Multiplex Assay Market to Reach $7.7 Billion, Globally, by 2032 at 7.8% CAGR: Allied Market Research
Increase in the adoption of multiplex assay products, numerous advances in multiplex assays over traditional assays, and the increase in acceptance of personalized treatment in developing countries drive the growth of the global multiplex assay market.
PORTLAND, Ore., Nov. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Multiplex assay Market By Type (Protein Based Multiplex Assays, Nucleic Acid-Based Multiplex Assays, Cell-Based Multiplex Assays), By Product (Reagents And Consumables, Instruments And Accessories, Software And Services), By Application (Clinical Diagnostics, Research And Development, Companion Diagnostics), By End User (Hospitals, Clinical Laboratories, Research Institutes, Pharmaceutical And Biotechnology Companies): Global Opportunity Analysis and Industry Forecast, 2023–2032" According to the report, the global multiplex assay industry generated $3.6 billion in 2022 and is anticipated to generate $7.7 billion by 2032, witnessing a CAGR of 7.8% from 2023 to 2032.
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Prime determinants of growth
Rise in prevalence of chronic and infectious diseases, technological advancement in multiplex assay products, rise in adoption of personalized medicines drive the growth of the global multiplex assay market. However, the lack of skilled labor/healthcare professionals have hamepered the multiplex assay market growth. On the contrary, the high growth potential in developing countries and the increase in R&D activities are expected to offer remunerative opportunities for the expansion of the multiplex assay market during the forecast period.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Product, Application, End User and Region
Rise in prevalence of chronic disease
Rise in adoption of personalized medicines
Technological advancements in multiplexed products
Rise in R&D activities
Lack of skilled labor/healthcare professionals
Economic Downturn Analysis: Impact of Recession in 2023 on the Multiplex Assay Market
- Startups and smaller businesses in the multiplex assay sector, which often rely on loans or investments to fund their operations and expansion, may face challenges in obtaining affordable financing. This can hinder their ability to invest in R&D, product innovation, and market expansion.
- Recession hinders the ability of the market to introduce more efficient, accurate, and user-friendly multiplexed assay instruments & kits, which hinders market growth.
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The protein-based multiplex assay segment to maintain its leadership status throughout the forecast period
On the basis of type, protein-based multiplex assay segment held the highest market share in 2022, accounting for three-fourths of the global multiplex assay market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the high adoption of protein-based multiplex assay, and continuous investments in R&D for introduction of innovative technologies. The nucleic acid-based multiplex assay segment is projected to manifest the highest CAGR of 10.1% from 2023 to 2032, owing to an increase in usage of nucleic acid-based multiplex assay and increase in research regarding nucleic acid-based multiplex assay.
The reagents & consumables segment to maintain its leadership status throughout the forecast period
On the basis of product, the reagents & consumables segment held the highest market share in 2022, accounting for more than two-thirds of the global multiplex assay market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to high adoption of reagents & consumables, and recurring purchase of assays and reagents for increasing research applications. The instruments & accessories segment is projected to manifest the highest CAGR of 8.9% from 2023 to 2032 due to a rise in adoption of instruments & accessories and increase in R&D labs that further uses instruments & accessories.
The research and development segment to maintain its leadership status throughout the forecast period
Based on application, the research and development segment held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global multiplex assay market revenue, owing to wide applications of multiplex assay technologies in R&D and convenience and quicker results offered by multiplex assays while performing assays. The clinical diagnostics segment is expected to witness the fastest CAGR of 8.7% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a rise in prevalence of chronic infectious disease and increase in awareness regarding diagnosis of diseases.
The pharmaceutical & biotechnology companies segment to maintain its leadership status throughout the forecast period
On the basis of end user, the pharmaceutical & biotechnology companies segment held the highest market share in terms of revenue in 2022, accounting for more than half of the global multiplex assay market revenue, owing to high use of multiplex assays for research and development in pharmaceutical & biotechnology companies. The same segment is expected to witness the fastest CAGR of 8.8% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to rise in penetration of multiplex assays in pharmaceutical & biotechnology companies, as compared to conventional assays, for biomolecular detection, biomarker validation, and measuring pathways for diseases & physiological activities.
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North America to maintain its dominance by 2032
On the basis of region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global multiplex assay market revenue, owing to robust healthcare infrastructure, presence of key players, and rise in healthcare expenditure. However, the Asia-Pacific region is expected to witness the fastest CAGR of 9.5% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to a rise in prevalence of chronic infectious cases, unmet medical demands, and rise in R&D activities.
Leading Market Players: -
- Abcam plc
- Becton, Dickinson and Company
- Bio-Rad Laboratories, Inc.
- DiaSorin S.p.A. (Luminex Corporation)
- Illumina Inc.
- Meso Scale Diagnostics LLC
- QIAGEN N.V.
- Randox Laboratories Ltd.
- Seegene Inc.
- Thermo Fisher Scientific Inc.
The report provides a detailed analysis of these key players in the global multiplex assay market. These players have adopted different strategies such as acquisition, agreement, expansion, partnership, product launch, and product approval to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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