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Multiplex Assays Market Size
Multiplex Assays Market size is expected to grow notably from 2024 to 2032 driven by the significant strides in nanotechnology. The higher emphasis on the treatment of various diseases and the shifting inclination towards personalized treatment has steered the rise in R&D activities across the biopharma and pharma sectors. The emergence of companion diagnostics is another prominent factor fueling the market expansion.
Moreover, with conditions like cancer, cardiovascular diseases, and diabetes on the rise, there is an increasing demand for efficient diagnostic tools capable of simultaneously analyzing multiple biomarkers. Multiplex assays have also gained popularity for COVID-19 testing by simultaneously detecting multiple viral antigens or antibodies for expediting diagnosis and surveillance efforts, further providing potential development opportunities to the market players. However, the higher costs of capital investments and procurement coupled with the lack of a skilled workforce may pose barriers to the industry progression.
Multiplex Assays Market Trends
The rapidly expanding biopharmaceutical and biotechnology industries focusing on drug discovery, development, and biomarker research is surging the industry gains. Multiplex assays enable high-throughput screening, biomarker profiling, and drug efficacy studies for enhancing efficiency and accuracy in research and clinical trials. Additionally, these assays facilitate the identification of disease biomarkers and therapeutic targets for supporting precision medicine approaches.
Multiplex Assays Market Analysis
The protein-based multiplex assays industry is anticipated to record substantial growth between 2024 and 2032 owing to growing adoption for precisely analyzing unknown proteins and their functions. Protein-based multiplex assays enable simultaneous quantification of multiple proteins in biological samples for facilitating comprehensive biomarker profiling for disease diagnosis, prognosis, and therapeutic monitoring. Additionally, the extensive use of protein assays in life science research to estimate the protein concentration in molecular biology, electrophoresis, protein purification, and cell biology applications.
The immunoassays segment will grow significantly through 2032 owing to the rise in technological innovations. These tests are extensively used in important areas of pharmaceutical analysis, including diagnosis of diseases, clinical pharmacokinetics, therapeutic drug monitoring, as well as bioequivalence studies in pharmaceutical drug and discovery. Benefits, such as easy performance and limited specialized training, will further foster the industry expansion.
The North America multiplex assays market is set to expand at a notable CAGR from 2024 to 2032 led by the growing number of government initiatives and funding. The higher per capita healthcare spending has resulted in the robust presence of technologically advanced healthcare infrastructure. The fast-growing geriatric population along with the increasing instances of Alzheimer’s disease is propelling the demand for immunoassay tests.
Furthermore, the escalating government support for the acceptance of precision medicine is boosting the product demand in the U.S. The rise in the number of cancer patients, mainly in Canada, the presence of leading industry players, along with the increasing emphasis on the development of novel drugs and biomarkers.
Multiplex Assays Market Share
Some of the well-known multiplex assays industry players include-
- Merck
- Becton Dickinson
- Bio-Rad Laboratories
- Luminex Corporation (DiaSorin)
- Thermo Fisher Scientific
- Illumina
- CliniSciences
Leading firms operating in the multiplex assays industry are constantly taking up persistent efforts towards collaboration-oriented strategies, such as acquisitions and partnerships, along with new product launches to broaden their portfolio and influence revenue generation.
Multiplex Assays Industry News
- In June 2023, Navigate BioPharma Services, Inc., a Novartis subsidiary, introduced new multiplex digital PCR assays for extensive quantification of multiple chimeric antigen receptor T cells, a type of cancer immune therapy involving genetically modifying T cells to identify and eliminate specific cancers.
- In December 2023, QuidelOrtho Corp., a developer of novel in-vitro diagnostic technologies for POC settings, received the 510(K) approval from the U.S. FDA for its multiplex Molecular Platform and Herpes Simplex virus assay.