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

Multiplex Assay Market size was valued at around USD 2.05 billion in 2022 and is expected to rise from USD 2.35 billion in 2023 to reach a value of USD 7.08 Billion by 2031, at a CAGR of 14.77% over the forecast period (2024–2031).

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. 'Thermo Fisher Scientific Inc.', 'Bio-Rad Laboratories, Inc.', 'Illumina, Inc.', 'Agilent Technologies, Inc.', 'Luminex Corporation', 'Merck KGaA', 'QIAGEN N.V.', 'Roche Diagnostics', 'Randox Laboratories Ltd.', 'Bio-Techne Corporation', 'Abcam plc', 'GenScript Biotech Corporation', 'Mesoscale Discovery, LLC', 'Seegene Inc.', 'Becton, Dickinson and Company', 'Fluidigm Corporation', 'Meso Scale Diagnostics, LLC', 'PerkinElmer, Inc.', 'Siemens Healthineers AG', 'Biocartis NV'

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.

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.

Asia-Pacific is projected to expand greatly between 2023 and 2030 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.