Increasing research and development activities, growing implementation of precision medicine, and surging preference for multiplex assays over conventional assays are some of the key factors driving global market revenue growth

Multiplex Assays Market size: USD 2.72 billion in 2020, Market Growth: CAGR of 7.9%, Market Trends: Technological developments in multiplex assays and advancements in nanotechnology

The global multiplex assays market size is expected to reach USD 4.91 billion by 2028 and register a CAGR of 7.9% over the forecast period, according to the latest report by Reports and Data. Increasing prevalence of cancer, Alzheimer's, and other chronic diseases, rising adoption of personalized medicines, and increasing implementation of multiplex assays are some key factors boosting global market revenue growth.

Multiple assays are a type of immunoassays that help in quantifying multiple analytes in a single reaction cycle. These are derived from ELISA and are more preferred over singleplex ELISA as they are highly efficient, have greater throughput, and are time-efficient due to ability or enable analysis of multiple samples in a single run.

Global market growth is gaining traction due to technological developments in these assays, growing prevalence of chronic diseases, and increasing government funding for research. Moreover, factors, such as investments by key players to develop new and improved products and increasing adoption of personalized medicine are factors augmenting market revenue growth.

Abbott Laboratories, Hoffmann-La Roche, Siemens Healthineers, Thermo Fisher Scientific, Danaher Corporation, Bio-Rad Laboratories, Biomérieux, Bühlmann Laboratories, Sekisui Medical, and Randox Laboratories are some of the leading companies operating in the global multiplex assays market.

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Some key highlights in the report:

In context to end use, the hospital segment accounted for largest market share in 2020 and is expected to account for fastest CAGR during the period owing to high rate of diagnostic testing in hospitals, availability of well-trained staff round the clock, and quick accessibility as compared to reference laboratories.

On the basis of type, the protein-based assays segment revenue is projected to expand at fastest CAGR over the forecast period owing to rising adoption of these assays in research-based projects.

The market in Europe is expected to account for significant revenue share between 2021 and 2028 due to growing geriatric population, increasing chronic disorders, rapidly increasing clinical trials, and beneficial government initiatives to promote multiplex assays in the region.

The market in Asia Pacific is projected to register fastest revenue CAGR of 8.5% throughout the forecast period owing to various factors such as increasing geriatric patient pool, growing prevalence of Alzheimer's disease and cataract, and high revenue contribution from India and China.

Latin America market revenue is expected to expand at a steady rate due to low penetration of multiplex assay technology and strict government policies in countries in the region.

For this study, Reports and Data has segmented the global multiplex assays market based on product & services, type, class of drugs, technology, application, end use, and region:

Based On Product & Services: (Revenue, USD Billion, 2018 - 2028)

Consumables
Instruments
Software & Services

Based On Type: (Revenue, USD Billion, 2018 - 2028)

Protein Multiplex Assays
Planar Protein Assays
Bead-based Protein Assays
Other Protein Assays
Nucleic Acid Assays
Planar Nucleic Acid Assays
Bead-based Nucleic Acid Assays
Other Nucleic Acid Assays
Cell-based Assays

Based On Class of Drug: (Revenue, USD Billion, 2018 – 2028

Antiepileptic Drugs
Antibiotic Drugs
Immunosuppressant Drugs
Antiarrhythmic Drugs
Bronchodilator Drugs
Psychoactive Drugs
Others

Based On Technology: (Revenue, USD Billion, 2018 - 2028)

Flow Cytometry
Fluorescence Detection
Luminescence
Multiplex RT-PCR
Other Technologies
Liquid chromatography–mass spectrometry (LC-MS)
dPCR
Colorimetric Detection

Based On Application: (Revenue, USD Billion, 2018 - 2028)

Research & Development

Drug Discovery & Development
Biomarker Discovery and Validation
Clinical Diagnostics
Infectious Diseases
Cancer
Cardiovascular Diseases
Autoimmune Disease
Nervous System Disorders
Metabolism & Endocrinology Disorders

Based On End Use: (Revenue, USD Billion, 2018 - 2028)

Pharmaceutical & Biotechnology Companies
Hospitals
Academic & Research Institutes
Reference Laboratories
Other End Use
Blood banks
CROs
Forensic Labs

Regional Outlook (Revenue, USD Billion; 2018-2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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