Multiplex Assay Market Size Surpasses USD 6.82 Billion in 2030, Driven by Rising Prevalence of Diseases
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Rapid adoption of Point Of Care (POC) devices is a key factor driving multiplex assays market revenue growth
VANCOUVER, B.C, CANADA, June 9, 2023/EINPresswire.com/ -- According to the most recent report by Emergen Research, the global market for multiplex assays reached USD 3.32 billion in 2021 and is projected to grow at a steady rate of 8.3% during the forecast period. Recent years have seen a tremendous increase in the market for multiplex assays, which is mostly due to developments in molecular biology and diagnostics.
For a variety of uses, including illness diagnosis, drug discovery, and research, multiplex assays enable the simultaneous detection and quantification of numerous analytes in a single reaction, offering effective and affordable solutions. When compared to conventional single-analyte assays, this technique offers greater accuracy, sensitivity, and throughput, revolutionising the way diagnostic tests are performed.
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The rising desire for individualised treatment plans and companion diagnostics is one of the major factors driving the market for multiplex tests. Using multiplex assays, medical experts can examine several biomarkers at once, giving them a thorough insight of a patient's state and enabling focused treatments. This skill is especially useful in cancer, as identifying particular genetic mutations or protein expressions can assist in determining the best course of action.
The global rise in the prevalence of chronic diseases is another factor driving the market's expansion. Multiplex tests provide early detection and prompt intervention by providing a quick and reliable diagnosis of diseases like cancer, cardiovascular problems, and infectious diseases. Additionally, the market is anticipated to increase as a result of the growing elderly population and the increasing demand for effective diagnostic tools.
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Multiplex Assay market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
Key Companies Profiled in the Report:
Bio-Rad Laboratories, Inc., Luminex Corporation., Abcam plc., Merck KGaA, BD, Bio-Techne., Thermo Fisher Scientific, Inc., PerkinElmer Inc., Promega Connections., and Advanced Cell Diagnostics, Inc.
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Some Key Highlights From the Report
In 2021, the global market for multiple assays had the biggest revenue share in the software segment. This is as a result of an increase in diagnostic firms releasing new software. One such example is the release of OmniType, an 11-locus multiplex HLA genotyping assay and software solution for use on Illumina sequencing platforms, by Omixon, a global molecular diagnostics firm, on September 30, 2020. Samples can be processed from gDNA to a library that is prepared for sequencing in around 6 hours with the use of OmniType's revolutionary single-working-day approach.
Due to federal government agencies, the nucleic acid-based test segment accounted for a fairly big revenue share in the global multiple assays market during the projection period.’ The Food and Drug Administration (FDA) has authorised nucleic acid-based screening assays for SARS-CoV-2 detection, according to the Centres for Disease Control and Prevention. Flu SC2 (CDC Influenza SARS-CoV-2) In upper and lower respiratory specimens, the Multiplex Assay is a real-time reverse transcription polymerase chain reaction (RT-PCR) technique that can identify and separate influenza A, influenza B, and SARS-CoV-2. This test is a nucleic acid-based diagnostic tool for assessing samples from individuals with infections that are still in the acute stage.
In 2021, the global market for multiple assays was dominated by the North American market in terms of revenue. This is a result of the growing partnerships and collaborations amongst top healthcare providers in this area. Becton, Dickinson, and Company (BD), a top global healthcare company, and Labcorp, a top life sciences company, announced a partnership on August 9, 2022, to create, produce, market, and sell flow cytometry-based Companion Diagnostics (CDx), which will help patients find treatments for cancer and other diseases that could change their lives. The basis for collaboration between BD and Labcorp Drug Development and pharmaceutical partners on CDx prospects based on flow cytometry was established by this agreement.
Market Overview:
The report bifurcates the Multiplex Assay market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.
Emergen Research has segmented global multiplex assays market on the basis of product, type, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2019-2030)
Consumables
Software
Instruments and accessories
Type Outlook (Revenue, USD Billion; 2019-2030)
Protein based multiplex assay
Nucleic acid based assay
Other assays
Application Outlook (Revenue, USD Billion; 2019-2030)
Research & Development (R&D)
Clinical diagnostics
Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Hospitals and clinics
Research laboratories
Pharmaceutical companies
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Regional Landscape section of the Multiplex Assay report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The all-inclusive report on the Global Multiplex Assay Market added by Emergen Research demonstrates that the global Multiplex Assay market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the Multiplex Assay market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.
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Key Benefits of Buying the Global Multiplex Assays Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Multiplex Assays Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Multiplex Assays Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Multiplex Assays Market
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