Global Multiplex Assays Market Growth Rate, Demands, Key Players and Size to Reach USD 4.3 billion by 2026

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. Therefore, the global 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% during the forecast period.

However, the high cost of multiplex assay equipment, stringent regulations and standards, and issues in the standardization of multiplex assays design are the major factors restraining the growth of this market. Based on type, the global multiplex assays 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 multiplex assays market. This large share can be attributed to the increasing focus on proteomics studies for biomarker research and clinical diagnostics.

Based on product & service, the multiplex assays 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 multiplex assays market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.

On the basis of application, the global multiplex assays market is divided into research & development and clinical diagnostics. In 2020, the research & development segment is expected to account for the largest share of the global multiplex assays market. This large share can be attributed to the wide applications of multiplex assay technologies in research & development functions.

Based on end-user, the Multiplex Assays Market 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 multiplex assays 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.

Geographically, the Multiplex Assays 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 Multiplex Assays 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 company profiles listed in the market are Luminex Corporation (US), Thermo Fisher Scientific Inc. (US), Illumina, Inc (US), Bio-Rad Laboratories, Inc. (US), Qiagen N.V. (Netherlands), bcam plc (UK), Becton, Dickinson and Company (US), Merck KGaA (Germany), Agilent, Technologies, Inc. (US), Meso Scale Diagnostics (US), Randox Laboratories (UK), Quanterix (US), Bio-Techne Corporation (US), Olink (Sweden), DiaSorin S.p.A. (Italy), Seegene (South Korea), Promega Corporation (US), Siemens Healthineers (Germany), PerkinElmer, Inc. (US), Shimadzu Biotech (Japan), Antigenix America, Inc. (US), Enzo Life Sciences, Inc. (US), Boster Biological Technology (US), AYOXXA Biosystems GmbH (Germany), Cayman Chemical Company (US).

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global Industry by breaking it into region-wise assessments. This report will help interested stakeholders, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

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