Multiplex Assays Market 2024-2033: Growth Trends, Forecast & Competitive Landscape

The multiplex assays market size has grown strongly in recent years. It will grow from $3.61 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased healthcare expenditure, emerging markets growth, rapid technological advances and a rapid growth in aging population.

The multiplex assays market size is expected to see strong growth in the next few years. It will grow to $5.7 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the rise in funding, government initiatives for genetic and microbiological research, aging population, increasing prevalence of chronic diseases and a rapid rise in various bacterial and viral epidemics. Major trends in the forecast period include the rise in funding, government initiatives for genetic and microbiological research, aging population, increasing prevalence of chronic diseases and a rapid rise in various bacterial and viral epidemics.

Market Overview -
Multiplex assays are used to amplify multiple targets in a polymerase chain response (PCR) trial and collect further information from nanosecond amounts of proteins or other analyses in lower time as compared to the conventional system, similar to ELISA. Multiplex assays are used for pathogen identification, mutation analysis, RNA discovery, gene discovery analysis, relation analysis, forensic studies, and others.

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Rising Incidence Of Chronic Diseases Propels Growth In The Global Multiplex Assay Market
An increased incidence of chronic diseases is driving the growth of the global multiplex assay market. Multiplex assay is extensively used in clinical trials to analyze and study the efficacy of a disease and for the detection of antibodies against those diseases. According to the World Health Organization (WHO) report published in April 2021, chronic diseases, also known as non-communicable diseases (NCDs), kill 41 million people each year, equivalent to 71% of all deaths globally. Every year, between the ages of 30 and 69 years, more than 15 million people die from an NCD. Due to the growing acceptance and the advantages of multiplex assays over traditional assays, such as quicker analysis, the market for multiplex assays is expected to develop rapidly, driving growth in the forecast period.

Competitive Landscape -
Major companies operating in the multiplex assays market report are Seegene Inc, DiaSorin SpA, Thermo Fisher Scientific Inc, Bio-Rad Laboratories Inc, Qiagen NV, Abcam Plc, PerkinElmer Inc, Hologic Corporation, Meso Scale Diagnostics, Merck KGaA, Roche Diagnostics India Pvt Ltd, bioMérieux India, Becton Dickinson Private Limited, Danaher Corporation, Johnson & Johnson, Simens Healthcare, Beckman Coulter Inc. India, Ortho Clinical Diagnostics, Sysmex Corporation, Siemens Healthineers Ukraine, TestLine Clinical Diagnostics s.r.o., Cepheid, F. Hoffmann-La Roche Ltd., Hologic, Bayer AG, Cantel Medical Corporation, Meridian Bioscience, Dexcom Inc., Medtronic Inc., Senseonics Holdings Inc., Adavium Medical, DK Diagnostics, Crosmed, Ortopedia Alemana, Simed, Ab Enzymes Gmbh, Bluestar Adisseo Co., BASF SE, Chr. Hansen Holding, Novozymes, BiotechAfrica, Faizyme Laboratories, Alere Inc., Bangs Laboratories Inc, The Merck Group, Takara Bio Inc, Qiagen, Spherotech Inc, Geneaid Biotech Ltd, Rockland Immunochemicals Inc, GenScript Biotech Corporation

Quantumdx Group Introduces Cutting-Edge Multiplex Respiratory Panel Test To Reinforce Market Presence
Companies in the market are launching innovative tests based on multiplex assays to strengthen their position in the market. For instance, in May 2022, QuantuMDx Group Limited, a UK-based developer of transformational point-of-care diagnostics, launched its new respiratory panel test, the Q-POC SARS-CoV-2, Flu A/B, and RSV (respiratory syncytial virus) Assay. The Q-POCTM SARS (severe acute respiratory syndrome)-CoV-2, Flu A/B, and RSV Assay is a multiplex panel that can detect SARS-CoV-2, Flu A, Flu B, and RSV (respiratory syncytial virus) at the point of need.

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Key Segments -
The multiplex assays market covered in this report is segmented -
1) By Type: Protein-Based Multiplex Assays, Nucleic Acid-Based Multiplex Assays, Other Types
2) By Identification Technology: Flow Cytometry, Multiplex Real-Time PCR, Other Identification Technologies
3) By Detection Technology: Enzyme-Linked Immunosorbent Assay (ELISA), Luminescence, Fluorescence, Other Detection Technologies
4) By Application: Research And Development, Clinical Diagnostics
5) By End User: Pharmaceutical And Biotechnology Companies, Hospitals And Research Institutes, Reference Laboratories, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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