In functional genomics, multiplex assays are frequently used for the detection and quantification of proteins, biomolecules, and numerous other biomolecules and cytokines. A multiplex test is an experiment that simultaneously evaluates multiple analytes. Multiple tests are chosen over traditional techniques like ELISA (Enzyme-Linked Immunosorbent Assay) because they are more effective and take less quantification time.

In 2022, the multiplex assays market was USD 2.5 billion, and by 2030 it will reach USD 5.85 billion, growing at a 11.2% CAGR during the forecast period. 

A few major drivers driving the growth of the worldwide multiplex assays market include expanding the use of multiplex assays for early cancer detection, the rising use of customized medicine, and rising funding by public and private organizations for clinical research. Additionally, efforts to produce better, more affordable goods and the advancement of highly dense nanoarray technology will create new growth prospects in the upcoming years.

Market Dynamics

Drivers

Due to the rising rate of chronic disorder, the increasing use of personalized treatment, and the numerous benefits multiplex assays have over standard tests, the market for multiplex assays will experience significant expansion. Additionally, the market would experience considerable expansion due to the expanding geriatric population, product launches, and research and development studies.

The market will rise due to increased consumption due to the rising frequency of chronic disorder. More than 55 million individuals worldwide were estimated to have dementia in 2021, according to a World Health Organization (WHO) report revised in September of that year. Nearly 10 million new cases are reported year, with Alzheimer's disease accounting for the majority of those instances.

Restraints

Multiplex assay equipment's heavy and complex design and high acquisition and operating costs will limit market expansion throughout the research period.

Opportunity 

The market for multiplex assays is anticipated to expand quickly over the next years due to the rising rate of chronic disorder, the increasing use of personalized treatment, and the several benefits that multiplex assays have over conventional assays. In addition, the market for multiplex assays will rise significantly rate due to rising R&D investments, an increase in the number of novel product launches, and an increase in the older population.

Market Segmentation 

By Application 

In 2022, the research and development application segment ruled the market with a share of 52.46%. Multiplex assays are becoming more and more used in the drug discovery process. These tests are employed in preclinical and clinical phases to assess drug response biomarkers, immunotherapy efficacy, and toxicity. Additionally, in the modern day, biomarker development and validation are crucial for healthcare practitioners to enhance disease diagnosis, early cancer detection, and therapy response monitoring.

By Type

In 2022, the multiplex protein assay segment held the largest market share at 52.71%. This is because proteomics investigations are receiving more attention for biomarker research and clinical diagnosis. Clinical practice has seen considerable growth in the search for appropriate biomarkers, and quantitative protein measurement is an important step in discovering new biomarkers.

By End-User

In 2022, the pharmaceutical and biotechnology businesses sector led the global market with the greatest revenue share of more than 40.90%. This is because more pharma and biotech companies are partnering and cooperating to improve multiplexing capabilities. For example, Becton, Dickinson and Company, and LabCorp worked together in August 2022 to create flow cytometry-based companion diagnostics to give patients effective treatment alternatives.

Regional Analysis 

North America ruled the global industry in 2022 with the greatest share of more than 36.88%. It is due to the expanding R&D activities for the discovery of novel pharmaceuticals and diagnosis & treatment alternatives. The rise in government financing for the discovery of new biomarkers and the increased frequency of chronic diseases like cancer and stroke are expected to fuel the region's growth. Furthermore, the rise is likely fueled by the presence of important players in the area. 

Asia Pacific will experience the quickest growth during the forecast years. This is due to the expansion of hospitals in developing nations, the expansion of the research and development (R&D) industry, the strong demand for healthcare infrastructure, and investments made by new regional players.

Key Players 

· Shimadzu Biotech (Japan)

· Thermo Fisher Scientific Inc. (US)

· Bio-Rad Laboratories, Inc. (US)

· AYOXXA Biosystems GmbH (Germany)

· Boster Biological Technology (US)

· Illumina, Inc (US)

· Seegene (South Korea)

· Enzo Life Sciences, Inc. (US)

· Randox Laboratories (UK)

· Merck KGaA (Germany)

· Antigenix America, Inc. (US)

· DiaSorin S.p.A. (Italy)

· Bio-Techne Corporation (US)

· Quanterix (US)

· Siemens Healthineers (Germany)

· Cayman Chemical Company (US)

· Luminex Corporation (US)

· PerkinElmer, Inc. (US)

· Meso Scale Diagnostics (US)

· Olink (Sweden)

· Promega Corporation (US)

· Abcam plc (UK)

In 2022, the multiplex assays market was USD 2.5 billion, and by 2030 it will reach USD 5.85 billion, growing at a 11.2% CAGR during the forecast period. The market for multiplex assays is developing due to the rising rate of chronic and infectious diseases, the expansion of the use of multiplex assays in companion diagnostics, and the growing awareness of early diagnosis.

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