Multiplex Assay Market to Grow at 6.4% CAGR by 2030
Constant technological advancement followed by the presence of developed healthcare along with growing adoption of companion diagnostics as well as growth in product launches are expected to drive the growth of multiplex assay industry during the forecast period of 2020-2030.
The Multiplex Assay Market is expected to grow at the CAGR of 6.4% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Multiplex assay is a process to identify the various components of the biological sample which is available in a minute quantity. This helps to get the maximum information about biological molecules by quantifying the sample by using polymerase chain reaction (PCR). These helps in the detection of mutation, gene detection, forensic studies and many more activities which takes less time as compared to conventional methods.
According to the report, constant growth in technological advancement along with presence of developed healthcare infrastructure followed by the high prevalence rate of genetic disorders is driving the market growth. There have been several advantages associated with the advanced technology as compared to traditional methods along with presence of well developed healthcare facilities with high accuracy rates. In addition, high adoption rate of personalized medicine supported by the growing demand of safe & effective therapies. On the other hand, growth in clinical trials followed by growth in contract research organization as well as laboratories has anticipated the market growth. These methods are easier & faster as well as automated which may tend to bring change in market trends during the forecast period.
However, high cost associated with the instruments & consumables followed by the stringent regulatory policies which can restrict the market growth. Moreover, growth in research & development activities with high adoption of companion diagnostics followed by new product launch in the market is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of types, the multiplex assay market share is segmented into Nucleic Acid-based Multiplex Assays, Protein-based Multiplex Assays, and Others. Nucleic Acid-based Multiplex Assays dominates the global multiplex assay market in terms of market share & growth rate and will be the dominant during the forecasted period.
On the basis of product, the multiplex assay market is fragmented into Multiplex Assay Reagents & Consumables, Multiplex Assay Instruments & Accessories, and Multiplex Assay Software & Services. Multiplex Assay Reagents & Consumables are projected to account for the major market share and will be dominant over the forecast period.
Based on technology the multiplex assay market is fragmented into Multiplex PCR, multiplex protein microarray, and others. The PCR segment is likely to show significant growth rate and maintain its dominance over the forecast period.
On the basis of application, the multiplex assay market is categorised into companion diagnostics, research & development, and clinical diagnostics. Clinical Diagnostics accounts for the major market share owing to the high prevalence rate of various diseases which in turn created the demand for multiplex assay market.
Based on end user, the multiplex assay market is categorized into Hospitals, Clinical Laboratories, Research Institutes, and Pharmaceuticals & Biotechnological Companies. Clinical laboratories accounts for the significant growth rate and expected to maintain its dominance over the forecast period.
North America is likely to account for the highest market size & share of the multiplex assay market in the forecast period 2020–2030 owing to the developed healthcare facilities followed by the technological advancement. Moreover, high adoption rate of companion diagnostics supported by the growth in clinical trials. Europe accounts for the second leading position in the multiplex assay market size. Asia Pacific is expected to be the fastest developing region in the multiplex assay market which is majorly driven by the high prevalence rate of various disorders followed by the growing demand for new & effective treatment therapies. In addition, growth in new product launches with fast developing healthcare facilities.
According to the report, some the key players in the multiplex assay market Thermo Fisher Scientific Inc., Luminex Corporation, Bio-Rad Laboratories Inc., Illumina Inc., Becton, Dickinson and Company, QIAGEN N.V., Seegene Inc., Abcam PLC, Randox Laboratories Ltd. and Meso Scale Diagnostics LLC.
Browse key industry insights from the report at https://www.nextmsc.com/report/multiplex-assay-market in detail along with the table of contents:
Key Insights from the Multiplex Assay Market Report:
- Asia Pacific is the fastest growing Multiplex Assay market owing to the high prevalence rate of various disorders followed by the development of healthcare facilities along with product launches.
- The nucleic acid based multiplex assay as well as PCR technology dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are Thermo Fisher Scientific Inc., Luminex Corporation, Bio-Rad Laboratories Inc., Illumina Inc., Becton, Dickinson and Company, QIAGEN N.V., Seegene Inc., Abcam PLC, Randox Laboratories Ltd. and Meso Scale Diagnostics LLC.
The report Multiplex Assay market – segmented by product, type, technology, application, end user and geography
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