Multiplex assay market size was valued at $1,940.49 million in 2020, and is projected to reach $4,366.32 million by 2030, registering a CAGR of 8.3% from 2021 to 2030.
Multiplex assays are techniques in which multiple analytes are analyzed simultaneously, and hence are economical and easily controlled in any sample assay. These assays enable extraction of more data from a sample in the same time as compared to single-plex assays. The major factors which drive the growth of this market include increase in R&D activities for the detection biomarkers for various diseases & treatment options of diseases, rise in adoption of personalized medicine for increasing safety & efficacy of therapies, and benefits such as lower operational cost & reduced labor. However, dearth of skilled labor and high capital investment are anticipated to restrain the multiplex assay market growth during the forecast period.
List of Key Players
- Luminex Corporation
- Thermo Fisher Scientific Inc.
- Illumina Inc.
- Bio-Rad Laboratories Inc.
- QIAGEN N.V.
- Becton, Dickinson and Company
- Abcam PLC
- Seegene Inc.
- Meso Scale Diagnostics LLC
- Randox Laboratories Ltd.
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Key Findings Of The Study
- By type, the protein based multiplex assay segment was the highest contributor to the market in 2020 and is expected to continue during the forecast period owing to upsurge in adoption of protein based multiplex assays, and continuously investing in R&D for the introduction of innovative technology.
- By product, the reagents and consumables segment dominated the global Multiplex assay market in 2020. This is attributed to rising demand increasing demand of consumables and the recurring purchase of assays and reagents for increasing research applications.
- Based on application, the research and development segment dominated the global market in 2020 and is anticipated to continue this trend during the forecast period owing to wide applications of multiplex assay technologies in research & development functions and convenience and quicker results offered by the multiplex assays while performing assays.
- By end users, the pharmaceutical and biotechnology companies segment dominated the global Multiplex assay market in 2020. This is attributed to rise in penetration of multiplex assays in pharmaceutical and biotechnological companies, as compared to conventional assays, for biomolecules detection, biomarker validation, and measuring the pathways for diseases & physiological activities.
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By end user, the market is classified into hospitals, clinical laboratories, research institutes, and pharmaceuticals & biotechnology companies. The pharmaceutical and biotechnology companies segment dominated the market in 2020, and is expected to continue this trend throughout the forecast period, owing to rise in penetration of multiplex assays in pharmaceutical and biotechnological companies, as compared to conventional assays, for biomolecules detection, biomarker validation, and measuring the pathways for diseases & physiological activities.
North America accounted for a majority of the global multiplex assay market share in 2020 and is anticipated to remain dominant during the forecast period. This is attributed to increase in government funds for the detection of new biomarkers, rise in R&D activates of new drugs and diagnosis & treatment options, as well as surge in prevalence of chronic diseases such as cancer and strokes in the region.
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