The global Multiplex Assay Market, valued at $1.69 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $4.40 billion by 2031, growing at a compound annual growth rate (CAGR) of 14.6% from 2024 to 2031, as per a recent report by Coherent Market Insights.

Burlingame, July 10, 2024 (GLOBE NEWSWIRE) -- The global Multiplex Assay Market is estimated to be valued at US$ 1.69 Bn in 2024 and is expected to exhibit a CAGR of 14.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights. Increasing research activities focused on developing new treatments and therapeutics for chronic diseases is a major factor fueling the growth of multiplex assay market. Multiplex assays help accelerate the drug discovery process by allowing researchers to screen large libraries of compounds and identify potential drug candidates in a high throughput manner.

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Market Dynamics:

The global multiplex assay market is witnessing high growth owing to rising demand for disease diagnosis and increasing prevalence of chronic and infectious diseases. Additionally, increasing application of multiplex assays in drug discovery and development is further fueling market growth. Multiplex assays helps in performing various biochemical tests simultaneously, thereby reducing time, sample volume and cost of testing. This has increased its adoption across various end-use industries such as healthcare, agriculture and food safety testing.

Market Trends:

Development of advanced multiplex assay products with high accuracy, speed and throughput is attracting more users. Introduction of microfluidic-based devices, bead-/array-based technologies and software for analyzing huge datasets from multiplex assays is propelling market revenue.

Global Multiplex Assay Market Report Coverage

Report Coverage	Details
Market Revenue in 2024	$1.69 billion
Estimated Value by 2031	$4.40 billion
Growth Rate	Poised to grow at a CAGR of 14.6%
Historical Data	2019–2023
Forecast Period	2024–2031
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Product, By Type, By Technology, By Application, By End User
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Growth Drivers	• Advancing genomics and proteomics research • Increasing focused on precision medicine • Increasing product launches
Restraints & Challenges	• Stringent government regulations • High capital investment required

Vendors are focusing on development of specialized multiplex assays for application in specific disease areas such as oncology, infectious diseases, cardiovascular disorders and neurological disorders. This is expected to present lucrative growth opportunities for multiplex assay market over the forecast period.

The consumables segment held the largest share of the global multiplex assay market in 2023 and is expected to witness a CAGR of 12.5% during the forecast period. Consumables are the major requirement for conducting any multiplex assay. The increasing adoption of multiplex assays for research and diagnostics is fueling the demand for consumables.

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The protein multiplex assay segment accounted for over 40% share of the global multiplex assay market in 2023. Protein multiplex assay allows detection and quantification of multiple protein biomarkers simultaneously, aiding in disease diagnosis and drug development. Advancements in protein multiplex technologies are propelling the growth of this segment.

Flow cytometry technology held the largest market share in 2023 owing to its widespread use for detection of multiple biomarkers in cell-based assays. Advantages such as high throughput, sensitivity and flexibility of flow cytometry are boosting its demand.

Research and development contributed over 50% share to the overall market in 2023 owing to extensive use of multiplex assays for drug discovery, validation of disease biomarkers and development of precision medicine. Multiplex assays aid high content screening and reduce research time and cost.

Key Market Takeaways:

The global multiplex assay market is anticipated to witness a CAGR of 14.6% during the forecast period 2024-2031, owing to growing personalized medicine and companion diagnostics market.

On the basis of product, consumables segment is expected to hold a dominant position. On the basis of type, protein multiplex assay segment is expected to hold a dominant position.

On the basis of technology, flow cytometry is expected to hold a dominant position over the forecast period. On the basis of region, North America is expected to hold a dominant position over the forecast period.

Key players operating in the global multiplex assay market include Luminex Corporation, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Qiagen, Abcam Plc., Becton, Dickinson and Company, Merck KGaA, Agilent Technologies among others.

Recent Developments:

In May 2022, Vela Diagnostics, announced the launch of Pathokey MP UTI and AMR PCR Test for research use only,

In May 2022, Sansure Biotech Inc., announced the launch of the six respiratory Pathogens Multiples Nucleic Acid Diagnostics Kit developed by Sansure Biotech Inc., was approved for marketing (GXZZ 20223400597)

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Detailed Segmentation:

By Product:

• Consumables
• Instruments
• Software
  

By Type:

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

By Technology:

• Flow Cytometry
• Fluorescence Detection
• Luminescence
• Multiplex Real-time PCR
• Other Technologies
  

By Application:

• Research & Development
  • Drug Discovery & Development
  • Biomarker Discovery & Validation
• Clinical Diagnostics
  • Infectious Diseases
  • Cancer
  • Cardiovascular Diseases
  • Autoimmune Diseases
  • Nervous System Disorders
  • Metabolism & Endocrinology Disorders
  • Other Diseases
    

By End User:

• Pharmaceutical & Biotechnology Companies
• Hospitals & Diagnostic laboratories
• Research & Academic Institutes
• Other End Users

By Region:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
  

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
  

Middle East:

• GCC Countries
• Israel
• Rest of Middle East
  

Africa:

• South Africa
• North Africa
• Central Africa
  

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