GLOBAL MULTIPLEX ASSAY MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The multiplex assay market has been witnessing significant growth in the recent past on account of the rising incidence of chronic and infectious diseases globally. Multiplexing permits simultaneous detection of multiple analytes in a single assay run, which enhances diagnostic accuracy and throughput. It allows laboratories to streamline testing processes while minimizing operational costs. Various technological advancements including microarrays and bead-based techniques have facilitated the development of high-throughput multiplex platforms with high sensitivity and specificity for clinical diagnostics and research applications. Going forward, the growing geriatric population vulnerable to age-related illnesses, increasing healthcare expenditures on diagnostic testing, and expansion of precision medicine are expected to present lucrative opportunities for players in the multiplex assay market.

Market Dynamics:

The multiplex assay market is driven by factors such as growing demand for personalized medicine, robust R&D activity in the field of proteomics and genomics, and increasing applications of multiplex assays in biomarker research and clinical diagnostics. However, complexity of assay development and stringent regulatory framework are some challenges restraining the market growth. Adoption of microfluidics and digital PCR technologies create new opportunities by facilitating development of high-throughput, low sample volume, and portable multiplex platforms. Lack of skilled experts and high cost of instruments also challenge market expansion to some extent.

The growing adoption of multiplex assay techniques is a significant driver for the market. Multiplex assays offer numerous advantages over traditional singleplex assays by allowing the simultaneous analysis of multiple targets in a single experiment, which can drive the market growth in several ways such as  multiplex assays can test for multiple analytes at once, saving time and labor compared to running. By consolidating tests, multiplex assays can reduce overall costs associated with reagents and consumables, as well as laboratory overhead. They are ideal for high-throughput screening, making them valuable in large-scale studies and clinical diagnostics. Multiplexing enables analysis from limited sample volumes, preserving precious samples like biopsy material or rare populations of cells. 

For instance, in June 2021, Eurofins, the global leader in food, environment, pharmaceutical, and cosmetic product testing, announced the launch of GSD NovaType III SARS-CoV-2 RT-PCR assay, developed for the rapid detection of SARS-CoV-2 variants. The assay facilitates the identification of the relevant mutations E484Q, E484K, and L452R in one reaction combined with the simultaneous discrimination from the S gene E484 wildtype variant.

Key Features of the Study:

• This report provides an in-depth analysis of the global multiplex assay market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global multiplex assay market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Luminex Corporation, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Qiagen, Abcam Plc.,  Becton, Dickinson and Company, Merck KGaA, Agilent Technologies, MESO SCALE DIAGNOSTICS, LLC., Randox Laboratories Ltd., Seegene Inc, Perkin Elmer Inc., R&D Systems, Inc., and Advanced Cell Diagnostics, Inc.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global multiplex assay market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global multiplex assay market

Detailed Segmentation:

• By Product
  • Consumables
  • Instruments
  • Software
• By Type
  • Protein Multiplex Assays
    • Planar Protein Assays
    • Bead-based Protein Assays
  • Nucleic Acid Multiplex Assays
    • Planar Protein Assays
    • Bead-based Protein Assays
  • Cell-based Multiplex Assays
• By Technology
  • Flow Cytometry
  • Fluorescence Detection
  • Luminescence
  • Multiplex Real-time PCR
  • Other Technologies
• By Application
  • Research & Development
    • Drug Discovery & Development
    • Biomarker Discovery & Validation
  • Clinical Diagnostics
    • Infectious Diseases
    • Cancer
    • Cardiovascular Diseases
    • Autoimmune Diseases
    • Nervous System Disorders
    • Metabolism & Endocrinology Disorders
    • Other Diseases
• By End User
  • Pharmaceutical & Biotechnology Companies
  • Hospitals & Diagnostic laboratories
  • Research & Academic Institutes
  • Other End Users
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East
  • Africa
• Top Companies in the Multiplex Assay Market:
  • Luminex Corporation
  • Thermo Fisher Scientific, Inc.
  • Illumina, Inc.
  • Bio-Rad Laboratories, Inc.
  • Qiagen
  • Abcam Plc.
  • Becton, Dickinson and Company
  • Merck KGaA
  • Agilent Technologies
  • MESO SCALE DIAGNOSTICS, LLC.
  • Randox Laboratories Ltd.
  • Seegene Inc
  • Perkin Elmer Inc.
  • R&D Systems, Inc.
  • Advanced Cell Diagnostics, Inc.