revenue. The increasing prevalence of chronic diseases, such as cancer, the aging population, growing demand for targeted and personalized medicine, and favourable government initiatives are the primary factors behind the large market size. The growth can also be attributed to the presence of sophisticated diagnostics laboratories and a high acceptance rate of novel assay technologies.
   
• Asia Pacific is expected to register the highest CAGR in the market during the forecast period. Growth in the APAC region is largely driven by the increasing R&D investment by the government and increasing infrastructural development in the region.

Competitive Landscape

• 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.
• DIASORIN S.P.A.
• MERCK KGAA
• AGILENT TECHNOLOGIES, INC.
• QUANTERIX
• BIO-TECHNE
• OLINK
• SEEGENE INC.
• SIEMENS HEALTHINEERS AG
• PERKINELMER INC.
• SHIMADZU CORPORATION
• PROMEGA CORPORATION
• ENZO BIOCHEM INC.
• CAYMAN CHEMICAL
• BOSTER BIOLOGICAL TECHNOLOGY
• ANTIGENIX AMERICA, INC.
• QUANSYS BIOSCIENCES INC.
• RAYBIOTECH LIFE, INC.

Recent Developments

• In February 2022, Adobe added mobile marketing personalization capabilities to journey optimizer that enables users to better engage their customers on smartphones. The seven capabilities include Message Designer, with which users can design personalized email, push notifications and in-app messages from one console for customers on mobile devices; personalized app experiences, which consider app usage and other factors; and unified customer profiles, which drive analytics in workflows.
   
• In December 2021, with the Dynamics 365 Marketing December 2021 update, the user can create journey branches based on any attribute, track unsubscribed users in real-time marketing insights, and manage Microsoft Teams meeting options from the Dynamics 365 Marketing app. The update also includes general performance upgrades and bug fixes.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors.
   
• Gain authentic and granular data access for Multiplex Assays Market so as to understand the trends and the factors involved behind changing market situations.
   
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
   
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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