Multiplex Assay Market is growing at an 14.81% CAGR By 2033

According to Nova One Advisor, the global multiplex assay market size was valued at USD 3.08 ?Billion in 2023 and is expected to grow from USD 3.54 Billion in 2024 to reach USD 12.26 billion by 2033, at a CAGR of 14.81% during the forecast period (2024-2033)

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The growing prevalence of infectious diseases is boosting the usage of multiplex assays in clinical trials. For instance, according to the American Cancer Society in 2021, 1.9 million cancer cases were reported along with 6,08,570 deaths in the United States. Multiplex assay aids in the diagnosis of cancer and reduces unnecessary invasive producers. Thus, growing chronic diseases can boost the necessity of these assays and is anticipated to fuel market growth. The increasing adoption of personalized medicine in recent years is another key factor driving the growth.

Personalized medicine is a precise medicine for an individual patient to attain improved treatment options based on the body type and disease risk. These assays ensure to be highly beneficial for the comprehensive diagnosis of personalized medicines. For instance, according to an article published in the MDPI journal in 2020, multiplex immunoassay provides a complete picture of the disease and pathways involved in Rheumatoid Arthritis (RA) and simultaneously analyzes multiple proteins that can yield biomarker signatures of RA subtypes to enable patients to benefit from personalized medicine. During the COVID-19 pandemic, multiplex testing continued to be an essential tool for healthcare professionals in effectively managing the spread of COVID-19. In addition, recently, several private companies have also developed novel versions of multiplex assays.

For instance, in Sept 2020, LabCorp launched an at-home collection version for diagnosis of influenza A/B, COVID-19, and respiratory syncytial virus single-panel tests. Furthermore, the advantages of multiplex assay over singleplex and traditional assay can boost the industry growth in coming years. Several benefits offered by these automated tests include microsampling capability, numerous arrays measured in a single trial, quicker results, high operational efficiency, easy operations, and reduced labor expenses. Thus, the industry has witnessed incremental growth in 2021 and is anticipated to have a similar trend during the forecast period. Moreover, increasing validation of the biomarkers in molecular & protein diagnostics and the rising need for high-throughput and automated systems are expected to create lucrative opportunities during the forecast period.

Multiple biomarker analysis has a wide range of applications in the area of infectious diseases, neurodegenerative diseases, autoimmune diseases, and cancer. Numerous biomarkers are being discovered, and there is a high possibility of the development of novel diagnostics. For instance, Cipla launched RT Direct multiplex PCR kit that delivers quicker results for COVID-19. Such developments can increase the market penetration of multiplex assay during the forecast period. The technological advancements and automation in the multiplex assay, improve the efficiency and speed of delivering accurate results. For instance, in July 2020, Luminex provided xMAP the INTELLIFLEX system to discover novel applications, including the exclusive ability to detect multiple antibodies in a single serology test.

In May 2022, Vela Diagnostics launched a highly automated multiplex PCR-based test for detecting antimicrobial resistance genes and UTI pathogens. Hence novel technological developments can fuel the industry growth in the near future. However, the high cost of equipment can restrict the usage of multiplex assays by researchers and manufacturers in mid and low-income countries. Also, the quality control standards and regulations are more stringent for multiplex assay compared to singlex assay, which can impede the industry growth during the forecast period.

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Multiplex Assay Market Report Highlights

• By product, the consumables segment held the dominant share in 2022. This is due to the recurring purchase of consumables along with the rise in the number of diagnostic tests
• The protein multiplex assay type segment dominated the industry in 2022 due to the increasing focus on proteomics studies for biomarker research and clinical diagnostics
• The flow cytometry technology segment held a larger share in 2022. Constant efforts by various companies to launch novel and technological advanced flow cytometer is the key factor driving the segment
• The research & development application segment held the largest share in 2022 due to the utilization of these assays in clinical & preclinical stages to evaluate toxicity, immunotherapy success, and drug response biomarkers
• The pharmaceutical & biotechnology companies end-user segment led the industry in 2022 due to a rise in pharma & biotech partnerships and collaborations to increase the multiplexing capabilities
• North America dominated the global industry in 2022 due to the growing R&D activities as a result of the increasing prevalence of chronic diseases
• Asia Pacific is estimated to register the fastest CAGRfrom 2022 to 2030 due to the rising number of hospitals in emerging countries, the developing R&D sector, and the high demand for healthcare infrastructure in the region

Recent Development

• In August 2023, Bio-Rad Laboratories, Inc.expanded the range of StarBright Violet and UltraViolet dyes for multiplexed flow cytometry. This provides researchers with highly stable, specific to key immunophenotyping targets, supporting multiplex flow cytometry panels in immunology research.
• In April 2021, xMAP launched the next-generation xMAP platform. The xMAP INTELLIFLEX system is equipped with a third laser (violet) and can measure two parameters per analyte for up to 500 analytes per well.

Some of the prominent players in the Multiplex assay market include:

• Luminex Corp.
• Bio-Rad Laboratories, Inc.
• Abcam plc.
• Seegene Inc.
• Merck KGaA
• Assay Genie
• Promega Connections
• QIAGEN N.V.
• Thermo Fisher Scientific
• Perkin Elmer Inc.
• Advanced Cell Diagnostics, Inc.
• R&D Systems, Inc.

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Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Multiplex Assay Market analysis from 2021 to 2033 to identify the prevailing Multiplex Assay Market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the cancer supportive care drugs industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global Multiplex Assay Market trends, key players, market segments, application areas, and market growth strategies.

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