A recent study by Triton Market Research titled ‘Global Multiplex Assay Market’ comprises the Global Analysis and Forecasts by Application (Research and Development, Companion Diagnostics, Clinical Diagnostics), Industry Verticals (Hospitals, Clinical Laboratories, Research Institutes, Pharmaceutical & Biotechnology Companies), Type (Protein-Based Multiplex Assay, Nucleic Acid-Based Multiplex Assay, Other Multiplex Assay Types), Product and Service (Reagents and Consumables, Software and Services, Instruments and Accessories), Technology (Multiplex Protein Microarray, Multiplex PCR, Other Technologies), and by Geography (Latin America, Middle East and Africa, Europe, North America, Asia-Pacific).
Multiplex assays are used primarily in clinical trials as they have the ability to reduce research costs and enhance the overall efficiency of experiments and therapies.
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Triton’s research report denotes that the global multiplex assay market is likely to propel at a CAGR of 8.67% over the projected phase 2021-2028. It is also calculated to acquire revenue worth $7933.87 million by 2028.
Personalized medicines play a major role in offering accurate and better treatment to individual patients according to body response and disease risk. Here, multiple assays have proven to be highly useful for the production of personalized medicines. Hence, the high adoption of personalized medicine and the adoption of multiplex assays over traditional methods are driving the growth of the multiplex assay market. However, the shortage of skilled professionals and regulations pertaining to environmental safety is limiting the expansion of the multiplex assay market.
The global multiplex assay market is segmented into application, industry verticals, type, product and service, and technology. Based on application, it is sectioned into research and development, companion diagnostics, and clinical diagnostics. The industry verticals section is divided into hospitals, clinical laboratories, research institutes, and pharmaceutical & biotechnology companies. The type segment is branched into protein-based multiplex assay, nucleic acid-based multiplex assay, and other multiplex assay types. Further, the product and service segment is categorized into reagents and consumables, software and services, and instruments and accessories. Lastly, the technology segment is divided into multiplex protein microarray, multiplex PCR, and other technologies.
Globally, North America holds the largest market for multiplex assay market. The region’s growth can be attributed to the rise in R&D activities of new drugs, diagnoses, and treatments. Moreover, the high prevalence of chronic conditions, such as cancer and strokes, are fueling the growth of the studied market. Furthermore, the increase in government funds to detect new biomarkers is another factor supplementing the development of the multiplex assay market over the forecast period.
The eminent companies thriving in the multiplex assay market comprises Seegene Inc, Illumina Inc, Meso Scale Diagnostics LLC, Siemens Healthineers AG, Agilent Technologies Inc, F Hoffmann La Roche, Bio Rad Laboratories Inc, Thermo Fisher Scientific Inc, Abcam, Merck Millipore, Qiagen NV, Becton Dickinson and Company, Luminex Corporation, Randox Laboratories Ltd, Olink Proteomics AB, and Bio Techne Corporation.
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Question & Answer: Multiple Assay Market
Question 1: What significant factors are driving the growth of the multiplex assay market?
Answer: Personalized medicines play a major role in offering accurate and better treatment to individual patients according to body response and disease risk. Here, multiple assays have proven to be highly useful for the production of personalized medicines. Hence, the high adoption of personalized medicine and the adoption of multiplex assays over traditional methods are driving the growth of the multiplex assay market.
Question 2: What factors are limiting the expansion of the multiplex assay market?
Answer: The shortage of skilled professionals and regulations pertaining to environmental safety is limiting the expansion of the multiplex assay market.
Question 3: Which region holds the largest market for multiplex assay market?
Answer: Globally, North America holds the largest market for multiplex assay market. The region’s growth can be attributed to the rise in R&D activities of new drugs, diagnoses, and treatments. Moreover, the high prevalence of chronic conditions, such as cancer and strokes, are fueling the growth of the studied market. Furthermore, the increase in government funds to detect new biomarkers is another factor supplementing the development of the multiplex assay market over the forecast period.
Question 4: Which are the eminent companies thriving in the multiplex assay market?
Answer: The eminent companies thriving in the multiplex assay market comprises Seegene Inc, Illumina Inc, Meso Scale Diagnostics LLC, Siemens Healthineers AG, Agilent Technologies Inc, F Hoffmann La Roche, Bio Rad Laboratories Inc, Thermo Fisher Scientific Inc, Abcam, Merck Millipore, Qiagen NV, Becton Dickinson and Company, Luminex Corporation, Randox Laboratories Ltd, Olink Proteomics AB, and Bio Techne Corporation.
Related Report:
The global DNA sequencing market is anticipated to expand at a CAGR of 17.21% through the period of 2021-2028 while acquiring $35684.5 million in revenue by 2028.
DNA sequencing refers to the process of asserting the nucleic acid sequence. The information of DNA sequences of genes and supplementary parts of the organism’s genome has expanded prominence in various fields like cancer diagnostics and forensics.
Factors such as the prevalence of cancer cases, technological advancements, and applications of DNA sequencing for animal and plant reproduction motivate the market’s growth.
However, the lack of skilled professionals and limitations of DNA sequencing technology is hampering the overall growth of the global market.
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