Multiplex Assays Market Size is expected to grow notably from 2022 to 2028 due to 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.
Multiplex assays are primarily immunological assays, that can be regarded as bioanalytical methods of detecting, isolating, and measuring a target biomolecule. However, the higher costs of capital investments and procurement coupled with the lack of a skilled workforce may pose as barriers to the market progression.
The consumables segment will expand with the rising burden of chronic and infectious diseases. According to the WHO (World Health Organization), infectious diseases dominated the list of health threats across the world in 2019. This factor along with the bulk purchase of consumables has ramped up the need for different diagnostic and immunoassay tests. The spiraling demand for repeated purchases of kits and reagents will influence the market growth.
The multiplex assays market revenue will expand from protein-based assays with growing adoption for precisely analyzing unknown proteins and their functions. Protein assays are extensively used in life science research to estimate the protein concentration in molecular biology, electrophoresis, protein purification, and cell biology applications.
The multiplex assays market demand from the immunoassays segment will grow significantly through 2028 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 industries. Benefits, like easy performance and limited specialized training, are other factors fostering the industry expansion.
The demand for multiplex assays tests in hospital laboratories will expand with the rising number of diagnostic tests in these settings. The presence of skilled staff and the growing need for clinically meaningful interpretations will act as driving forces for the segment growth. Increasing preference over reference laboratories will also push product penetration.
North America is estimated to record a significant multiplex assays market remuneration 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 has propelled the demand for immunoassay tests.
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, and the increasing emphasis on the development of novel drugs and biomarkers will favor the regional growth.
Some of the well-known multiplex assays market players include Merck, Becton Dickinson, Bio-Rad Laboratories, Luminex Corporation (DiaSorin), Thermo Fisher Scientific, Illumina, and CliniSciences.
These firms are constantly taking up persistent efforts towards collaboration-oriented strategies, like acquisitions and partnerships, along with new product launches to broaden their portfolio and influence revenue generation.
For instance, in July 2021, DiaSorin, a well-known Italian diagnostics firm completed the nearly $1.8bn acquisition of Luminex to stimulate its collaboration with biopharma firms as well as offer better access to clinical multiplexing assays for futuristic value-based care projects.
Amid the coronavirus outbreak, the industry embarked on colossal growth with rising penetration in the treatment of the infection. For instance, CDC Influenza SARS-CoV-2 (Flu SC2) Multiplex Assay was largely deployed to detect and differentiate the RNA from influenza A virus, SARS-CoV-2, and influenza B virus in the upper or lower respiratory specimens.
The numerous growth initiatives undertaken by major leaders also profoundly impacted the industry growth. For instance, in August 2020, Thermo Fisher Scientific developed a new serological assay, targeted towards transplant candidates as well as recipients for detecting antibodies directed against COVID-19 (SARS-CoV-2).
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