USD 2.05 billion
Global Multiplex Assay Market Size, Share, Growth Analysis, By Product(Consumables, Instruments and Software), By Type(Protein Multiplex Assays, Nucleic Acid Multiplex Assays), By Technology(Flow Cytometry, Fluorescence Detection), By Application(Research & Development, and Clinical Diagnostics) - Industry Forecast 2024-2031
Report ID:
SQMIG35H2180 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
117 |
Figures:
77
Global Multiplex Assay Market Insights
Global Multiplex Assay Market size was valued at around USD 2.05 billion in 2022 and is expected to rise from USD 2.35 billion in 2023 to reach a value of USD 7.08 Billion by 2031, at a CAGR of 14.77% over the forecast period (2024–2031).
The rising incidence of chronic and infectious diseases, the major advantages of multiplex assays over single plex and traditional assays, the expansion of the use of multiplex assays in companion diagnostics, and the growing awareness of early diagnosis are the main reasons propelling the global multiplex assay market.
The substantial expansion of companion diagnostics is anticipated in the near future based on the existing drug approval scenarios. For instance, in August 2021, the FDA granted Roche permission to market companion diagnostics to identify dMMR solid tumors in patients who would benefit from anti-PD-1 immunotherapy. As a result, the expansion of companion diagnostics can considerably contribute to the growth of the global market. With a more than three times greater survival rate when diagnosed at an early stage, early diagnosis of numerous chronic diseases, such as cancer, can improve patient quality of life. Additionally, early detection can expand the range of available therapies and lower the financial burden of long-term illnesses.
Between 36% and 53% of patients with non-small cell lung cancer, stomach, and pancreatic cancers are diagnosed with stage 4 cancer by the time the disease has spread to other body parts and reduced the likelihood of survival, according to an article published in Avalere in July 2021. The 5-year survival rate for non-small-cell lung cancer, stomach cancer, and pancreatic cancer can be doubled if discovered in the early stages. These variations are raising awareness of the importance of early disease diagnosis and may significantly contribute to market growth throughout the anticipated time frame. Opportunities for market expansion will also come from the growing validation of biomarkers in molecular and protein diagnostics as well as the growing need for automated systems and high-throughput assays.
Applications for multiple biomarker analysis are numerous in the study of cancer, autoimmune illnesses, and neurodegenerative diseases. There is a strong likelihood that new diagnoses will be created as a result of the numerous biomarkers that are being found and verified. Proteins can be quantitatively measured using a multiplex test to find biomarkers. With the use of statistically significant numbers of samples and controls, these assays enable the assessment of a wide range of possible protein biomarkers. Thus, the use of multiplex assays in biomarker validation increases the effectiveness and speed of delivering accurate data, which may support market growth in the short term.
US Multiplex Assay Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Consumables
Fastest Growth
Consumables
Growth Rate
14.77% CAGR
Global Multiplex Assay Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
Global Multiplex Assay Market By Product 2022-2030 ($ Bn)
Global Multiplex Assay Market By Product 2022-2030 (%)
To get more reports on the above market click here to Buy The Report
Global Multiplex Assay Market Segmental Analysis
The global multiplex assay market is segmented based on product, type, technology, application, process and region. Based on product the market is segmented into consumables, instruments and software. In terms of type, the market is segmented into protein multiplex assays, planar protein assays, bead-based protein assays, nucleic acid multiplex assays, planar protein assays, bead-based protein assays, and cell-based multiplex assays. Further classification of technology segments include flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and other technologies. Based on application the market is segmented into research & development and clinical diagnostics. Based on end-users the market is segmented into pharmaceutical & biotechnology companies, hospitals & diagnostic laboratories, research & academic institutes, and other end-users. Based on region the global multiplex assay market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Global Multiplex Assay Market Analysis by Product
The global industry has been further divided into consumables, instruments, and software based on products. Consumables accounted for 74.38% of the market in 2022 and are expected to increase at the quickest rate over the forecast period. The sector is anticipated to keep its leading market position during the projection period while growing at the quickest CAGR. This segment has had significant growth and a high share thanks to an increase in diagnostic tests and regular purchases of consumables.
The software segment is also anticipated to have a sizable CAGR during the projection period. Several factors, including an increase in product launches and improved software efficiency, are predicted to propel category expansion during the projection period. For instance, the August 2022 version of Quantist Luminex data analysis software was announced by Bio-Techne Corporation. This programme can help academics glean insightful conclusions from challenging data.
Global Multiplex Assay Market Analysis by Type
In 2022, the protein multiplex assay market segment held the largest market share, contributing more than 52.71% to total industry revenue. This is due to the increased interest in proteomics studies in biomarker research and clinical diagnostics. Clinical practice has seen considerable growth in the search for appropriate biomarkers, and quantitative protein measurement is an essential first step in the development of new biomarkers. The identification of a large number of potential protein biomarkers in statistically meaningful numbers of samples and controls is a considerable technological barrier.
In terms of data generation potential, sample necessity, reagent expense, turnaround time, and data generation potential, protein multiplex assays have a number of benefits. For instance, a multiplex protein panel assay was used to assess disease severity and prognosis in COVID-19 patients, according to an article that appeared in e-Clinical Medicine in July 2022. Thus, increased protein multiplex assay applications in proteomics research are predicted to fuel segment growth. Over the anticipated years, it is expected that the nucleic acid assay will have the fastest growth.
Global Multiplex Assay Market By Product 2022 (%), 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Multiplex Assay Market Regional Insights
Asia-Pacific is projected to expand greatly between 2023 and 2030 as a result of increased government initiatives to increase awareness, an increase in medical tourism, expanding research activities in the region, a supportive regulatory environment that will increase the adoption rate for microbiology testing and other advanced diagnostic methods, as well as the region's growing demand for high-quality healthcare.
North America dominated the global industry in 2022 and accounted for the largest share of more than 36.88% of the total revenue because of the rising R&D activities for the discovery of novel medications and diagnosis & treatment options. The region's expansion is anticipated to be fueled by the rise in government funding for the discovery of new biomarkers and the rise in the prevalence of chronic illnesses like cancer and stroke. Additionally, the presence of significant players in the region is likely to boost the rise. On the other hand, Asia Pacific is anticipated to grow at the fastest pace during the anticipated years. This is owing to the improving healthcare infrastructure and medical research scenario in emerging nations.
Global Multiplex Assay Market By Geography, 2022-2030, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Multiplex Assay Market Dynamics
Global Multiplex Assay Market Drivers
Increasing Demand for Personalized Medicine
- The growing demand for personalized medicine is driving the demand for multiplex assays. These assays enable the simultaneous measurement of multiple biomarkers, allowing for better patient stratification and personalized treatment options.
Global Multiplex Assay Market Restraints
- The regulatory challenges associated with multiplex assays can limit their adoption. These assays require regulatory approval, which can be time-consuming and costly.
Request Free Customization of this report to help us to meet your business objectives.
Global Multiplex Assay Market Competitive Landscape
To increase their market presence, leading corporations are putting a variety of methods into practice, including partnerships, the introduction of cutting-edge technology & goods, and collaborations. For instance, Bio-Rad and Seegene announced their collaboration in June 2021 in order to offer molecular diagnostic testing solutions in the American market. Additionally, Qiagen introduced the NeuMoDx multiplex assay in November 2020 to offer a comprehensive selection of testing options for SARS-CoV-2 in Europe and international markets.
Top Player’s Company Profiles in Global Multiplex Assay Market
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- Agilent Technologies, Inc.
- Luminex Corporation
- Merck KGaA
- QIAGEN N.V.
- Roche Diagnostics
- Randox Laboratories Ltd.
- Bio-Techne Corporation
- Abcam plc
- GenScript Biotech Corporation
- Mesoscale Discovery, LLC
- Seegene Inc.
- Becton, Dickinson and Company
- Fluidigm Corporation
- Meso Scale Diagnostics, LLC
- PerkinElmer, Inc.
- Siemens Healthineers AG
- Biocartis NV
Global Multiplex Assay Market Recent Developments
- For high-throughput multiplex tests, Luminex Corporation introduced the xMAP® UltraPlexTM II Multiplex Bead Array System in February 2024.
- In January 2024, Qiagen declared that it would establish a new application center in Research Triangle Park, North Carolina, with an emphasis on multiplex assay and next-generation sequencing (NGS) technology development and support.
- To provide a highly multiplexed respiratory panel for wastewater surveillance on the new Roche Digital LightCycler System, GT Molecular, Inc., a company that provides ultrasensitive PCR assays for wastewater-based epidemiology testing, pathogen detection, and cancer research, partnered with F. Hoffmann-La Roche AG in September 2023. Within a single reaction well, this digital PCR assay kit co-quantifies respiratory viruses SARS-CoV-2, influenza A, influenza B, and RSV in addition to an internal process control.
Global Multiplex Assay Key Market Trends
- Increasing adoption of multiplex immunoassays: The demand for multiplex immunoassays is increasing due to their ability to measure multiple proteins in a single sample. These assays are widely used in drug discovery, diagnostic testing, and biomarker identification.
- Growing use of microarrays: Microarray technology is gaining popularity in the multiplex assay market due to its ability to measure multiple analytes simultaneously. Microarrays are widely used in genomics, proteomics, and drug discovery.
- Emergence of next-generation sequencing (NGS) technologies: The use of NGS technologies in multiplex assays is increasing due to their ability to sequence large numbers of genes or DNA fragments simultaneously. NGS technologies are widely used in genomics research, personalized medicine, and diagnostic testing.
- Increasing demand for point-of-care testing (POCT): The demand for POCT is increasing due to the need for rapid and accurate diagnostic testing. Multiplex assays are well-suited for POCT as they enable the simultaneous measurement of multiple analytes in a single sample.
- Growing focus on precision medicine: Precision medicine is an emerging field that focuses on the customization of medical treatments based on an individual's genetic makeup, lifestyle, and environment. Multiplex assays are well-suited for precision medicine as they enable the measurement of multiple biomarkers in a single sample, allowing for personalized treatment options.
Global Multiplex Assay Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global multiplex assay market analysis, we found that the Multiplex Assay Market is the rising incidence of chronic and infectious diseases, the major advantages of multiplex assays over single plex and traditional assays, the expansion of the use of multiplex assays in companion diagnostics, and the growing awareness of early diagnosis are the main reasons propelling the market. The demand for multiplex immunoassays is increasing due to their ability to measure multiple proteins in a single sample. These assays are widely used in drug discovery, diagnostic testing, and biomarker identification
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.05 billion |
| Market size value in 2031 | USD 7.08 Billion |
| Growth Rate | 14.77% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Multiplex Assay Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Multiplex Assay Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Multiplex Assay Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Multiplex Assay Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Multiplex Assay Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Multiplex Assay Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Multiplex Assay Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
