Global Multiplex Assay Market is expected to register a CAGR of approx. 7% over the period of 2022-2028. Multiplex assay is a type of biological assay that allows simultaneous measurement of multiple analytes (such as proteins, nucleic acids, or metabolites) in a single sample. This technique has gained increasing popularity in the field of biotechnology and biomedical research due to its ability to provide comprehensive information on multiple biomolecules at once. The growing demand for multiplex assay can be attributed to the expanding need for research and development in the fields of molecular diagnostics and companion diagnostics which boosts the adoption of organic growth strategies among key industry players around the globe. For instance, in response to the COVID-19 outbreak, Thermo Fisher Scientific developed a multiplex real-time PCR diagnostic kit (TaqPath COVID-19 Multiplex Diagnostic Solution) to facilitate public and clinical health laboratories to rapidly diagnose SARS-CoV-2 infection.
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Based on the technology, the multiplex assay market is segmented into multiplex real-time PCR, flow cytometry, and others. The multiplex real-time PCR segment accounted for a significant market share, and it is estimated that it will grow rapidly during the projected timeframe. PCR technology is widely used in a variety of end-use applications. Furthermore, the widespread use of PCR technologies for COVID-19 detection has resulted in significant revenue generation by this technology.
Based on the application, the market is fragmented into clinical diagnostics and research & development. The research & development segment grabbed a considerable market share during the forecast period. 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.
North America witnessed extensive growth
For a better understanding of the market adoption of Multiplex Assay, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, U.K., and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the multiplex assay industry owing to the presence of various research programs in the region, as well as the expansion of R&D efforts for the creation of new medications and diagnostic and therapeutic approaches. 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 going to be fueled by the presence of important players in the area.
According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global multiplex assay market are Luminex Corporation, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., QIAGEN N.V., Becton, Dickinson and Company, Merck KGaA, Seegene Inc., Perkin Elmer Inc., Abcam PLC, Agilent Technologies Inc. Several M&A along with partnerships have been undertaken by these players to boost their presence in different regions.
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“Global Multiplex Assay Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Product (Reagents & Consumables, Instruments & Accessories, and Software & Services)
- By Type (Protein-Based Multiplex Assay, Nucleic Acid-Based Multiplex Assay, and Others)
- By Technology (Multiplex Real-Time PCR, Flow Cytometry, and Others)
- By Application (Clinical Diagnostics and Research & Development)
- By End-User (Pharmaceutical & Biotechnology Companies, Hospitals & Diagnostic laboratories, Research & Academic Institutes, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of the World)
- By Company (Luminex Corporation, Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., QIAGEN N.V., Becton, Dickinson, and Company, Merck KGaA, Seegene Inc., Perkin Elmer Inc., Abcam PLC, Agilent Technologies Inc.)
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Key questions answered in the study:
- What are the current and future trends of the global multiplex assay industry?
- How the industry has been evolving in terms of product, type, technology, application, and end-user?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global multiplex assay industry?
- What is the customer orientation, purchase behavior, and expectations from the global multiplex assay suppliers across various region and countries?