Multiplex Assays Growth Forecast 2025-2034: Trends, Opportunities, and Key Insights You Need to Know
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What is the Predicted CAGR for the Multiplex Assays Market Over the Forecast Period of 2025 to 2034?
In the past few years, the size of the multiplex assays market has experienced significant growth. The market, estimated to be worth $3.67 billion in 2024, is projected to increase to $3.92 billion in 2025, reflecting a compound annual growth rate (CAGR) of 6.9%. Factors contributing to the growth during the historic period include an increase in healthcare spending, expansion in emerging markets, swift advancements in technology, and a substantial rise in the senior population.
The market size for multiplex assays is projected to witness robust growth in the coming years, with an estimate of reaching $5.42 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 8.4%. This growth trajectory during the forecasted period is lined up with factors such as increased funding, governmental efforts towards genetic and microbiological studies, an aging populace, a surge in chronic diseases, and swift escalation in assorted bacterial and viral outbreaks. The key trendsetters for the forecast period are the stepping up of funding, government-led initiatives pushing genetic and microbiological research, expansion of the elderly population, spiraling cases of chronic health conditions and the fast-paced rise in various bacterial and viral epidemics.
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the multiplex assays Market?
The upsurge in chronic disease rates is fueling the expansion of the worldwide multiplex assay market. This assay is largely employed in clinical research to investigate and confirm the effectiveness of a disease and to detect antibodies against such diseases. For example, a World Health Organization report released in September 2023 indicated that chronic diseases, also referred to as non-communicable diseases (NCDs), account for 74% of global deaths, amounting to 41 million fatalities. Hence, the escalating prevalence of chronic illnesses is propelling the global multiplex assay market.
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Who Are the Top Companies Driving Innovation and Growth in the Multiplex Assays Market?
Major companies operating in the multiplex assays market include:
• Seegene Inc_x000D_
• DiaSorin SpA_x000D_
• Thermo Fisher Scientific Inc_x000D_
• Bio-Rad Laboratories Inc_x000D_
• Abcam Plc_x000D_
What Key Trends Are Currently Impacting the Multiplex Assays Market’s Development?
Firms within the market are introducing innovative examinations using multiplex assays as a strategy to solidify their market presence. For example, in May 2022, QuantuMDx Group Limited, a UK-based point-of-care diagnostics innovator, unveiled its new Q-POC SARS-CoV-2, Flu A/B, and RSV (respiratory syncytial virus) Assay. This multiplex panel respiratory test by Q-POCTM is capable of detecting SARS-CoV-2, Flu A, Flu B, and RSV (respiratory syncytial virus) at the point of demand.
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What Are the Major Categories and Their Growth Dynamics in the Multiplex Assays Market?
The multiplex assays market covered in this report is segmented –
1) By Type: Protein-Based Multiplex Assays, Nucleic Acid-Based Multiplex Assays, Other Types
2) By Identification Technology: Flow Cytometry, Multiplex Real-Time PCR, Other Identification Technologies
3) By Detection Technology: Enzyme-Linked Immunosorbent Assay (ELISA), Luminescence, Fluorescence, Other Detection Technologies
4) By Application: Research And Development, Clinical Diagnostics
5) By End User: Pharmaceutical And Biotechnology Companies, Hospitals And Research Institutes, Reference Laboratories, Other End-Users
Subsegments:
1) By Protein-Based Multiplex Assays: ELISA (Enzyme-Linked Immunosorbent Assay), Luminex xMAP Technology, Western Blotting, Immunohistochemistry, Mass Spectrometry-Based Assays
2) By Nucleic Acid-Based Multiplex Assays: PCR (Polymerase Chain Reaction), qPCR (Quantitative PCR), NGS (Next-Generation Sequencing), Microarray Analysis, RT-PCR (Reverse Transcription PCR)
3) By Other Types: Cell-Based Multiplex Assays, Bioanalytical Assays, Imaging-Based Assays, Surface Plasmon Resonance (SPR) Assays
Which Geographical Regions Are Pioneering Growth in the Multiplex Assays Market?
North America was the largest region in the multiplex assays market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiplex assays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Defining Aspects of the Multiplex Assays Market Landscape?
Multiplex assays are used to amplify multiple targets in a polymerase chain response (PCR) trial and collect further information from nanosecond amounts of proteins or other analyses in lower time as compared to the conventional system, similar to ELISA. Multiplex assays are used for pathogen identification, mutation analysis, RNA discovery, gene discovery analysis, relation analysis, forensic studies, and others.
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