October 2024
The global multiplex assay market size was estimated at USD 1.50 billion in 2023 and is projected to reach USD 6.75 billion by 2034, registering a CAGR of 14.79% from 2024 to 2034.
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Multiplex assays refer to the kind of immunoassay capable of simultaneous measurement of multiple analytes. Multiplex assays are derived from the ELISA format and produce multiple signal measurements. It assists in getting the maximum information about biological molecules by quantifying the sample by using PCR. It is extensively used in functional genomics for the detection and quantification of proteins, biomolecules, biomolecules, cytokines, and others. It takes less time as compared to conventional methods. Multiplex assays are widely used across various medical fields, such as autoimmune disorders, oncology, and infectious diseases, and are often performed using modern technologies, including bead-based assays, microarrays, digital droplet PCR, and others.
The increasing prevalence of cancer
The rising burden of cancer across the globe is expected to propel the market’s growth during the forecast period. Cancer is one of the most severe chronic diseases and has a major impact on society across the world. Multiplex assays are widely used for the quantitative profiling of co-inhibitory and co-stimulating immune checkpoint proteins. The wide-ranging cancer multiplex panel offering includes kits to measure cancer biomarkers, checkpoint proteins, as well as cytokines, chemokines, and growth factors. Therefore, the increasing burden of cancer globally is anticipated to boost the expansion of the multiplex assay market during the forecast period.
High investment cost
The high cost associated with the multiplex assay market is anticipated to hamper the market's growth. In addition, High capital investment often discourages potential market players from entering the market. In addition, the lack of adequate healthcare infrastructure and shortage of skilled personnel for data analysis in middle and lower-income countries may restrict the expansion of the global multiplex assay market.
Increasing popularity of personalized medicine
The rising adoption of personalized medicine is projected to offer lucrative opportunities to the market during the forecast period. Multiplex assays are highly used to identify changes in gene expression, genetic variations, or epigenetic modifications for certain rare and chronic disorders. These assays play a crucial role in developing personalized medicines. The rising demand for precision medicine and personalized diagnostics is expected to fuel the growth of the market as multiplex assays offer a comprehensive understanding of complex biological interactions. Therefore, increasing acceptance of personalized medicine for treating numerous chronic diseases globally is expected to boost the multiplex assay market’s growth during the forecast period.
The protein-based multiplex assays segment accounted for the dominating share of the multiplex assay market in 2023 and is projected to continue its dominance over the forecast period. The growth of the segment is attributed to the rising adoption of reagents & consumables. Several key market players are offering various consumables with numerous benefits, including customization of analytes, cost-effectiveness, faster delivery time, and more. In addition, the increasing repeated purchases of consumables and the surge in diagnostic tests are expected to fuel the expansion of the segment.
The nucleic acid-based multiplex assay segment is expected to witness considerable growth in the global market over the forecast period. Factors such as the high efficiency of software and rising in the number of product launches are anticipated to bolster the segment growth during the forecast period.
Tthe reagents & consumables segment held the largest share of the multiplex assay market in 2023 and is expected to sustain its position throughout the forecast period due to the rising adoption of protein-based multiplex assays. Protein-based multiplex assays are crucial tools and are widely used in biomedical research and diagnostics. Protein-based multiplex assays facilitate the simultaneous detection and quantification of multiple proteins in a single sample. Measuring the accurate levels of multiple proteins simultaneously offers researchers a greater understanding of biological processes and disease mechanisms. Moreover, the increasing prevalence of chronic diseases and technological improvements in assay platforms, including improved sensitivity and multiplexing capabilities, are likely to accelerate the segment's market.
The software & services segment is expected to grow at a significant rate in the multiplex assay market during the forecast period over the forecast period owing to the growing use of nucleic acid-based multiplex assay coupled with rising research regarding nucleic acid-based multiplex assay. Nucleic acid assay assists in molecular tests to diagnose human diseases, including human genetic markers indicative of disease (autoimmune disease and cancer) and tests to identify disease-causing pathogens.
The research & development segment held the dominating share of the multiplex assay market in 2023. The usage of multiplex tests in the drug development process is increasing. The robust growth of the segment is driven by the increasing applications of multiplex assays in R&D. These assays are extensively used in the preclinical and clinical phases for the proper evaluation of the effectiveness of toxicity, immunotherapy, and medication response biomarkers. Biomarker development and validation are rapidly gaining popularity among healthcare professionals for early cancer detection, improving illness diagnosis, and therapy response monitoring.
The clinical diagnostics segment is expected to grow at a notable rate in the multiplex assay market over the studied years owing to the increasing cases of chronic diseases, including cancer, stroke, autoimmune disorders, heart diseases, and other infectious diseases. Additionally, growing awareness regarding the diagnosis of chronic diseases is expected to fuel the segment’s expansion during the forecast period.
The pharmaceutical & biotechnology companies segment held the largest share of the multiplex assay market in 2023. The segment’s growth is majorly driven by the increasing penetration of multiplex assays in pharmaceutical & biotechnology companies for biomarker validation, biomolecular detection, and measuring pathways for diseases. With the advent of the pandemic, these companies are aggressively working to develop better and more effective vaccines and drugs.
The research institutes segment is expected to grow fastest in the multiplex assay market during the forecast period due to the rising burden of chronic diseases, including cancer, diabetes, stroke, and others. In addition, rising governmental policies, along with increasing funding for research activities, are expected to support the growth of the segment.
North America held the dominant 38.50% share of the multiplex assay market in 2023 and is expected to witness prolific growth during the forecast period. This is due to the presence of sophisticated healthcare infrastructure, the surge in funding from public and private organizations in the R&D activities, high healthcare expenditure, rising application of multiplex assays in companion diagnostics, increasing adoption of personalized medicine, rising usage of multiplex assays for early detection of cancer, and increasing product launches are some of the major factors expected to support the growth of the multiplex assay market in the region. Moreover, supportive government policies permit researchers to conduct new and advanced research activities.
The rising burden of cancer and stroke is anticipated to fuel the growth of the multiplex assay market in the coming years. The United States and Canada are contributing majorly towards the growth of the market. The rapid growth of these countries is attributed to the rising R&D activities for the development of novel drugs and diagnosis & treatment options, increasing government financing for the discovery of new biomarkers, significant increase in capital income, surge in medical tourism, and propels the growth of the market. The countries have the presence of several major players, including Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Advanced Cell Diagnostics, Inc., Luminex Corp., and others. Such factors increase the adoption rate of multiplex assay products & services in these countries.
According to the data published by the National Cancer Institute at the National Institutes in May 2024,
Asia Pacific is anticipated to grow at a notable growth rate in the multiplex assay market during the forecast period owing to the improvement in medical health infrastructure, increasing incidence of people suffering from chronic diseases, technological advancements in the healthcare sector, rise in purchasing power of developing nation such as China, Japan, and India, an increasing number of diagnostic laboratories, rising awareness regarding the use of multiplex assay products & services, and increasing acceptance of personalized medicine. The rapid growth of the aging population increases the demand for healthcare services and is likely to influence the market’s growth in the region. Additionally, the expansion of research activities in the region, along with the favorable regulatory environment, led to an increasing adoption of advanced diagnostic techniques in the region.
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October 2024
October 2024
October 2024
October 2024
Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y. Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.