Global Syndromic Multiplex Diagnostic Market Set to Achieve Robust Growth with 7.2% CAGR During 2023-2028

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Aug 23, 2023, 18:00 ET

DUBLIN, Aug. 23, 2023 /PRNewswire/ -- The "Syndromic Multiplex Diagnostic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The global Syndromic Multiplex Diagnostic market is projected to achieve significant growth, with a Compound Annual Growth Rate (CAGR) of 7.2% over the forecast period. This growth is fueled by various factors including the impact of the COVID-19 pandemic, the growing disease burden, technological advancements, and increasing demand for accurate and rapid test results.

COVID-19 Pandemic Fuels Research and Development

The initial wave of COVID-19 led to widespread cancellations of medical visits and confinement of populations, driving the need for advanced diagnostic solutions for detecting SARS-CoV-2. As a response, major players in the market focused on innovation and invested in developing diagnostic devices or panels for multiplexed virus detection. For instance, the commercial launch of the RT-Direct multiplex COVID-19 RT-PCR test kit by Cipla in partnership with Genese2Me Pvt Ltd showcased the industry's efforts to combat the pandemic. Additionally, the emergence of mutant strains of the virus has spurred demand for advanced diagnostics, contributing to market growth even in the post-pandemic era.

Disease Burden and Need for Accurate Tests Drive Growth

The increasing burden of diseases has created a surge in demand for accurate and rapid test results. Chronic respiratory diseases, such as asthma, have shown high prevalence rates globally. Syndromic multiplex diagnostic solutions have been developed to detect such diseases efficiently. Moreover, the rising cases of diseases like HIV highlight the demand for multiplex syndromic testing to ensure accurate detection and prompt treatment. The market is further propelled by the launch of innovative products, such as Hologic's Novodiag System and Eurofins' multiplex PCR Assay for COVID-19 variant detection.

Gastrointestinal Segment Gains Momentum

The gastrointestinal (GI) segment is expected to witness significant growth due to the advantages of syndromic panels for GI illnesses. These panels offer quick identification of a wide range of GI pathogens with high sensitivity and specificity. Technological advancements, such as Qiagen's expansion of its QIAstat-Dx testing system, further contribute to the growth of this segment.

North America Leads the Way

North America is anticipated to dominate the syndromic multiplex diagnostic market, driven by factors like increased healthcare expenditure, research and development activities, and a growing prevalence of various diseases. The United States, in particular, is a key player in the market, with high demand for syndromic multiplex diagnostic testing due to the prevalence of diseases like HIV. The region's development activities, including product launches and regulatory approvals, are also expected to drive market growth.

Market Dynamics

Market Drivers

Increasing Demand for Accurate and Rapid Results
Quick Access to the Treatment

Market Restraints

Lack of Skilled Professional
Inability in Detecting Asymptomatic Cases

Competitive Portfolio

bioMerieux
Qiagen
DiaSorin S.p.A (Luminex Corporation)
Applied BioCode
Akonni Biosystems
Thermo Fisher Scientific, inc.
Abbott Laboratories
Accelerate Diagnostic
Becton, Dickinson and Company
Hologic, Inc.
F. Hoffmann-La Roche Ltd
Abacus Diagnostica Oy
Accelerate Diagnostics, Inc

For more information about this report visit https://www.researchandmarkets.com/r/j2y2up

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