The multiplex assay market is predicted to grow at a 7.8% CAGR

A multiplex assay is any assay that can measure multiple analytes in the same cycle. Functional genomics frequently uses multiplex assays, generally employed to assess the effects of experimental therapies. Multiplex assays primarily aim to find proteins and other compounds in biological samples. There are two types of multiplex assays: planar assays and bead-based assays.

 

In 2021, the market for multiplex assays was worth USD 3.26 billion, and by 2030 it will reach USD 6.47 billion, growing at a 7.53% CAGR during the forecast period.

 

The expansion of the market is driven by the rising use of multiplex assays in companion diagnostics. High equipment costs and onerous rules and standards will likely impede market expansion. The growing need for automated systems with high throughput will open up significant opportunities during the forecast period.

 

Market dynamics

 

Drivers

 

The market for multiplex assays is expanding rapidly due to the rising rate of chronic diseases, the rising demand for individualized therapy, and the several benefits of multiplex assays. Also, a significant market expansion is facilitated by rising R&D studies, an aging population, and more product launches. The goal of personalized medicine is to provide unique treatments to patients based on the biological basis of their illnesses. Regarding quantity and ability to treat specific diseases, companion diagnostics are rapidly developing into a crucial component of customized therapy. This increase in companion diagnostics will significantly impact the global market for multiplex assays.

 

Restraints

 

Delivering multiplex assay testing at an affordable price is difficult since the equipment needed to manufacture multiplex assays is expensive. Furthermore, the quality control standards for multiplex assays are more stringent than for singleplex assays.

 

Opportunity

 

Protein and molecular diagnostics are increasingly using biomarkers that have been validated. Multiplex assay testing equipment technological advances will improve the efficiency and accuracy of the results, which will open up new growth prospects for the multiplex assay market in detecting autoimmune diseases, cancer, and neurological illnesses.

 

Market Segmentation

 

By Product

 

On the basis of product, the market is segmented into consumables, instruments, and software.

 

In 2021, the consumables product segment ruled the market with the largest revenue share of 74.25% due to an increase in diagnostic tests and regular purchases of consumables.

Additionally, a number of major manufacturers are providing a broad range of consumables with several benefits, including affordability, customizable analytes, and quicker delivery times with solid and trustworthy results. These benefits are anticipated to raise the specificity, precision, and stability to guarantee reliable findings and to widen the market's applications for consumables.

 

By Type

 

In 2021, the protein multiplex assay segment held the largest market share of 52.00%. This is because proteomics investigations are receiving more attention for biomarker research and clinical diagnosis. Clinical practice has seen considerable growth in the search for appropriate biomarkers, and quantitative protein measurement is an essential first step in discovering new biomarkers. A significant technological challenge is the analysis of a large number of putative protein biomarkers in statistically significant numbers of samples and controls.

 

By Technology

 

In 2021, the flow cytometry technology segment led the market with a 34.70% revenue share. Flow cytometry has emerged as a crucial tool for fundamental research and clinical diagnosis. Many single cells are subjected to information-rich multiparametric analysis every second. Technological developments and the introduction of novel flow cytometers by a number of businesses are also aiding the development of the industry. Thermo Fisher Scientific Inc., for example, introduced a cutting-edge flow cytometer with imaging capabilities in June 2021, allowing users to gather data and better comprehend the quality and shape of the cells in these assays.

 

By End-User

 

In 2021, the pharmaceutical and biotechnology companies led the market with a revenue share of 40.65%. This is because more pharma and biotech companies are partnering and cooperating to improve multiplexing capabilities. For example, Becton, Dickinson and Company, and Labcorp worked together in August 2022 to create flow cytometry-based companion diagnostics to give patients effective treatment alternatives. Partnerships can therefore increase industry growth and improve the growth possibilities for multiplex assays.

 

Regional Insights

 

North America was the market leader in 2021, with the greatest share of more than 37.05%. It is due to the expanding R&D activities for discovering novel pharmaceuticals and diagnosis & treatment alternatives. The rise in government financing for discovering new biomarkers and the increased frequency of chronic diseases like cancer and stroke will fuel the region's growth. Furthermore, the regional market's growth will be driven by the presence of important players in the area. 

 

Key Players 

 

• Abcam plc
• Merck KGaA
• Illumina Inc
• Luminex Corporation
• Qiagen N.V.
• Bio-Rad Laboratories, Inc.
• Thermo Fisher Scientific Inc
• Agilent Technologies, Inc.
• Randox Laboratories
• Quanterix
• Becton, Dickinson, and Company
• Meso Scale Diagnostics
• Bio-Techne Corporation
• Seegene
• Promega Corporation
• Olink
• DiaSorin S.p.A.
• Siemens Healthineers
• Antigenix America, Inc.
• Enzo Life Sciences, Inc.
• Cayman Chemical Company
• PerkinElmer Inc.
• Shimadzu Biotech
• Boster Biological Technology
• AYOXXA Biosystems GmbH

 

 

In 2021, the market for multiplex assays was worth USD 3.26 billion, and by 2030 it will reach USD 6.47 billion, growing at a 7.53% CAGR during the forecast period. Rising research and development efforts in the pharmaceutical industry for the treatment of various diseases and the rising incidence rate of cancer will impact the growth of the multiplex assay market.

 

Related Reports:

Lung Cancer Therapeutics Market Report - The global lung cancer therapeutics market will witness a robust CAGR of 8.74%, valued at $28.56 billion in 2021, expected to appreciate and reach $60.72 billion by 2030, confirms Strategic Market Research. North America is destined to dominate the overall market share, followed by Europe. Lung cancer is a type of cancer that develops in the tissues of the lungs, most commonly in the cells lining the airways.