Multiplex Assays Market by Product & Service (Consumables, Instruments, Software & Services), Type (Nucleic Acid, Protein), Technology (Flow Cytometry, Luminescence), Application (R&D, Diagnosis), End User (Pharma, Hospitals) - Forecast to 2027

Increasing Use of Multiplex Assays in Companion Diagnostics

The multiplex assays market is valued at an estimated USD 3.5 billion in 2022 and is projected to reach USD 5.3 billion by 2027, at a CAGR of 8.8% during the forecast period. The burden of chronic diseases has necessitated the use of multiplex assays for containment and management. As many biomarkers are being discovered and validated, there is a higher probability of the development of new diagnostic tests. At present, there are only a few multiplex assays targeting specific disease classes. With the development of new biomarkers, new multiplex assays can be developed. Owing to this, biomarker validation can create opportunities for the development of the multiplex assays market. However, high instrument cost is a major factor limiting the wider adoption of multiplex assays.

The consumables segment accounted for the highest growth rate in the multiplex assays market, by product & service, during the forecast period

Based on product & service, the multiplex assays market is segmented into three broad categories, namely, consumables, instruments, and software & services. In 2022, the consumables segment accounted for the largest share of the market. This segment is also expected to grow at the highest CAGR. The instruments segment accounted for the second largest share of the multiplex assays market. The increasing incidence of infectious diseases & cancer, growing demand for automated and advanced instruments with high-throughput capacities and increasing need for faster and more accurate test results with minimal human intervention are driving the instruments market segment.

The research & development segment accounted for the highest growth rate in the multiplex assays  market, by application, during the forecast period

Based on applications, the multiplex assays market is segmented into research & development (drug discovery & development and biomarker discovery & validation) and clinical diagnostics (infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases). The research & development application segment accounted the largest share of the multiplex assays market in 2022. The drug discovery & development segment accounted for the largest share of the multiplex assays market for research & development in 2022. The demand for multiplex assays in drug discovery & development has increased due to their benefits. These assays tend to be effective in evaluating drug response biomarkers, immunotherapy success, and toxicity during the clinical stages of drug development.

Asia Pacific: The fastest-growing region multiplex assays market

The global multiplex assays market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The Asia Pacific region is projected to register the highest CAGR during the forecast period. The Asia Pacific market is expected to witness the highest growth during the forecast period due to factors such as growing government efforts to increase awareness about the early detection of diseases and the increasing number of regular health check-ups; rising healthcare expenditure; the increasing number of hospitals and clinical diagnostic laboratories in India and China; and growing strength in the research base for diagnostic procedures across India, China, and Japan.

The break-up of the profile of primary participants in the multiplex assays market:

• By Company Type: Tier 1 - 42%, Tier 2 - 37%, and Tier 3 - 21%
• By Designation: C-level - 34%, D-level - 42%, and Others - 24%
• By Region: North America - 32%, Europe - 30%, Asia Pacific - 24%, and the Rest of the World - 14%

The key players in this market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands), Abcam plc (UK), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Quanterix (US), Bio-Techne (US), MESO SCALE DIAGNOSTICS, LLC (US), Randox Laboratories Ltd. (UK), Olink (Sweden), Seegene Inc. (South Korea), Siemens Healthcare AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Promega Corporation (US), Enzo Biochem Inc. (US), Cayman Chemical (US), Boster Biological Technology (US), Antigenix America, Inc. (US), Quansys Biosciences Inc. (US), and RayBiotech Life, Inc. (US).

Research Coverage:

This research report categorizes the multiplex assays market by product & service (consumables, instruments, and software & services), type (protein multiplex assays [planar protein assays, bead-based protein assays, and other protein assays], nucleic acid multiplex assays [planar nucleic acid assays, bead-based nucleic acid assays, and other nucleic acid assays], and cell-based Multiplex Assays), technology (flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and other technologies), application (research & development [drug discovery & development and biomarker discovery & validation] and clinical diagnostics [infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, and metabolism & endocrinology disorders, and other diseases]), end user (pharmaceutical & biotechnology companies, hospitals & research institutes, reference laboratories, and other end users), and region (North America, Europe, Asia Pacific, and the Rest of the World). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the multiplex assays market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; acquisitions, agreements. new product & service launches, and recent developments associated with the multiplex assays market. Competitive analysis of upcoming startups in the multiplex assays market ecosystem is covered in this report.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall multiplex assays market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of key drivers (increasing use of multiplex assays in companion diagnostics, increasing advantages over singleplex and traditional assays, and increasing incidence of chronic and infectious diseases and growing awareness about early disease diagnosis), restraints (rising costs of equipment and growing number of stringent regulations and standards), opportunities (increasing validation of biomarkers in molecular and protein diagnostics and rising need for high-throughput and automated systems), and challenges (increasing dearth of skilled professionals) influencing the growth of the multiplex assays market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the multiplex assays market.
• Market Development: Comprehensive information about lucrative markets - the report analyses the multiplex assays market across varied regions.
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the multiplex assays market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), and Merck KGaA (Germany) among others in the multiplex assays market strategies.