The Global Multiplex Assay Market to Attain a CAGR of 8.67% by 2028

Triton Market Research presents the Global Multiplex Assay Market segmented by Type (Nucleic Acid-Based Multiplex Assay, Protein-Based Multiplex Assay, Other Multiplex Assay Types), Technology (Multiplex PCR, Multiplex Protein Microarray, Other Technologies), Industry Verticals (Clinical Laboratories, Pharmaceutical & Biotechnology Companies, Hospitals, Research Institutes), Product and Service (Software and Services, Reagents and Consumables, Instruments and Accessories), Application (Clinical Diagnostics, Research and Development, Companion Diagnostics), and by Geography (North America, Middle East and Africa, Latin America, Europe, Asia-Pacific). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Model, Key Buying Outlook, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Restraints, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

As per Triton Market Research, the global multiplex assay market is estimated to witness growth based on revenue at a CAGR of 8.67% during the forecast period 2021-2028.

The multiplex assay is a procedure wherein various analytes like proteins are profiled. They are used in clinical trials to decrease the cost of research, simultaneously increasing the efficiency of experiments.

The multiplex assay has enormous potential in researching and developing drugs to treat various conditions, including cancer and cardiovascular diseases. For instance, the American Association of Cancer Research has developed the multiplex immunoassay that helped examine acquired resistance to RTK inhibitors. This has led to the rise in funding by government bodies for R&D activities, creating several new opportunities for the multiplex assay market globally.

However, a shortage of skilled professionals, coupled with environmental safety regulations, impedes the multiplex assay market's future growth.

The Asia-Pacific is expected to become the fastest-evolving region in the multiplex assay market over the estimated phase. The region's strong growth can be attributed to the rising demand for better healthcare infrastructure, along with the increase in the number of hospitals. Moreover, the development in the research and development sector is another factor supporting the multiplex assay market's growth across the APAC region.

F Hoffmann La Roche, Abcam, Seegene Inc, Siemens Healthineers AG, Becton Dickinson and Company, Thermo Fisher Scientific Inc, Olink Proteomics AB, Randox Laboratories Ltd, Merck Millipore, Illumina Inc, Luminex Corporation, Bio Rad Laboratories Inc, Meso Scale Diagnostics LLC, Bio Techne Corporation, Qiagen NV, and Agilent Technologies Inc are leading companies thriving in the market.

The rising prevalence of chronic diseases, such as cancer and neurological disorders, has created opportunities for new players to expand their research capabilities. Moreover, it will help new entrants to develop medicines, technologies, and treatments to treat various conditions. Hence, the threat of new entrants is likely to be high over the forecast period.

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This release was published on openPR.