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

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.