The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Multiplex Assay Global Market Report 2024, the multiplex assay market is expected to show significant growth in the forecast period.

Introduction

The multiplex assays market has experienced robust growth in recent years, with its size increasing from $3.61 billion in 2023 to $3.96 billion in 2024, at a compound annual growth rate (CAGR) of 9.7%. This blog explores the factors driving this growth and what we can expect in the future.

• Rapid growth from $3.61 billion in 2023 to $3.96 billion in 2024.
• 9.7% CAGR driven by various market factors.

Historical Growth Factors

Increased Healthcare Expenditure

• More spending on healthcare globally.
• Investment in advanced diagnostic technologies.

Growth in Emerging Markets

• Expanding healthcare infrastructure.
• Increased adoption of multiplex assays.

Rapid Technological Advances

• Innovations in assay technologies.
• Improved accuracy and efficiency.

Aging Population

• More older adults needing medical care.
• Increased prevalence of age-related diseases.

Future Growth Projections

Rising Market Size

• Expected to grow to $5.7 billion by 2028.
• Sustained CAGR of 9.5% from 2024 to 2028.

Key Growth Drivers

• Increased funding and government initiatives for research.
• Aging population and prevalence of chronic diseases.
• Rise in bacterial and viral epidemics.

Trends in the Forecast Period

Rise in Funding and Government Initiatives

• More investments in genetic and microbiological research.
• Enhanced support for healthcare innovation.

Aging Population

• Continues to drive demand for multiplex assays.
• Increased focus on age-related disease detection.

Increasing Prevalence of Chronic Diseases

• Chronic diseases are a major health concern.
• Multiplex assays essential for diagnosis and management.

Epidemic Outbreaks

• Rapid rise in bacterial and viral infections.
• Need for quick and accurate diagnostic tools.

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Rising Incidence of Chronic Diseases

Driving Market Growth

• High incidence of non-communicable diseases (NCDs).
• WHO reports 41 million deaths annually from NCDs.
• Multiplex assays preferred for their quick and accurate analysis.

Advantages Over Traditional Assays

• Faster analysis times.
• Greater efficiency in clinical trials.

Key Players in the Market

The market features several major companies that are leading innovation and growth:

• Seegene Inc.
• DiaSorin SpA
• Thermo Fisher Scientific Inc.
• Bio-Rad Laboratories Inc.
• Qiagen NV
• Abcam PLC
• PerkinElmer Inc.
• Hologic Corporation
• Meso Scale Diagnostics
• Merck KGaA
• Roche Diagnostics India Pvt Ltd.

Notable Acquisition

• Roche’s Acquisition of GenMark Diagnostics (May 2021)
  • Expanded molecular diagnostics portfolio.
  • Enhanced syndromic testing capabilities.
  • $1.8 billion deal to improve patient care and reduce costs.

Market Segmentation

The multiplex assays market is segmented based on type, technology, application, and end-users:

By Type

• Protein-Based Multiplex Assays
• Nucleic Acid-Based Multiplex Assays
• Other Types

By Identification Technology

• Flow Cytometry
• Multiplex Real-Time PCR
• Other Identification Technologies

By Detection Technology

• Enzyme-Linked Immunosorbent Assay (ELISA)
• Luminescence
• Fluorescence
• Other Detection Technologies

By Application

• Research and Development
• Clinical Diagnostics

By End User

• Pharmaceutical and Biotechnology Companies
• Hospitals and Research Institutes
• Reference Laboratories
• Other End-Users

Regional Insights

• North America was the largest market in 2023.
• Asia-Pacific is expected to be the fastest-growing region through the forecast period.

Conclusion

The multiplex assays market is set for significant growth, driven by increasing healthcare expenditure, technological advances, and a growing aging population. With a projected market size of $5.7 billion by 2028 and major companies leading innovation, the future of multiplex assays looks promising. The market’s evolution will continue to be shaped by rising funding, government initiatives, and the need for efficient diagnostic tools in the face of chronic diseases and epidemics.

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