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Global Multiplex Assay Market Growth Augmented by the Increased Adoption of Personalized Medicine
Multiplex Assay Market
"Browse 61 Market Data Tables and 51 Figures spread over 230 Pages, along with an in-depth TOC on the Global Multiplex Assay Market Forecast 2021-2028."
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A multiplex assay is a procedure in which numerous analytes, such as proteins, cytokines, chemokines, biomolecules, and growth factors, among others, are profiled by simultaneous detection and quantification. The assay is used to amplify multiple targets across a polymerase chain reaction (PCR) and acquire added information from minute protein quantities or other analytes in lesser time than traditional methods like ELISA.
Increased Adoption of Personalized Medicine to Drive Market Growth
Personalized medicines are precise and limited to individual patients for improved treatment, based on the body's response as well as disease risk. As per the Personalized Medicine Coalition (PMC), personalized medicines equated to 20% of the novel molecular entities approved by the Food and Drug Administration (FDA) in 2016. Multiple assays prove to be highly beneficial for the comprehensive manufacture of personalized medicines. For instance, administering warfarin to avoid blood clots is extremely challenging owing to genetic variation in various patients, in addition to the presence of different drug metabolism enzymes. As a result, multiplex assays are used for panel-based tests to detect gene variations in one assay cycle.
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Research and Development held the Highest Market Share in 2020
The research and development segment is set to dominate the application category. Multiplex assays play a vital role in the research and development of drugs, as well as the detection of new biomarkers. They are also utilized to determine the advantages and the mechanism of a novel drug molecule under research. Furthermore, they determine the appropriate dosage of a new drug and its effectiveness, integrated with the existing medicine in the market.
The growing investment into research studies, predominantly by biotechnology and pharmaceutical firms, is set to augment the global market. Moreover, as per the European Federation of Pharmaceutical Industries and Associations, the pharmaceutical sector invested over EUR 36,500 million in research and development in 2017 in Europe.
Asia-Pacific to Lead the Global Market by 2028
The market growth in the Asia-Pacific is facilitated by the surging demand for healthcare infrastructure, the developing research and development sector, and the increasing number of hospitals, especially in developing nations. In addition, the rise in healthcare reforms, coupled with technological advancements in the avenue of healthcare, further propels the market's growth.
However, the shortage of skilled labor to handle multiplex assay analyzers inhibits the growth of the global multiplex assays market.
The competition within the global market is set to be high over the forecasting period. Moreover, companies are adopting numerous strategies, such as mergers and acquisitions, new product developments, as well as collaborations for contending and retaining their market share.
Top corporations operating in the market are F. Hoffmann-la Roche, Qiagen NV, Agilent Technologies Inc, etc.
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