Multiplex Assay Market Growing at a CAGR of 6.6% from 2019 to 2026
According to a new report published by Allied Market Research, titled, "Multiplex Assay Market by Type, Product, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019-2026," The global multiplex assay market size accounted for $73.2 million in 2018, and is expected to reach $123.1 million by 2026, growing at a CAGR of 6.6% from 2019 to 2026 North America was the highest revenue contributor in 2018, and is anticipated to continue this trend throughout the forecast period.
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Multiplex assays are techniques in which multiple analytes are analyzed simultaneously, and hence are economical and easily controlled in any sample assay. These assays enable extraction of more data from a sample at the same time as compared to single-plex assays. The major factors which drive the growth of market include increase in R&D activities for the detection biomarkers for various diseases & treatment options of diseases, rise in adoption of personalized medicines for increasing safety & efficacy of therapies, and benefits such as lower operational cost & reduced labor. However, dearth of skilled labor and high capital investment are anticipated to restrain the market growth during the forecast period.
The multiplex assay market in this report is studied based on type, product, technology, application, end user, and region. Based on type, the protein-based multiplex assays segment held the largest share in 2018, due to increase in usage of multiplex assays for the differentiation of proteins based on their properties in different fields such as diagnostic clinics, R&D, and others.
By product, the market is segmented into multiplex assay consumables, multiplex assays instruments & accessories, and multiplex assay software & services. Among these, the multiplex assays consumables segment garnered the largest share of in 2018, and is expected to lead the market during the analysis period.
Depending on end user, the pharmaceuticals & biotechnological companies segment accounted for the major share of the multiplex assay market in 2018, and is expected to continue this trend during the analysis period, due to the extensive use of multiplex assays in R&D of novel drug therapies.
Key Findings of the Multiplex Assay Market:
- Based on type, protein-based multiplex assay segment was the leading segment of the global market, and is projected to grow at a CAGR of 5.8% during the forecast period.
- North America accounted for the share of 44% of the market in 2018, and is projected to grow at a CAGR of 5.1%.
- Based on product, the multiplex assays reagents & consumable segment accounted for the largest market share of 72.9% in 2018, and is estimated to grow at the highest CAGR of 6.4%.
- By application, R&D held the highest market share in 2018, and is expected to lead the market during the analysis period.
- U.S. was the major shareholder in the North American multiplex assay market, accounting for a significant share in 2018.
- China is expected to show the highest growth rate during the analysis period in the Asia-Pacific multiplex assay market.
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Region wise, North America was the highest revenue generator with a share of 44% in 2018. This is attributed to increase in expenditure in R&D, availability of well-established healthcare infrastructure, and higher demand for technically advanced devices for research. However, the Asia-Pacific region is projected to grow with the highest CAGR of 10.2% during the analysis period, owing to surge in healthcare expenditure, increase in per capita income, and improvement in healthcare infrastructure.
The major players profiled in the global multiplex assay market include Luminex Corporation, Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Becton, Dickinson and Company, Abcam PLC, Seegene Inc., Meso Scale Diagnostics, LLC, and Randox Laboratories Ltd. The other players (not included in the report) include Merck, Agilent Technologies, Quanterix, and Olink.