Companion Diagnostics Industry to Drive Revenue Worth USD 4.3 billion in Multiplex Assays Market
This report aims to provide detailed insights
into the Multiplex
Assays Market. It provides valuable information on
the type, procedure, application, and region in the market. Furthermore, the
information for these segments, by region, is also presented in this report.
Leading players in the market are profiled to study their product offerings and
understand the strategies undertaken by them to be competitive in this market.
Revenue Growth Analysis:
The multiplex assays market is projected to reach USD 4.3 billion by 2026 from USD 3.0 billion in 2021, at a CAGR of 7.6%
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Factors Driving Market Growth:
Market growth is mainly driven by factors such as the increasing adoption of companion diagnostics, the increasing incidence of chronic and infectious diseases, the growing awareness of the disease diagnosis, and the need for effective analytical platforms in research and clinical diagnostics to reduce the operational costs and the time taken for diagnosis.
Product and Service accounted for the largest share of the multiplex assays market and is expected to grow at the highest CAGR in the forecast period.
Based on product & service, the market is segmented into instruments, consumables, and software & services. In 2020, the consumables segment is expected to account for the largest share of the market; it is also the fastest-growing segment of the market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.
Protein-based multiplex assays segment is expected to account for the largest share of the global multiplex assays market and is expected to grow at the highest CAGR in the forecast period.
Based on type, the global market is divided into protein-based multiplex assays, nucleic acid-based multiplex assays, and cell-based multiplex assays. In 2020, the protein-based multiplex assays segment is expected to account for the largest share of the global market. This large share can be attributed to the increasing focus on proteomics studies for biomarker research and clinical diagnostics.
Pharmaceutical & biotechnology companies account for the largest share of the multiplex assays market in 2020 and is expected to grow at the fastest CAGR in the forecast period.
Based on end user, the multiplex assays industry is segmented into pharmaceutical & biotechnology companies, hospitals & research institutes, reference laboratories and other end users. In 2020, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the global market. This large share can be attributed to the increasing adoption of multiplex assays in drug discovery and development by pharmaceuticals and the growing focus of biotechnology companies on developing biosimilars and monoclonal antibodies.
North America was the largest regional market for the multiplex assays market in 2020
The Multiplex Assay Market is segmented into four major regions, namely, North America (US and Canada), Europe, Asia Pacific, and Rest of the world. North America was the largest regional market for Market in 2020.
North America is expected to account for the largest share of the multiplex assays market in 2020, followed by Europe. The dominant share of the North American market is primarily attributed to its established pharmaceutical industry, presence of leading pharmaceutical and biotechnology companies, and high R&D investment.
The APAC market is projected to register the highest growth rate during the forecast period primarily due to its pharmaceutical market, which is growing at the fastest pace in the world, the availability of a large number of qualified researchers, and the increased prevalence of cancer and infectious diseases.
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The global Multiplex Assays Market is consolidated. The prominent players operating in this market include Illumina, Inc. (US), Luminex Corporation (US), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), and Becton, Dickinson and Company (US).
Illumina, Inc. (US) is one of the leading players in the Multiplex Assays Market. The company has a strong geographic presence across the US, Europe, Greater China, and the Asia Pacific. The company focuses on offering consumables and analyzers in the multiplex assays industry. Illumina concentrates on inorganic strategies to maintain its leadership position in this market. The company has signed several collaborations and partnerships with other companies/organizations, which are expected to strengthen the foothold of the company in the domain of next-generation sequencing (NGS) and multiplex sequencing.