Multiplex Assays Market Share, Size, Trends, Industry Analysis Report, By Type; By Technology (Flow Cytometry, Fluorescence Detection, Luminescence, Multiplex Real-Time PCR, Others); By Application; By End-Use; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM2299
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global multiplex assays market was valued at USD 3,777.7 million in 2023 and is expected to grow at a CAGR of 8.81% during the forecast period.
The multiplex assay market is a rapidly growing healthcare and life sciences sector. Multiplex assays are the simultaneous detection and measurement of multiple analytes within a single sample. These analytes can include proteins, nucleic acids, antibodies, and other biomolecules. Analyzing various targets in a single assay provides several advantages, such as increased efficiency, cost-effectiveness, and reduced sample requirements.
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The global multiplex assays market has grown significantly due to the rising demand for personalized medicine, and companion diagnostics has fueled the need for multiplex assays, as they allow for the simultaneous detection of multiple biomarkers associated with a specific disease or condition. This enables healthcare professionals to make more informed treatment decisions.
The technological advancements in assay platforms, such as bead-based assays, microarrays, and next-generation sequencing, have enhanced the performance and capabilities of multiplex assays. These platforms offer higher throughput, improved sensitivity, and greater multiplexing capabilities, enabling the analysis of hundreds to thousands of analytes in a single run.
Additionally, the increasing prevalence of chronic and infectious diseases has further driven the adoption of multiplex assays. Detecting multiple pathogens or disease markers in a single sample is crucial for early diagnosis, monitoring disease progression, and assessing treatment efficacy.
The COVID-19 pandemic has significantly impacted the multiplex assays market, as these assays have played a crucial role in diagnosing and monitoring the virus. They enable the simultaneous detection of multiple viral targets in a single sample, leading to increased demand for COVID-19 testing. This surge in demand has driven research and development efforts, resulting in the introduction of new assay platforms and technologies. The market has experienced growth and opportunities, with a heightened need for assay kits, instruments, and consumables.
The pandemic has also emphasized the importance of point-of-care testing, where multiplex assays provide rapid results and aid in timely decision-making. Furthermore, the experience gained from developing COVID-19 multiplex assays has paved the way for future applications in infectious disease diagnostics, potentially advancing syndromic testing and comprehensive pathogen detection.
Industry Dynamics
Growth Drivers
Disease prevalence and pandemic impact
The multiplex assays market is experiencing significant growth due to the increasing prevalence of chronic and infectious diseases is fueling the demand for advanced diagnostic tools. Multiplex assays, with their ability to simultaneously analyze multiple analytes, provide efficient disease diagnosis, patient stratification, and monitoring. The global burden of diseases such as cancer and the ongoing COVID-19 pandemic has further accelerated the need for multiplex assays for accurate and rapid pathogen detection.
The advancements in technology and assay platforms have greatly improved the performance and capabilities of multiplex assays. Innovations like bead-based assays, microarrays, and next-generation sequencing have expanded the applications of multiplex assays. These advancements enable the detection and quantification of numerous analytes in a single sample, reducing the time and cost associated with traditional single-analyte assays. Such technological progress has significantly contributed to the growth of the market.
Another driver is the growing demand for personalized medicine and companion diagnostics. Customized medicine tailors’ treatment strategies based on an individual's genetic makeup and disease characteristics. Multiplex assays play a critical role in this field by allowing simultaneous analysis of multiple biomarkers associated with specific diseases or conditions. This aids in treatment decision-making, predicting therapeutic responses, and monitoring treatment efficacy. The increasing recognition and acceptance of molecular diagnostics, with their high sensitivity and ability to detect genetic variations, have further propelled the adoption of multiplex assays in personalized medicine.
Additionally, research and development initiatives have played a vital role in advancing the multiplex assays market. Increased investment from private and public sectors and collaborations between academic institutions, research organizations, and industry players have led to the development of novel multiplex assay technologies. These initiatives drive innovation, expand the range of analytes, and explore new applications, contributing to the overall growth and versatility of the market.
The expansion of healthcare infrastructure, particularly in emerging economies, coupled with supportive government initiatives, has created a conducive environment for adopting advanced diagnostic technologies like multiplex assays. Government investments in healthcare, favorable reimbursement policies, and regulatory support have all significantly driven market growth.
Report Segmentation
The market is primarily segmented based on type, technology, application, end-use, and region.
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By Type |
By Technology |
By Application |
By End-Use |
By Region |
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By Type Analysis
Protein multiplex assays segment accounted for the largest market share in 2022
The protein multiplex assays segment is accounted for the largest shares in the market, offering simultaneous measurement of multiple proteins or biomarkers in a single sample. These assays are in high demand in research and drug development, enabling biomarker discovery, validation, and profiling for insights into disease mechanisms and treatment response. They also play a crucial role in clinical diagnostics and personalized medicine, allowing comprehensive assessments and treatment decision-making based on individual biomarker profiles.
Advancements in assay platforms and technologies, such as bead-based assays and microarrays, have improved sensitivity and multiplexing capacity. Protein multiplex assays have diverse applications across various disease areas, aiding in biomarker profiling and monitoring. The market is competitive, with numerous companies offering products to meet research and clinical needs, driving innovation, and developing improved assay platforms and expanded analyte panels.
By Technology Analysis
Flow cytometry segment dominated the market by holding significant shares
The flow cytometry technology segment has dominated the market by capturing a significant revenue share. Its widespread adoption in basic research and clinical diagnostics has made it an indispensable tool. Flow cytometry can perform multiparametric analysis of thousands of single cells per second, providing valuable information. Continuous technological advancements and the introduction of innovative flow cytometers by various companies further fuel the industry's growth. In June 2021, Thermo Fisher Scientific Inc. introduced a cutting-edge flow cytometer with imaging capabilities, allowing users to gather data and better understand cell quality and morphology in assays.
The multiplex real-time PCR segment is predicted to hold the fastest growth rate during the forecast period. This technology represents an advanced version of conventional PCR, enabling the simultaneous amplification of multiple target sequences using different sets of primers within a single PCR mixture. It incorporates internal amplification controls, enhancing the accuracy of negative PCR results. Moreover, multiplex real-time PCR enables the detection of various pathogens in a single reaction, even across taxonomically distinct groups. These advantages are expected to drive its application in clinical diagnostics and propel the growth of the multiplex assays industry in the upcoming years.
By Application Analysis
Research and development segment expected to grow at fastest rate during forecast period
The research and development segment anticipated to grow fastest in the market, accounting for the largest revenue share. There is a growing demand for multiplex assays in drug discovery, as they play a crucial role in both clinical and preclinical stages. These assays are utilized to evaluate toxicity, assess the success of immunotherapy, and identify drug response biomarkers.
Furthermore, biomarker discovery and validation have become increasingly important in healthcare. They enable healthcare professionals to enhance disease diagnosis, detect cancer at early stages, and monitor therapeutic responses. To ensure the clinical utility of a biomarker candidate, its validation is necessary at each stage of the biomarker pipeline.
By End-Use Analysis
Pharmaceutical and biotechnology companies’ segment holds the largest revenue share in 2022
The pharmaceutical and biotechnology companies segment emerged as the major revenue contributor in the global market in 2022 and is projected to maintain its dominance in the foreseeable period. These companies are expected to lead in the global multiplex assays market. The significant revenue share can be attributed to the increasing utilization of multiplex assays in drug research and development by pharmaceutical firms and the growing focus of biotechnology companies on developing biosimilars and monoclonal antibodies.
Regional Insights
North America is accounted to hold largest shares of the market in 2022
North America region held the highest share of the market in 2022. The growth of the North American market can be attributed to the increasing number of immunoassay tests conducted and the prevalence of Alzheimer's patients. The United States, in particular, is expected to dominate the North American multiplex assay industry due to the government's efforts to enhance precision medicine, collaborations with key players for multiplex assay development, and the country's rising per capita income. The presence of numerous industry players and the growing geriatric population has also propelled the United States to the forefront of the North American market. Meanwhile, the Canadian market is expanding due to increased research and development spending and more cancer patients.
Asia Pacific witnessed a high compound annual growth rate (CAGR) in the global market in 2022 and is predicted to experience the fastest growth rate in the coming years. The industry's growth in the Asia Pacific region is driven by the increasing prevalence of Alzheimer's patients and a growing patient population. India and China are the major contributors to the global market in this region. The Asia Pacific market is supported by numerous pharmaceutical companies in India and China and a significant increase in research and development investments.
Key Market Players & Competitive Insight
The key players continually invest in research and development to introduce innovative multiplex assay technologies and expand their product portfolios, catering to the growing demand for simultaneous detection of multiple analytes in various life science applications. Furthermore, strategic collaborations, mergers, acquisitions, and a strong focus on customization and market expansion underscore their commitment to addressing the complex and evolving needs of researchers and healthcare professionals, fueling market growth and technological advancements in multiplex assays.
Some of the major players operating in the global market include:
- Abcam plc
- Agilent Technologies, Inc.
- Antigenix America, Inc.
- AYOXXA Biosystems GmbH
- Bio-Rad Laboratories, Inc.
- Bio-Techne Corporation
- Becton, Dickinson and Company
- Boster Biological Technology
- Cayman Chemical Company
- DiaSorin S.p.A.
- Enzo Life Sciences, Inc.
- Illumina, Inc.
- Luminex Corporation
- Merck KGaA
- Meso Scale Diagnostics
- Olink
- PerkinElmer, Inc.
- Promega Corporation
- Qiagen N.V.
- Randox Laboratories
- Seegene
- Shimadzu Biotech
- Siemens Healthineers
- Thermo Fisher Scientific Inc.
Recent Developments
- In May 2022h, Vela Diagnostics unveiled the PathoKey MP UTI ID and AMR PCR Test, designed for research use. This advanced multiplex PCR-based test enables identifying and differentiating 14 pathogens responsible for urinary tract infections (UTI) and detecting 14 antimicrobial resistance (AMR) genes, which confer resistance to 5 antibiotics.
- In April 2022, Bruker Corporation introduced novel multiplex PCR infectious disease assays utilizing its exclusive LiquidArray technology.
Multiplex Assays Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 4107.7 million |
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Revenue forecast in 2032 |
USD 8,136.7 million |
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CAGR |
8.81% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Type, By Technology, By Application, By End-Use, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Delve into the intricacies of Multiplex Assays Market in 2024 through the meticulously compiled market share, size, and revenue growth rate statistics by Polaris Market Research Industry Reports. Uncover a comprehensive analysis that not only projects market trends up to 2032 but also provides valuable insights into the historical landscape. Immerse yourself in the depth of this industry analysis by acquiring a complimentary PDF download of the sample report.
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FAQ's
type, technology, application, end-use, and region key segments in the Multiplex Assays Market.
Multiplex Assays Market Size Worth $ 8,136.7 Million By 2032
The global multiplex assays market is expected to grow at a CAGR of 8.9% during the forecast period.
North America regions is leading the global market.
Disease prevalence and pandemic impact key driving factors in Multiplex Assays Market.
