Market Scenario
The multiplex assays market size is anticipated to reach USD 3.70 billion by 2032, with a 7.1% CAGR during the forecast period (2023-2032). Multiplex assays are generally used to detect multiple analytes in a single run of assay. They are extensively used in genomics in order to quantify DNAs, mRNAs, and proteins to assess the impact of DNA mutation on biomolecules. Scientists, with the help of multiplex assays, can gain more information about a single or series of proteins within a single well or reaction of experiment. Researchers are also utilizing multiplex assays in order to detect cellular regulatory events which occur in chronic diseases like cancer.
Drivers and Constraints Impacting the Market
The global multiplex assay market is considered to expand at a rapid pace owing to the technological advancements. Rapid development of nanotechnology has taken it to the next level of nanoarray, representing the ultra-miniaturization version of the conventional microarray. The development of highly dense nanoarray technology has made the drug screening process time effective and more rapid with the growing awareness of pathological conditions and multifactorial nature of several diseases such as the Alzheimer disease and cancer, the need to produce a time-saving and cost-effective measurement of multiple analysts in a single sample has increased. Such factors are considered to augment the market growth across the globe. Moreover, the formation of provision and policies of subsidy by governments encourage research and development activities in the global multiplex assay market, which creates robust growth in the global multiplex assay market.
On the flip side, complex clinical trial procedures coupled with reproducibility crisis for multiplex assay products are considered to impede the market growth in the coming years. Multiplex assays must be optimized in order to demonstrate performance and safety before applying to any clinical sample. They cannot be used off-the-shelf for new applications and require initial investment and considerable time, thereby retarding the market growth.
Global Multiplex Assay Market: Segmental Analysis
The global multiplex assay market has been segmented on the basis of products and services, type, technology, application, end-user, and region.
By mode of products & services, the multiplex assay market has been segmented into instruments and consumables.
By mode of types, the global multiplex assay market has been segmented into nucleic acid assay and protein. Among these, the protein multiplex assay is further sub-segmented into bead-based protein assay and planer protein assay. The nucleic acid multiplex assay is further sub-segmented into bead-based nucleic acid assay, planer nucleic acid assay, and other nucleic acid assay.
By mode of technology, the global multiplex assay market has been segmented into flow cytometry and other technologies.
By mode of application, the global multiplex assay market has been segmented into clinical diagnostics.
By mode of end-user, the global multiplex assay market has been segmented into hospital and research institutes, pharmaceutical and biotechnology companies, clinical laboratories, and others.
Regional Insights
Geographically, the multiplex assay market spans across regions namely, Europe, North America, Asia Pacific, and Rest-of-the-World.
Among all the regions, the North American region is estimated to account for the largest market share due to strong research and development activities in this region. Also, due to the presence of leading countries in biopharmaceutical R&D such as the U.S., the market is likely to flourish. The factors influencing the market growth in this region are the increasing prevalence of Alzheimer disease, growing patient population, and rise in R&D activities in pharmaceutical companies in order to treat chronic diseases such as Alzheimer and cancer.
Competitive Dashboard
The prominent players operating the global multiplex assay market trend are Merck Sharp & Dohme Corp, Qiagen, Thermo Fisher Scientific Inc, Quanterix, Meso Scale Diagnostics LLC, Bio Rad Laboratories Inc, Agilent Technologies, Bio-Techne, Illumina Inc, BD, Abcam plc, Randox Laboratories Ltd, and Seegene Inc.
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