The global multiplex assays market, valued at $3.5 billion in 2022, is projected to reach $5.3 billion by 2027, with a CAGR of 8.8% from 2022 to 2027. This new research study provides an in-depth analysis of industry trends, pricing, patents, and key stakeholders, alongside conference and webinar materials and buying behavior insights. The demand for automated and efficient laboratory systems has surged due to the inadequacy of conventional testing methods. Multiplex assays, known for their automation potential, convenience, accuracy, and reproducibility, are increasingly being adopted. Bead-based microplate assays, offering greater surface area and lower background signals compared to traditional ELISA, can be coded and used in multiplex assays to measure multiple analytes in a single microplate well, thereby reducing overall costs and time per assay.
Attractive Opportunities in the Multiplex Assays Market
Multiplex Assays Market Dynamics
DRIVER: Advantages of multiplex assays over singleplex and traditional assays
Singleplex assays, as the name suggests, handle one test at a time and require more sample volume. For multi-analyte studies, each analyte needs new reagents and fresh samples, increasing time and costs. Conversely, multiplex assays handle several analytes simultaneously, offering higher throughput, accuracy, and reproducibility, thus being more adaptable for automation.
OPPORTUNITY: High-throughput and automated systems demand
Economic and regulatory impacts on the global healthcare industry have heightened the pressure to reduce healthcare costs. The Protecting Access to Medicare Act of 2014 (PAMA) led to stricter scrutiny over lab test fees, resulting in reduced clinical lab fees and affecting lab fund flows. Labs need to increase test volumes without compromising quality to maintain fund flows. Thus, the need for automated and efficient systems has grown, as conventional testing methods are inadequate.
RESTRAINT: Rising equipment costs
Despite operational cost and time savings, the initial investment in multiplex assay equipment is high. The costs of reagents, maintenance, insurance, laboratory supervision, and overheads (utilities, space, administration) add to the overall expenditure, limiting the wider adoption of multiplex assays.
CHALLENGE: Shortage of skilled professionals
The shortage of skilled professionals has been a longstanding challenge, leading to an aging workforce and declining enrollment in training programs. Technicians require 5-10 years of continuous practice to gain expertise, with Europe and the UK already reporting low numbers of clinical technicians.
Multiplex Assays Market Segmentation
Product & Service:
- Consumables: Largest share in 2022 due to recurrent purchases for research and clinical diagnostics.
- Instruments
- Software & Services
Type:
- Protein Multiplex Assays: Largest share in 2022, driven by increased use in biomarker research and clinical diagnostics.
- Nucleic Acid Multiplex Assays
- Cell-based Multiplex Assays
End User:
- Pharmaceutical & Biotechnology Companies: Largest share in 2022 due to high usage in clinical pharmacokinetics and bioequivalence studies.
- Hospitals & Research Institutes
- Reference Laboratories
- Other End Users
Regional Insights
North America: Largest market in 2022, accounting for 45.1% of the global share. High infection and cancer burdens, well-developed healthcare infrastructure, and growing adoption of advanced technologies for testing drive market growth. Healthcare spending is projected to grow significantly, reaching USD 6.2 trillion by 2028.
Key Players
Major players in the market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), and DiaSorin S.p.A. (Italy). These companies lead the market due to their extensive product portfolios, wide geographic presence, robust marketing and distribution networks, larger R&D budgets, and strong brand recognition.
Recent Developments
- Bio-Rad Laboratories: Launched Bio-Plex Pro Human IgA and IgM SARS-CoV-2 panels in September 2021.
- DiaSorin S.p.A.: Received CE mark approval for Simplexa COVID-19 & Flu A/B Direct kit in September 2021.
- Becton, Dickinson and Company: Launched BD COR System in August 2021.
- DiaSorin S.p.A.: Acquired Luminex Corporation in July 2021.
- Thermo Fisher Scientific: Acquired Mesa Biotech in February 2021.
Multiplex Assays Market Report Scope
- Market Revenue in 2022: $3.5 billion
- Projected Revenue in 2027: $5.3 billion
- Revenue Rate: CAGR of 8.8%
- Market Driver: Advantages of multiplex assays over singleplex and traditional assays
- Market Opportunity: High-throughput and automated systems demand
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