USD 2.05 billion
Multiplex Assay Market Size, Share, Growth Analysis, By Product & Service(Consumables, Instruments), By Type(Protein Multiplex Assays (Planar Protein Assays, Bead-based Protein Assays, Others), Nucleic Acid Multiplex Assays (Planar Nucleic Acid Assays), By Technology(Flow Cytometry, Fluorescence Detection, Luminescence, Multiplex Real-time PCR), By Application(Research & Development (Drug Discovery & Development, Biomarker Discovery & Validation), Clinical Diagnostics (Infectious Diseases, Cancer), By End-User(Pharmaceutical & Biotechnology Companies, Hospitals & Research Institutes, Reference Laboratories, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35H2180 |
Region:
Global |
Published Date: September, 2024
Pages:
219
|Tables:
117
|Figures:
77
Multiplex Assay Market Insights
Global Multiplex Assay Market size was valued at 2.35 billion in 2022 and is expected to rise from USD 2.70 billion in 2023 to reach a value of USD 8.12 billion by 2031, at a CAGR of 14.77 % over the forecast period (2024–2031).
The rising incidence of chronic and infectious diseases, the major advantages of multiplex assays over single plex and traditional assays, the expansion of the use of multiplex assays in companion diagnostics, and the growing awareness of early diagnosis are the main reasons propelling the global multiplex assay market.
The substantial expansion of companion diagnostics is anticipated in the near future based on the existing drug approval scenarios. For instance, in August 2021, the FDA granted Roche permission to market companion diagnostics to identify dMMR solid tumors in patients who would benefit from anti-PD-1 immunotherapy. As a result, the expansion of companion diagnostics can considerably contribute to the growth of the global market. With a more than three times greater survival rate when diagnosed at an early stage, early diagnosis of numerous chronic diseases, such as cancer, can improve patient quality of life. Additionally, early detection can expand the range of available therapies and lower the financial burden of long-term illnesses.
Between 36% and 53% of patients with non-small cell lung cancer, stomach, and pancreatic cancers are diagnosed with stage 4 cancer by the time the disease has spread to other body parts and reduced the likelihood of survival, according to an article published in Avalere in July 2021. The 5-year survival rate for non-small-cell lung cancer, stomach cancer, and pancreatic cancer can be doubled if discovered in the early stages. These variations are raising awareness of the importance of early disease diagnosis and may significantly contribute to market growth throughout the anticipated time frame. Opportunities for market expansion will also come from the growing validation of biomarkers in molecular and protein diagnostics as well as the growing need for automated systems and high-throughput assays.
Applications for multiple biomarker analysis are numerous in the study of cancer, autoimmune illnesses, and neurodegenerative diseases. There is a strong likelihood that new diagnoses will be created as a result of the numerous biomarkers that are being found and verified. Proteins can be quantitatively measured using a multiplex test to find biomarkers. With the use of statistically significant numbers of samples and controls, these assays enable the assessment of a wide range of possible protein biomarkers. Thus, the use of multiplex assays in biomarker validation increases the effectiveness and speed of delivering accurate data, which may support market growth in the short term.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Consumables
Fastest Growth
Consumables
Growth Rate
14.77% CAGR
Global Multiplex Assay Market, 2023-2031 ($ Bn)
Country Share for North America Region, 2023 (%)
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Multiplex Assay Market Segmental Analysis
The global multiplex assay market is segmented based on product & service, type, technology, application, end-user and region. Based on product & service the market is segmented into consumables, instruments and software & services. In terms of type, the market is segmented into protein multiplex assays, nucleic acid multiplex assays, and cell-based multiplex assays. Based on technology, the market is segmented into flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and others. Based on application the market is segmented into research & development, and clinical diagnostics. Based on end-users the market is segmented into pharmaceutical & biotechnology companies, hospitals & research institutes, reference laboratories, and others. Based on region the global multiplex assay market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product & Service
In the Multiplex Assay Market, the dominating product segment is consumables, capturing a substantial 74.38% market share in 2022. This segment is not only leading but also poised to be the fastest growing, driven by the recurring purchases required for diagnostic tests and an overall increase in the number of tests performed. The continuous demand for consumables is projected to maintain its dominant position throughout the forecast period, fueled by their critical role in ensuring precise, reliable, and rapid results.
On the other hand, the software and services sector is emerging as the fastest-growing component within the market. Factors such as the enhanced efficiency provided by advanced software solutions and the surge in new product introductions are propelling this segment's growth. Innovations like Bio-Techne Corporation’s Quantist Luminex data analysis software, launched in August 2022, exemplify how software advancements are facilitating deeper insights from complex data sets. This trend is expected to continue, driving substantial growth in the software and services domain of the multiplex assay market.
Analysis by Type
The protein multiplex assay segment dominated the global industry in 2023, accounting for the highest share of more than 52.71% of the overall revenue. This dominance is attributed to the increasing focus on proteomics studies for biomarker research and clinical diagnostics. The search for suitable biomarkers has significantly intensified in clinical practice, and quantitative measurement of proteins is a crucial step in biomarker discovery. Analyzing many potential protein biomarkers in a statistically significant number of samples and controls presents a major technical challenge.
The nucleic acid multiplex assay segment is projected to be the fastest growing over the forecast years. Nucleic acid assays are essential for molecular tests diagnosing human diseases, such as those identifying human genetic markers indicative of diseases (e.g., autoimmune diseases and cancer), genetic markers for disease predisposition, and tests to identify disease-causing pathogens. For example, an article published by the American Chemical Society in September 2021 described a nucleic acid assay using lanthanide nanoparticles for diagnosing SARS-CoV-2, enabling fast screening with high accuracy. The increasing prevalence of chronic and infectious diseases is expected to broaden the applications of nucleic acid multiplex assays in disease diagnosis, driving significant growth in this segment during the forecast period.
Global Multiplex Assay Market By Product & Service, 2023 (%)
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Multiplex Assay Market Regional Insights
North America dominated the global industry in 2023 and accounted for the largest share of more than 36.88% of the total revenue because of the rising R&D activities for the discovery of novel medications and diagnosis & treatment options. The region's expansion is anticipated to be fueled by the rise in government funding for the discovery of new biomarkers and the rise in the prevalence of chronic illnesses like cancer and stroke. Additionally, the presence of significant players in the region is likely to boost the rise.
However, Asia Pacific is expected to grow at the fastest pace in the anticipated years. This is owing to the improving healthcare infrastructure and medical research scenario in emerging nations. Asia-Pacific is projected to expand greatly between 2024 and 2031 as a result of increased government initiatives to increase awareness, an increase in medical tourism, expanding research activities in the region, a supportive regulatory environment that will increase the adoption rate for microbiology testing and other advanced diagnostic methods, as well as the region's growing demand for high-quality healthcare.
Global Multiplex Assay Market By Geography, 2023-2031
- Largest
- Fastest
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Multiplex Assay Market Dynamics
Drivers
- Increasing Demand for Personalized Medicine
The growing demand for personalized medicine is driving the demand for multiplex assays. These assays enable the simultaneous measurement of multiple biomarkers, allowing for better patient stratification and personalized treatment options.
- Restraints
The regulatory challenges associated with multiplex assays can limit their adoption. These assays require regulatory approval, which can be time-consuming and costly.
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Multiplex Assay Market Competitive Landscape
To increase their market presence, leading corporations are putting a variety of methods into practice, including partnerships, the introduction of cutting-edge technology & goods, and collaborations. For instance, Bio-Rad and Seegene announced their collaboration in June 2021 in order to offer molecular diagnostic testing solutions in the American market. Additionally, Qiagen introduced the NeuMoDx multiplex assay in November 2020 to offer a comprehensive selection of testing options for SARS-CoV-2 in Europe and international markets.
Top Player’s Company Profiles in Multiplex Assay Market
- Illumina, Inc. (US)
- Bio-Rad Laboratories, Inc. (US)
- Thermo Fisher Scientific, Inc. (US)
- Becton, Dickinson and Company (US)
- DiaSorin S.p.A. (Italy)
- QIAGEN N.V. (Netherlands)
- Abcam PLC (UK)
- Merck KGaA (Germany)
- Agilent Technologies, Inc. (US)
- Quanterix (US)
- Bio-Techne (US)
- Meso Scale Diagnostics, LLC (US)
- Randox Laboratories Ltd. (UK)
- Olink (Sweden)
- Seegene Inc. (South Korea)
- Siemens Healthineers AG (Germany)
- PerkinElmer Inc. (US)
- Shimadzu Corporation (Japan)
- Promega Corporation (US)
- Enzo Biochem Inc. (US)
- Cayman Chemical (US)
- Boster Biological Technology (US)
- Antigenix America, Inc. (US)
- Quansys Biosciences Inc. (US)
- RayBiotech Life, Inc. (US)
Multiplex Assay Market Recent Developments
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In April 2024, Bio-Rad Laboratories, Inc., a global leader in life science research and clinical diagnostic products, announced the launch of its first ultrasensitive multiplexed digital PCR assay, the ddPLEX ESR1 Mutation Detection Kit. The assay expands the company’s Droplet Digital PCR (ddPCR™) offering for the oncology market, where highly sensitive and multiplexed mutation detection assays aid translational research, therapy selection, and disease monitoring.
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In March 2024, Co-Diagnostics, Inc., a molecular diagnostics company with a unique, patented platform for the development of molecular diagnostic tests, announced that CoSara Diagnostics Pvt. Ltd., its joint venture for manufacturing and sales in India, has received clearance by the Central Drugs Standard Control Organization ("CDSCO") in India to manufacture and sell its SARAPLEX Influenza Multiplex (IFM) Test Kit to clinical laboratories as an in vitro diagnostic ("IVD") for the detection and differentiation of Influenza A and Influenza B.
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In December 2023, QuidelOrtho Corporation, a global provider of innovative in vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, has received 510(K) clearance from the U.S. Food and Drug Administration for its innovative Savanna PCR platform and Savanna HSV 1+2/VZV in vitro diagnostic test for the detection and differentiation of Herpes simplex virus type 1 (HSV-1), Herpes simplex virus type 2 (HSV-2) and Varicella-zoster virus (VZV) nucleic acids isolated and purified from swabs obtained from cutaneous or mucocutaneous lesion specimens obtained from symptomatic patients
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In January 2023, Agilent Technologies and Akoya Biosciences collaborated to develop multiplex-immunohistochemistry diagnostic products for tissue analysis. The companies have also agreed to market end-to-end workflow solutions for multiplex assays in the clinical research market. Under the partnership, Agilent will integrate its Dako Omnis auto-staining instrument with Akoya’s imaging platform, PhenoImager HT, for multiplex chromogenic immunohistochemistry (mIHC) and immunofluorescent (mIF) assays.
Multiplex Assay Key Market Trends
- Increasing adoption of multiplex immunoassays: The demand for multiplex immunoassays is increasing due to their ability to measure multiple proteins in a single sample. These assays are widely used in drug discovery, diagnostic testing, and biomarker identification.
- Growing use of microarrays: Microarray technology is gaining popularity in the multiplex assay market due to its ability to measure multiple analytes simultaneously. Microarrays are widely used in genomics, proteomics, and drug discovery.
- Emergence of next-generation sequencing (NGS) technologies: The use of NGS technologies in multiplex assays is increasing due to their ability to sequence large numbers of genes or DNA fragments simultaneously. NGS technologies are widely used in genomics research, personalized medicine, and diagnostic testing.
- Increasing demand for point-of-care testing (POCT): The demand for POCT is increasing due to the need for rapid and accurate diagnostic testing. Multiplex assays are well-suited for POCT as they enable the simultaneous measurement of multiple analytes in a single sample.
- Growing focus on precision medicine: Precision medicine is an emerging field that focuses on the customization of medical treatments based on an individual's genetic makeup, lifestyle, and environment. Multiplex assays are well-suited for precision medicine as they enable the measurement of multiple biomarkers in a single sample, allowing for personalized treatment options.
Multiplex Assay Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global multiplex assay market analysis, we found that the Multiplex Assay Market is the rising incidence of chronic and infectious diseases, the major advantages of multiplex assays over single plex and traditional assays, the expansion of the use of multiplex assays in companion diagnostics, and the growing awareness of early diagnosis are the main reasons propelling the market. The demand for multiplex immunoassays is increasing due to their ability to measure multiple proteins in a single sample. These assays are widely used in drug discovery, diagnostic testing, and biomarker identification
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.05 billion |
| Market size value in 2031 | USD 7.08 Billion |
| Growth Rate | 14.77% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Multiplex Assay Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Multiplex Assay Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Multiplex Assay Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Multiplex Assay Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Multiplex Assay Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Multiplex Assay Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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