Categories: Market Research

Multiplex Assays Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Multiplex Assays by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Multiplex Assays, The multiplex assays market size has grown strongly in recent years. It will grow from $3.61 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increased healthcare expenditure, emerging markets growth, rapid technological advances and a rapid growth in aging population.

The multiplex assays market size is expected to see strong growth in the next few years. It will grow to $5.7 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to the rise in funding, government initiatives for genetic and microbiological research, aging population, increasing prevalence of chronic diseases and a rapid rise in various bacterial and viral epidemics. Major trends in the forecast period include the rise in funding, government initiatives for genetic and microbiological research, aging population, increasing prevalence of chronic diseases and a rapid rise in various bacterial and viral epidemics.

An increased incidence of chronic diseases is driving the growth of the global multiplex assay market. Multiplex assay is extensively used in clinical trials to analyze and study the efficacy of a disease and for the detection of antibodies against those diseases. According to the World Health Organization (WHO) report published in April 2021, chronic diseases, also known as non-communicable diseases (NCDs), kill 41 million people each year, equivalent to 71% of all deaths globally. Every year, between the ages of 30 and 69 years, more than 15 million people die from an NCD. Due to the growing acceptance and the advantages of multiplex assays over traditional assays, such as quicker analysis, the market for multiplex assays is expected to develop rapidly, driving growth in the forecast period.

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The multiplex assays market covered in this report is segmented –

1) By Type: Protein-Based Multiplex Assays, Nucleic Acid-Based Multiplex Assays, Other Types

2) By Identification Technology: Flow Cytometry, Multiplex Real-Time PCR, Other Identification Technologies

3) By Detection Technology: Enzyme-Linked Immunosorbent Assay (ELISA), Luminescence, Fluorescence, Other Detection Technologies

4) By Application: Research And Development, Clinical Diagnostics

5) By End User: Pharmaceutical And Biotechnology Companies, Hospitals And Research Institutes, Reference Laboratories, Other End-Users

Companies in the market are launching innovative tests based on multiplex assays to strengthen their position in the market. For instance, in May 2022, QuantuMDx Group Limited, a UK-based developer of transformational point-of-care diagnostics, launched its new respiratory panel test, the Q-POC SARS-CoV-2, Flu A/B, and RSV (respiratory syncytial virus) Assay. The Q-POCTM SARS (severe acute respiratory syndrome)-CoV-2, Flu A/B, and RSV Assay is a multiplex panel that can detect SARS-CoV-2, Flu A, Flu B, and RSV (respiratory syncytial virus) at the point of need.

The multiplex assays market report table of contents includes: