Multiplex Assays Market worth $5.3 billion by 2027 , at a CAGR of 8.8%

(EMAILWIRE.COM, September 22, 2023 ) The report “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) – Global Forecast to 2027″, 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.

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Growth in this market is mainly driven by factors such as the emerging applications of multiplex assay in companion diagnostics and the growing need for automated and efficient systems in laboratories.

In 2022, the protein multiplex assays segment held the largest share of the multiplex assays market, by type segment.

The multiplex assays market is segmented into protein, nucleic acid, and cell-based multiplex assays according to type. The protein multiplex assays segment accounted for the largest share in the global multiplex assays market in 2022. As compared to traditional assays, protein multiplex assays prove to be faster and more efficient for protein profiling. Protein assays are highly efficient, require minimal sample volumes, and help reduce turnaround times; however, the equipment is expensive and requires skilled labor. This is expected to hamper the growth of the protein assays market.

The infectious diseases segment accounted for the largest share of the multiplex assays market for clinical diagnostics, in 2022

Based on applications, the multiplex assays market is segmented into research & development and clinical diagnostics. The clinical diagnostics segment is further segmented into infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases. In 2022, the infectious diseases segment accounted for the largest share of the multiplex assays market for clinical diagnostics. Conventional analytical techniques that are used for the detection and identification of pathogens, such as ELISA and cell culture assays, take 2–3 days to produce results. Some multiplex assays, on the other hand, can provide results in a day or less; their rapidity is the key factor supporting their adoption in infectious disease diagnostics.

North America is the largest regional market for multiplex assays market

The global multiplex assays market has been segmented into five major regions—North America, Europe, the Asia Pacific, and the Rest of the World. In 2022, North America accounted for the largest share of the multiplex assays market. The large share of this region can be attributed to the highly advanced healthcare system in the US and Canada. Over the years, healthcare spending in North America has increased at a significant rate. National health spending is projected to grow at an average annual rate of 5.4% during 2019–2028 and reach USD 6.2 trillion by 2028 (Source: Centers for Medicare & Medicaid Services). The growing healthcare expenditure is also one of the major drivers for the biotechnology sector.

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The major players operating 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).