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.
