Multiplex Assays Market size is estimated to reach $4.30bn by 2025, growing at a CAGR of 7.3% during the forecast period 2020-2025. Multiplex Assay is a type of immunoassay that uses magnetic beads to measure multiple analytes in a single experiment and is derivative of an ELISA using beads for binding the capture antibody. Increase in the adoption of companion diagnostics, growing research activities in the pharmaceutical and biotechnological industries, increase in the funding’s by governments and growing focus for enhancing the efficiency of experiments are the factors that are set to drive the growth of the global market for the forecast period 2020-2025.
By Type- Segment Analysis
Based on the Type, the Nucleic-Based Multiplex Assay segment held the largest share in 2019 owing to its applications such as molecular diagnosis of human diseases, high specificity and sensitivity and ability to interrogate more than one marker simultaneously in each sample. Protein-Based Multiplex Assay segment is estimated to be the fastest growing segment during the forecast period 2020-2025. The growth in this segment is owing to its applications such as enabling researches to profile multiple analytes simultaneously and examines multiple proteins rather than having to run multiple assays to look for each protein separately.
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By Technology- Segment Analysis
Based on the Technology, Flow Cytometry segment held the largest share in 2019 owing to its applications such as characterization of cell types, measurement of protein expression, quantification of intensities and sorting of predefined cells. Multiplex PCR segment is estimated to be the fastest growing segment owing to the factors such as increasing accuracy of data normalization, reduction in the input material required, cost effective and higher throughput.
By Geography – Segment Analysis
Based on the Geography, North America held the largest share in 2019. The growth in this segment is owing to the factors such as advancements in technology, increase in the research and development activities, increase in the focus to develop novel drugs and growing patient population. Asia-Pacific is estimated to be the fastest growing segment owing to the factors such increase in the investment by the major companies in the developing nations, growing prevalence of cataract and increase in the funding by government agencies.
Drivers – Multiplex Assays Market
Increase in the use of TDM in anticancer therapies and technological advancements
The increase in the use of TDM in anticancer therapies, owing to the factors such as increase in cancer patients, increasing focus on patient care and growing focus on improving efficacy and reducing toxicity is estimated to enhance the growth of Multiplex Assays Market. Advancements in technology and increase in the funding’s by the governments are also the factors which enhance the growth of Multiplex Assays Market.
Increasing research on the pharmaceutical and biotechnological companies and rise in the adoption of companion diagnostics
There is an increase in the research in pharmaceutical and biotechnological companies owing to high number of diseases, well-developed infrastructures and advancements in technology. This led to rapid increase in the growth of Multiplex Assays Market. Increase in the adoption of companion diagnostics is also estimated to enhance the growth of the Multiplex Assays Market.
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Challenges – Multiplex Assays Market
The increasing pressure on healthcare systems to provide services at low cost and complexity of clinical trial procedures
The increasing pressure on healthcare systems to provide services at low cost is the major factor that is estimated to reduce the growth of the Multiplex Assays Market. The complexity of clinical trial procedures is also said to reduce the growth of the Multiplex Assays Market.
Multiplex Assays Industry outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Multiplex Assays Market. Key companies of this market are Agilent Technologies, Thermo Fisher Scientific Inc, Bio-Rad Laboratories Inc, QIAGEN, Randox Laboratories Ltd, Illumina Inc, Meso Scale Diagnostics LLC, Luminex Corporation, Sysmex Corporation, Bio-Techne, among others.
Acquisitions/Product Launches
In 2018, QIAGEN has entered into agreement to acquire STAT-Dx for developing the next generation of multiplex assay diagnostics for fully integrated molecular analysis of common syndromes using a novel system based on real-time PCR technology.
In 2020, Luminex Corporation has launched MAGPIX multiplexing assay, an analytical instrument that is capable of performing 50 tests on a single sample and is designed to meet the needs of academic researchers and scientists to take the advantage of the power of multiplexing.
Key Takeaways
Geographically, North America Multiplex Assays Market accounted for the highest revenue share in 2019 and it is poised to dominate during the forecast period 2020-2025 owing to the high demand.
The increase in the technology and increase in the funding’s by governments is likely to aid in the market growth of Multiplex Assays Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Multiplex Assays Market report.
The increase in the number of diseases and increase in the adoption of companion diagnostics are creating higher opportunities for the growth of market for the forecast period 2020-2025.
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