A multiplex assays is a procedure that simultaneously detects and measures a large number of analytes, such as proteins, cytokines, growth factors, and chemokines. This test is used to amplify several goals in a polymerase chain reaction (PCR) and capture more information from minute amounts of proteins or other analytes in less time than more conventional methods like ELISA. Multiplex tests are used in forensic investigations, pathogen identification, RNA detection, gene detection analysis, linkage analysis, and mutation analysis.
In 2021, the market for multiplex assays was worth USD 3.36 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 primarily driven by the rising use of multiplex assays in companion diagnostics. Multiplex assays have advantages over single-plex and conventional assays, further bolstering their market presence. High equipment costs and onerous rules and standards will impede market expansion.
Market Expansion
Drivers
Rapid advances in nanotechnology and multiplex assay technology are two major reasons boosting the global market’s revenue growth. The gradual transition from traditional singleplex ELISA to current multiplex assays, the rising incidence of diseases including Alzheimer’s, cancer, infections, and chronic disorders, as well as the growing senior population and cataract, are the main causes of the surge in demand for multiple assays. Moreover, growing the use of precision medicine to provide patients with customized treatments will further accelerate market expansion.
Restraints
One of the main reasons hindering the growth of the multiplex assay market is the expensive equipment cost, which makes it difficult for manufacturers and researchers to execute multiplex assay testing at a reasonable price. Moreover, the multiplex assays have stricter quality control (Q.C.) requirements than the single-plex assays, which hinders the market’s overall expansion.
Opportunity
Multiple biomarker analysis is widely used in the fields of cancer, neurological illnesses, and autoimmune diseases. The Asia-Pacific area is more likely to produce new diagnostic tests due to the discovery of several biomarkers, which will likely lead to plenty of growth prospects in the next years. Also, the most recent advancement in technology, like an automated multiplex assay instrument, will accelerate market expansion overall and support the market’s exponential future growth.
Market Segmentation
By Product
In 2020, the Instruments & Accessories category led the entire market with a significant revenue share. Many separate tests can be carried out in a single reaction volume using industry-standard multiplexing equipment and accessories. For instance, flow cytometry-based technology can deliver results quickly and affordably. These elements are mostly responsible for this segment’s growth.
By Type
The Nucleic Acid-Based Multiplex Assay segment accounted for a sizable revenue share of the multiplex assay market by 2020. It is because of the important characteristics of multiplex assays based on nucleic acids. Nucleic acid-based methods can be applied to a wide variety of bacteria and are often precise. Because each test is frequently unique to a certain organism, the doctor must be aware of the diagnostic possibilities and request the right tests.
By End-User
The multiplex assay market had a large revenue share for research institutes in 2020. Methods for multiplex assays are frequently used in operations for research and development. Due to their convenience and ability to produce quicker findings when conducting studies, research institutions increasingly use multiplex assays.
By Application
The companion diagnostics segment held the second-largest revenue share in 2020. The growth of this segment is due to the fact that the test allows a practitioner to determine whether or not the benefits of a drug combination can cause any potentially serious side effects in patients. Furthermore, companion diagnostics tests enable healthcare practitioners to assess the effectiveness of the personalized combination.
Regional Overview
North America had the highest regional market share, with a CAGR of 8.93% in 2020, followed by Europe. The presence of top pharmaceutical and biotechnology firms, well-established pharmaceutical industries, and higher government R&D spending are the main causes of the North American region’s largest share. Between 2010 and 2020, government spending on clinical services laboratories increased by roughly 5.23%, which significantly bolstered the industry in the United States.
Key Players
- Abcam plc
- Illumina Inc
- Luminex Corporation
- Qiagen N.V.
- Bio-Rad Laboratories, Inc.
- Agilent Technologies, Inc.
- Thermo Fisher Scientific Inc
- Becton, Dickinson, and Company
- Merck KGaA
- Meso Scale Diagnostics
- Quanterix
- Randox Laboratories
- Bio-Techne Corporation
- Olink
- Siemens Healthineers
- Seegene
- DiaSorin S.p.A.
- Shimadzu Biotech
- Promega Corporation
- PerkinElmer Inc.
- Cayman Chemical Company
- Antigenix America, Inc.
- Boster Biological Technology
- Enzo Life Sciences, Inc.
- AYOXXA Biosystems GmbH
In 2021, the market for multiplex assays was worth USD 3.36 billion, and by 2030 it will reach USD 6.47 billion, growing at a 7.53% CAGR during the forecast period. The global multiplex assay market will experience rapid growth as a result of increased research activity caused by an increase in chronic disease cases among the elderly population.
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