Global Multiplex Assay Market

Multiplex Assay Market Size, Share, Growth Analysis, By Product & Service (Consumables, Software & Services), By Type (Protein Multiplex Assays, Cell-based Multiplex Assays), By Technology (Flow Cytometry, Fluorescence Detection), By Application (Research & Development, and Clinical Diagnostics), By End-User (Hospitals & Research Institutes, Pharmaceutical & Biotechnology Companies), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35H2180 | Region: Global | Published Date: September, 2024
Pages: 219 | Tables: 117 | Figures: 77

Multiplex Assay Market Insights

Global Multiplex Assay Market size was valued at 2.35 billion in 2022 and is expected to rise from USD 2.70 billion in 2023 to reach a value of USD 8.12 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.

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FAQs

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).

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. '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'

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.

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.

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.

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Global Multiplex Assay Market

Report ID: SQMIG35H2180

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