Multiplex Assays Market to be Worth $6.80 Billion by 2031 - Exclusive Report by Meticulous Research®

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Aug 06, 2024, 10:01 ET

REDDING, Calif., Aug. 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Multiplex Assays Market Size, Share, Forecast, & Trends Analysis by Type (Protein [Bead, Planar], Nucleic Acid, Cell) Technology (Flow Cytometry, PCR, Immunoassay) Application (R&D, Diagnosis (Oncology, Infectious) Product, End User-Global Forecast to 2031,' published by Meticulous Research^®, the multiplex assays market is projected to reach $6.80 billion by 2031 at a CAGR of 8.9% from 2024 to 2031.

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In a single reaction, multiplex immunoassays measure a large number of various analytes. This is especially useful when only a few samples are collected for examination. Multiplex assays refer to laboratory techniques that allow the simultaneous detection and measurement of multiple analytes or targets within a single sample. These assays are widely used in various scientific and clinical applications due to their efficiency, cost-effectiveness, and ability to generate a wealth of data from a single sample.

Multiplex immunoassay reduces work time since several assays can be run concurrently. The ELISA and multiplex immunoassays are based on antigen-antibody binding specificity. Detection systems or analyzers detect antigen-antibody binding. Most contemporary multiplex tests use fluorescent probes instead of the enzymatic reaction used in conventional ELISA.

The growth of this market is attributed to several factors: the advantages of multiplex assays over singleplex assays, the use of multiplexing in companion diagnostics, the increasing prevalence of chronic and infectious diseases, rising use of multiplex assays in drug discovery, and rising awareness about the importance of early disease diagnosis. However, the high costs of multiplex assay equipment restrain the growth of this market. The growing need for high-throughput and automated laboratory systems and the increasing focus on personalized medicine are expected to generate growth opportunities for the players operating in this market. However, the shortage of skilled professionals and the risk of cross-reactivity are major challenges to market growth.

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Growing Use of Multiplexing in Companion Diagnostics Driving the Demand for Multiplex Assays

Companion molecular diagnostics measure the levels of proteins, genes, or specific mutations to reveal specific and effective therapies for an individual's condition. Companion diagnostics (CDx) enable the development of personalized, stratified, and precision medicine to individualize patient treatment. Various assays are used for analyzing biomarkers; however, information about a single analyte is insufficient to draw accurate conclusions. Hence, multiplex assays are being increasingly adopted to enable the simultaneous detection of multiple biomarkers for accurate results.

Multiplexing is a vital part of companion diagnostics as it helps lab professionals overcome several operational challenges. For example, as more actionable biomarkers are becoming available to test patients for different tumor types, the need to perform more multiplex biomarker tests on a single specimen (such as a patient biopsy) has increased significantly. Multiplex assays allow for the interpretation of multiple biomarkers within a sample.

The key players operating in the global multiplex assays market are Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Seegene, Inc. (South Korea), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (U.S.), Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), Illumina, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Quanterix Corporation (U.S.), DiaSorin S.p.A. (Italy), and Merck KGaA (Germany).

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The global multiplex assays market is segmented by type, product, technology, application, and end user. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Based on type, the multiplex assays market is segmented into protein multiplex assays, nucleic acid multiplex assays, and cell-based multiplex assays. In 2024, the protein multiplex assays segment is expected to account for the largest share of 53.3% of the multiplex assays market. The protein multiplex assays segment is expected to grow at the highest CAGR during the forecast period. Protein multiplex assays find their applications in various disease diagnoses, including infectious diseases, toxicology, cancer, inflammation, diabetes, and neurodegeneration, as well as in research and drug discovery, contributing to the segment's highest CAGR.

Protein multiplex assays are widely used to detect viral infections such as HIV, cytomegalovirus (CMV), hepatitis B, hepatitis C, and influenza. The rising incidence of cancer and infectious diseases drives the demand for protein multiplex assays. According to the UNAIDS, in 2021, about 38.4 million people worldwide had HIV, compared to 37.7 million in 2020.

Based on product, the global multiplex assays market is segmented into consumables, instruments, and software & services. In 2024, the consumables segment is expected to account for the largest share of the multiplex assays market. Assay kits are pre-packaged sets of materials and reagents used for performing tests. These user-friendly diagnostic kits require minimal training, making them ideal for use in settings with limited access to trained laboratory personnel, particularly in rural or remote areas. The kits are also lightweight and compact, allowing easy transport and use in various settings, including clinics, hospitals, and field locations. The repeated use of consumables in the multiplex assays and new product developments drive market growth.

Based on technology, the multiplex assays market is segmented into flow cytometry, multiplex real-time PCR, multiplex immunoassay, sequencing, and other technologies. In 2024, the flow cytometry segment is expected to account for the largest share of 40.0% of the multiplex assays market. Moreover, the flow cytometry segment is expected to grow at the highest CAGR during the forecast period. Flow cytometry for multiplex analysis can significantly enhance proteomics research, particularly in analyzing post-translational modifications of proteins on a large scale. Flow cytometry technique is used in research and clinical diagnosis, thus supporting the highest CAGR of the segment. It aids in clinical diagnosis by analyzing the characteristics of cells. Recent advancements in flow cytometry are supporting market growth. For instance, in June 2023, Becton, Dickinson and Company (U.S.) launched a BD FACSDuet to automate sample preparation during clinical flow cytometry diagnostics.

Based on application, the global multiplex assays market is segmented into research & development and clinical diagnosis applications. In 2024, the research & development segment is expected to account for the largest share of the multiplex assays market. The growing adoption of multiplex assays in developing therapeutic techniques that target specific genes, including gene and oligonucleotide therapy, is expected to accelerate the identification of novel drug targets and significantly contribute to drug development efforts. Additionally, multiplex assays during drug development, clinical trials, and biomarker discovery contribute the largest share of the segment.

Based on end user, the global multiplex assays market is segmented into pharmaceutical & biotechnology companies, diagnostic laboratories, hospitals, and other end users. The pharmaceutical & biotechnology companies segment is expected to grow at the highest CAGR during the forecast period. The highest CAGR of the segment is attributed to increasing R&D investments by pharmaceutical & biotechnology companies, the widespread utilization of multiplex assays in drug discovery & development, and a growing emphasis on personalized medicine research. Pharmaceutical companies are increasing R&D investments for discovering medical drugs.

In 2024, North America is expected to account for the largest share of 39.2% of the multiplex assays market. The region's largest share is attributed to the high R&D expenditure, high prevalence of chronic diseases, growth in the pharmaceuticals industry, and large number of diagnostic and pathology laboratories for early diagnosis. The increasing healthcare expenditure has immensely impacted the development of laboratory diagnoses in the region. North America's per capita health expenditure reached USD 11,119.1 in 2021, increasing at a CAGR of 3.8% from 2017–2021 (source: The World Bank Group).

The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry over the past years (2020–2024). In the last couple of years, the global multiplex assays market witnessed several strategic developments.

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Scope of the Report:

Multiplex Assays Market Assessment, by Type

Protein Multiplex Assays
- Bead-based Assays
- Planar Assay
Nucleic Acid Multiplex Assays
Cell-based Multiplex Assays

Multiplex Assays Market Assessment, by Product

Consumables
Instruments
Software & Services

Multiplex Assays Market Assessment, by Technology

Flow Cytometry
Multiplex Immunoassay
Multiplex Real-Time PCR
Sequencing
Other Technologies

Note: Other technologies consist of microarray and immunohistochemistry

Multiplex Assays Market Assessment, by Application

Research & Development
Clinical Diagnosis
- Infectious Diseases
- Oncology
- Cardiovascular Diseases
- Autoimmune Diseases
- Other Diseases

Note: Other diseases include neurological diseases, thrombosis, and drug abuse testing.

Multiplex Assays Market Assessment, by End User

Pharmaceutical & Biotechnology Companies
Diagnostic Laboratories
Hospitals
Other End Users

Note: Other end users consist of academic institutes & research centers, forensic labs, agriculture companies, and food & beverage companies

Multiplex Assays Market Assessment, by Geography

North America
- U.S.
- Canada
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (Roe)
Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
Middle East & Africa

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