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Multiplex PCR Assays Market 2024: Industry Growth and Analysis
Multiplex PCR Assays Global Market Report 2024
According to The Business Research Company's, the multiplex PCR assays market size has grown rapidly in recent years. It will grow from $1.33 billion in 2023 to $1.51 billion in 2024 at a compound annual growth rate (CAGR) of 13.4%. The growth in the historic period can be attributed to the increased prevalence of infectious diseases, increasing government funding and support, increasing adoption in clinical diagnostics, rise in genetic testing and personalized medicine, increasing use in academic and research institutions, advancements in bioinformatics and data analysis tools, rising healthcare expenditure
The multiplex PCR assays market size is expected to see rapid growth in the next few years. It will grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to the expansion of application areas, rising demand for point-of-care diagnostics, growth in personalized medicine, an increase in research and development expenditures, rising health awareness and preventive healthcare, an increasing focus on precision medicine, and a and a rising demand for rapid and reliable diagnostic tests. Major trends in the forecast period include next-generation sequencing (NGS) integration, companion diagnostics, digital PCR technology, automation and high-throughput systems, point-of-care and portable devices, customization and multiplexing capabilities, artificial intelligence and machine learning, enhanced data management, and cloud solutions.
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Market Drivers and Trends:
The increasing demand for diagnostic testing is expected to propel the growth of the multiplex PCR assay market going forward. Diagnostic testing involves procedures or tests used to determine the presence or absence of a disease or condition in a patient. The rising demand for diagnostic testing is driven by increasing chronic diseases like cancer and diabetes, which require early and accurate diagnosis for effective management. Additionally, the focus on preventive healthcare encourages regular testing to detect potential issues early. Multiplex PCR assays allow for the simultaneous detection and analysis of multiple pathogens or genetic markers from a single sample, enhancing the efficiency and comprehensiveness of diagnostic testing. For instance, in July 2024, according to the National Health Service (NHS), a U.K.-based hospital and healthcare provider, diagnostic activity exceeded pre-pandemic levels in 2023, with a 21% increase in tests performed in May 2024 compared to the previous year. Moreover, 2.4 million diagnostic tests were carried out in May 2024. Therefore, the increasing demand for diagnostic testing will propel the growth of the multiplex PCR assay market.
Major companies operating in the multiplex PCR assays market are focusing on integrating automation, such as next-generation quantitative PCR (qPCR) systems, to provide precise and flexible nucleic acid quantification for advanced clinical diagnostics and public health. Next-generation qPCR systems offer high-throughput, accurate, and simultaneous detection of multiple targets, improving diagnostic accuracy and efficiency. For instance, in November 2023, Roche Diagnostics Corporation, a Switzerland-based diagnostic system solutions manufacturer, launched the LightCycler PRO System. This next-generation qPCR platform offers high-throughput, precise, and simultaneous detection of multiple targets. It features enhanced temperature uniformity, advanced software, and compatibility with over 200 LightMix Modular and 60 CE-IVD assays, improving diagnostic accuracy and efficiency. This system exemplifies the integration of automation in the Multiplex PCR Assays market, advancing clinical diagnostics and public health.
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Major Key Players of the Market:
F. Hoffmann-La Roche Ltd; Thermo Fisher Scientific Inc; Abbott Laboratories; Danaher Corporation; Merck KGaA; Siemens Healthineers; Becton Dickinson and Company; Agilent Technologies Inc; PerkinElmer Inc; Illumina Inc; Sysmex Corporation; Bio-Rad Laboratories Inc; QIAGEN NV; Tecan Group Ltd; DiaSorin SpA; Bio-Techne Corporation; Promega Corporation; Randox Laboratories Ltd; BioFire Diagnostics Inc; Seegene Inc; Quanterix Corporation; NanoString Technologies; Standard BioTools Inc; Enzo Biochem Inc; SeraCare Life Sciences Inc; Agena Bioscience; Fluidigm Corporation
Multiplex PCR Assays Market 2024 Key Insights:
• The multiplex PCR assays market size is expected to grow to $2.5 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%.
• Surge In Diagnostic Testing Demand Drives Growth In Multiplex PCR Assays Market
• Next-Gen qPCR Systems Boost Multiplex PCR Assays With Advanced Automation
• North America was the largest region in the multiplex PCR assays market in 2023
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