The multiplex assays market is valued at an estimated USD 3.5 billion in 2022 and is projected to reach USD 5.3 billion by 2027, at a CAGR of 8.8% during the forecast period. The increasing applications of companion diagnostics in drug development and the significance of multiplex assays in companion diagnostics are expected to drive the multiplex assays market.

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Based on product & service, the multiplex assays market is segmented into three broad categories, namely, consumables, instruments, and software & services. In 2022, the consumables segment accounted for the largest share of the market. The availability of a wide range of reagents and kits and increasing use of assays in different oncology therapeutic treatments are some of the major factors driving the growth of the consumables market.

On the basis of type, the multiplex assays market is segmented into protein, nucleic acid, and cell-based multiplex assays. The nucleic acid multiplex assays segment is further divided into planar, bead-based, and other nucleic acid multiplex assays. The protein multiplex assays segment is further categorized into planar, bead-based, and other protein multiplex assays. The protein multiplex assays segment accounted for the largest share of the global multiplex assays market in 2022. Protein multiplex assays are preferred over traditional protein analysis tools mainly due to their distinct advantages, such as the simultaneous profiling of multiple analytes using smaller sample amounts. Such distinct features make protein multiplex assays more suitable for research applications where samples are scarce and valuable resources. This is expected to support market growth of this segment.

Based on technology, the multiplex assays market is divided into flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and other technologies. In 2022, the flow cytometry segment accounted for the largest share of the global multiplex assays market. Its wide applications in protein expression, RNA, and cell health status makes it the largest market segment.

Based on applications, the multiplex assays market is segmented into research & development (drug discovery & development and biomarker discovery & validation) and clinical diagnostics (infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases). The research & development application segment is expected to account for the largest share of the multiplex assays market in 2022. Multiplex assays are easy to use and are associated with reduced turnaround times, owing to which they are preferred for research & development applications as compared to conventional single plex assays.

The global multiplex assays market has been segmented into five major regions— North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2022, North America accounted for the largest share of the global multiplex assays market. The large share of North America in the global market is attributed to factors such as the rising amount of government funding for R&D in multiplex assays; an increasing number of seminars and workshops about emerging technologies in the domain of multiplex assays; the growing adoption of companion diagnostics for personalized treatment; and the rising need for effective analytical platforms to reduce operational costs.

Major Companies:

Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands), Abcam plc (UK), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Quanterix (US), Bio-Techne (US), MESO SCALE DIAGNOSTICS, LLC (US), Randox Laboratories Ltd. (UK), Olink (Sweden), Seegene Inc. (South Korea), Siemens Healthcare AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Promega Corporation (US), Enzo Biochem Inc. (US), Cayman Chemical (US), Boster Biological Technology (US), Antigenix America, Inc. (US), Quansys Biosciences Inc. (US), and RayBiotech Life, Inc. (US).

The global multiplex assays market is projected to experience robust growth in the coming years, driven by the increasing advantages of multiplex assays over traditional singleplex and conventional assays. According to a new research study, the market was valued at $3.5 billion in 2022 and is expected to reach $5.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 8.8% during the forecast period.

Multiplex assays offer several benefits over conventional methods, including automation, convenience, accuracy, and reproducibility. These assays allow for the simultaneous measurement of multiple analytes in a single sample, reducing the overall cost and time per assay. Bead-based microplate assays, in particular, provide a greater surface area for binding with lower background signals compared to traditional ELISA techniques, and the beads can be coded for use in multiplex assays.

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The increasing focus on the need for high-throughput and automated systems in laboratories is a significant opportunity for the multiplex assays market. The rising pressure for healthcare cost reduction and the growing patient population have highlighted the inadequacy of conventional testing methods, fueling the demand for efficient and automated solutions.

However, the market faces challenges, such as the rising costs of equipment and the increasing dearth of skilled professionals. The initial investment in multiplex assay equipment is high, and the variable costs of reagents, maintenance, and overhead expenses add to the overall expenditure. Additionally, there is a shortage of skilled technicians, as it takes several years of continuous practice to gain expertise in clinical laboratory work.

In terms of product segments, the consumables segment accounted for the largest share of the market in 2022, driven by the recurrent purchase of consumables for research and clinical diagnostic applications. Regarding type, protein multiplex assays held the largest share due to their increased usage for biomarker research and clinical diagnostics.

The pharmaceutical and biotechnology companies segment was the largest end-user segment in 2022, as multiplex assays are widely used in the pharmaceutical industry for clinical pharmacokinetics and bioequivalence studies in drug discovery.

Geographically, North America dominated the multiplex assays market in 2022, accounting for 45.1% of the global market share. The high burden of infections and cancers, well-developed healthcare infrastructure, and growing adoption of advanced technologies for cancer and infectious disease testing are driving market growth in the region.

Key players in the multiplex assays market include Illumina, Inc., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, and DiaSorin S.p.A. These companies lead the market with their extensive product portfolios, wide geographic presence, robust marketing and distribution networks, and substantial budgets for research and development.

Multiplex Assays Market in terms of revenue was estimated to be worth $3.5 billion in 2022 and is poised to reach $5.3 billion by 2027, growing at a CAGR of 8.8% from 2022 to 2027 according to a new report by MarketsandMarkets™.

Growth in this market is mainly driven by factors such as the emerging applications of multiplex assay in companion diagnostics and the growing need for automated and efficient systems in laboratories.

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The multiplex assays market is segmented into protein, nucleic acid, and cell-based multiplex assays according to type. The protein multiplex assays segment accounted for the largest share in the global multiplex assays market in 2022. As compared to traditional assays, protein multiplex assays prove to be faster and more efficient for protein profiling. Protein assays are highly efficient, require minimal sample volumes, and help reduce turnaround times; however, the equipment is expensive and requires skilled labor. This is expected to hamper the growth of the protein assays market.

Based on applications, the multiplex assays market is segmented into research & development and clinical diagnostics. The clinical diagnostics segment is further segmented into infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases. In 2022, the infectious diseases segment accounted for the largest share of the multiplex assays market for clinical diagnostics. Conventional analytical techniques that are used for the detection and identification of pathogens, such as ELISA and cell culture assays, take 2–3 days to produce results. Some multiplex assays, on the other hand, can provide results in a day or less; their rapidity is the key factor supporting their adoption in infectious disease diagnostics.

The global multiplex assays market has been segmented into five major regions—North America, Europe, the Asia Pacific, and the Rest of the World. In 2022, North America accounted for the largest share of the multiplex assays market. The large share of this region can be attributed to the highly advanced healthcare system in the US and Canada. Over the years, healthcare spending in North America has increased at a significant rate. National health spending is projected to grow at an average annual rate of 5.4% during 2019–2028 and reach USD 6.2 trillion by 2028 (Source: Centers for Medicare & Medicaid Services). The growing healthcare expenditure is also one of the major drivers for the biotechnology sector.

Multiplex Assays Market Dynamics:

Drivers:

1. Increasing prevalence of chronic respiratory diseases
2. Growing demand for emergency and intensive care
3. Growing incidence of pre-term births globally
4. Government support for improving emergency care infrastructure

Restraints:

1. Lack of reimbursement policies across developing countries

Opportunities:

1. Growing demand for single-use Multiplex Assays
2. Increased growth potential in emerging countries

Challenges:

1. Harmful effects of Multiplex Assays on neonatal patients
2. Dearth of skilled professionals for airway management procedures
3. Increasing pricing pressure on key market players

Key Market Players:

The major players operating in this market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands), Abcam plc (UK), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Quanterix (US), Bio-Techne (US), MESO SCALE DIAGNOSTICS, LLC (US), Randox Laboratories Ltd. (UK), Olink (Sweden), Seegene Inc. (South Korea), Siemens Healthcare AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Promega Corporation (US), Enzo Biochem Inc. (US), Cayman Chemical (US), Boster Biological Technology (US), Antigenix America, Inc. (US), Quansys Biosciences Inc. (US), and RayBiotech Life, Inc. (US).