The Multiplex Assays Market Growing with a Robust Boom

A technique for profiling each analyte individually is the multiplex assay. The polymerase chain reaction uses analysts like proteins, biomolecules, growth factors, cytokines, and chemokines to amplify multiple targets (PCR). Numerous applications of multiplex assays include genetic analysis, pathogen identification, and more. In a single test cycle, the multiplex assay detects multiple analytes. In order to simultaneously detect various types of biomolecules, such as proteins and DNA, multiplex assays are used in a variety of fields of life science, such as functional genomics.

The market for multiplex assays in 2021 was USD 3.36 billion and will be worth USD 6.47 billion by 2030 at a 7.53% CAGR during 2021-2030.

Market Drivers of Multiplex Assays Market

Global cancer rates are rising, which is fostering market expansion. Cancer is the second major cause of death in the world, c for more than 10 million deaths annually. This will make it easier for the market to grow in the future.

Spending more on R&D will lead to better market growth prospects, particularly in developed and developing nations related to medical devices and devices. The ability of R & D to incorporate cutting-edge technologies into healthcare facilities and identify infectious diseases also contributes to market expansion.

The federal government’s increased funding is intended to stimulate market expansion. Additionally, the expansion of the healthcare industry, driven by both public and private players, will open up promising prospects for market expansion, particularly in developing nations. The market benefits from the high rate of return on investment that research activities secure. Increased disposable income, the use of technology-driven products in hospitals, the adoption of companion diagnostics to improve the safety and efficacy of treatments, and increased investment in the creation of cutting-edge medical products and devices are other factors. Additionally, multiplex assays’ advantages contribute to the market’s expansion.

Restraining Factors

Market expansion is hampered by the high costs related to research and development, the absence of adequate infrastructure, and the practical difficulties in using diagnostic tests. Additionally, the market is anticipated to face challenges from a lack of favorable reimbursement scenarios and technology penetration in developing economies, limited reimbursement policies for microbiology testing procedures, high reagent costs for microbiology biochemical testing, and a shortage of qualified workers for conducting diagnostic tests in low- and middle-income nations.

Key Opportunity

the increased use of multiplex assays in companion diagnostics, the rise in the senile population, and the validation of biomarkers in molecular and protein diagnostics all contribute to increased public and private funding for targeted research activities. Additionally, an increased number of strategic partnerships, internet penetration, hospitals, and labs, as well as the accessibility and affordability of low-cost clinical microbiology products and the cost of healthcare per person, will offer numerous opportunities in the future.

Market segmentation

Product Insights

The consumables segment ruled the market in 2021 with the largest share of 74.25%. The segment is anticipated to keep its leading market position throughout the forecast period while growing at the fastest CAGR. This segment has experienced rapid growth and a high share thanks to an increase in diagnostic tests and recurring purchases of consumables.

Additionally, several major players provide a broad range of consumables with several benefits, including affordability, customizable analyses, and quicker delivery times with solid and trustworthy data.

Type Insights

In 2021, the protein multiplex assay segment maintained the biggest position in the market with a 52% share. This is due to the proteomics studies’ growing importance in biomarker research and clinical diagnostics. Clinical practice has seen a significant increase in the search for appropriate biomarkers, and quantitative protein measurement is an essential first step in the discovery of new biomarkers.

Technology Insights

With the highest share of 34.70% flow cytometry technology segment ruled the market in 2021. Flow cytometry has emerged as a crucial tool for both fundamental research and clinical diagnosis. Numerous single cells are subjected to information-rich multiparametric analysis every second. Technological developments and the introduction of novel flow cytometers by several businesses are also aiding the development of the industry.

End-user Insights

The pharmaceutical and biotechnology companies segment led the entire market in 2021 with a 40.65% share. This is because more pharma and biotech companies are partnering and cooperating to improve multiplexing capabilities.

Regional Insights

In 2021, North America maintained the largest position in the market, with a share of 37.05%. It is due to the expanding R&D activities for the development of novel drugs and diagnosis & treatment options. The rise in government funding for the discovery of new biomarkers and the rising incidence of chronic diseases like cancer and stroke are expected to fuel the region’s growth.