The Multiplex Assays Market is expected to reach $6.24 billion by 2030 at a CAGR of 9% from 2023 to 2030. Multiplex assays are a form of immunoassay that measures several analytes at once. Multiplex assays are derived from the conventional ELISA technology, which generates numerous signal measurements instead of only one, as in ELISA. Multiplex assays use microspheres coated with several antibodies that come in various colors. It used flow cytometry to separate various colored beads by their diverse degrees of fluorescence, the findings of which are read following incubation.
The growth of this market is attributed to several factors, the advantages of multiplex assays over singleplex assays, the use of multiplexing in companion diagnostics, the increasing prevalence of chronic and infectious diseases, and rising awareness about the importance of early disease diagnosis. However, the high costs of multiplex assay equipment restrain the growth of this market.
The growing need for high-throughput and automated laboratory systems and the increasing focus on personalized medicine are expected to generate growth opportunities for the players operating in this market. However, the shortage of skilled professionals and the risk of cross-reactivity are major challenges to market growth.
Advantages of Multiplex Assays over Singleplex Assays is Driving the Market
In recent years, scientists and researchers have increasingly adopted multiplex assays due to their advantages over singleplex assays. Multiplex assays generate more reproducible and robust results compared to singleplex assays. Multiplex assays are more reliable than singleplex assays, can simultaneously analyze multiple analytes, reduce the chances of human error, and offer more accurate results. Additionally, multiplex assays use similar experimental criteria for all analytes, making experiment results more easily comparable.
The main advantage multiplex assays offer over singleplex assays is their lower sample requirement. The multiplex approach uses lower quantities of samples, reducing associated costs and providing all the required data points from a single reaction. Although singleplex assays are simpler to perform than multiplex assays, the results are more accurate and informative, which drives the preference for multiplex assays among end users.
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Increasing Focus on Personalized Medicine is Offering Opportunities for the Market Growth
Personalized/precision medicine uses an individual’s genomic information to offer targeted treatment. Multiplex assays can simultaneously detect multiple biomarkers, driving their utilization in precision medicine. Multiplex assay approaches are used to identify changes in gene expression, genetic variations, or epigenetic modifications associated with a particular disease or condition; thus, these assays are useful in developing personalized medicines.
Additionally, cell-based multiplexing is an important aspect of personalized medicine as it creates a cell or tissue-specific spatial context for extending, interpreting, and understanding the information captured from multiple biomarkers, which can be important in guiding treatment decisions in personalized medicine.
According to an article published in the MDPI journal in 2020, multiplex immunoassays provide an overall understanding of the disease and pathways involved in Rheumatoid Arthritis (RA) and simultaneously analyze multiple proteins that can yield biomarker signatures of RA subtypes to enable patients to benefit from personalized medicine.
Key Findings of the Multiplex Assays Market Study:
Among the Types of Protein Multiplex Assays, in 2023, the Bead Based Assays Segment is Expected to Account for the Largest Share of the Market
Based on type, the multiplex assays market is segmented into protein multiplex assays, nucleic acid multiplex assays, and cell-based multiplex assays. Protein multiplex assays are segmented into bead-based assays and planar assays. In 2023, the bead-based assays segment is expected to account for the largest share of the multiplex assays market. Multiplex bead-based assays have become essential tools for diagnosing various diseases. These assays are used for testing allergies, cancer markers, cytokines, cardiac markers, autoimmune diseases, and endocrine diseases. Their increasing application areas in clinical diagnostics and R&D are driving the market's growth.
The Consumables Segment Is Projected to Register the Highest CAGR During the Forecast Period
Based on product, the global multiplex assays market is segmented into consumables, instruments, and software & services. The consumable segment is expected to grow at the highest CAGR during the forecast period. Diagnostic kits are designed to provide highly accurate results with minimal risk of user error. They are pre-packaged with all the necessary materials and reagents, ensuring that the correct amounts are used while reducing the risk of contamination. Assay kits are used in various applications, including COVID-19 diagnosis, infectious disease testing, oncology, cardiovascular, and other applications, contributing to the highest CAGR of the segment.
Among the Technology of Multiplex Assays, in 2023, the Flow Cytometry Segment is Expected to Account for the Largest Share of the Market
Based on technology, the multiplex assays market is segmented into flow cytometry, multiplex real-time PCR, multiplex immunoassay, sequencing, and other technologies. In 2023, the flow cytometry segment is expected to account for the largest share of the multiplex assays market. Flow cytometry technology is preferred over other technologies due to its rapid, high-throughput, and sensitive results. Its reproducible detection capabilities make it ideal for various biomedical applications requiring multiplex protein or nucleic acid analyte detection. Additionally, the high penetration of flow cytometry in both research & development and clinical diagnosis contributes to the largest share of the segment.
The Research & Development Segment Is Projected to Register the Highest CAGR During the Forecast Period
Based on application, the global multiplex assays market is segmented into research & development and clinical diagnosis application. The research & development segment is expected to grow at the highest CAGR during the forecast period. Multiplex assays are increasingly used in the research & development of personalized medicines and research programs for understanding disease mechanisms. Furthermore, increasing pharmaceutical research & development spending, rising new molecular entity approvals, and the launch of multiplex assay panels for research applications by the key players contribute to the segment's highest CAGR.
In 2023, the Pharmaceutical & Biotechnology Companies Segment is Expected to Account for the Largest Share of the Market
Based on end user, the global multiplex assays market is segmented into pharmaceutical & biotechnology companies, diagnostic laboratories, hospitals, and other end users. In 2023, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the market. The rising number of research laboratories, increasing investment in R&D, and rising funding for research laboratories support the largest share of the market. The funding for research laboratories is increasing due to the increasing demand for new drugs and therapies and advancements in laboratory equipment. For instance, in 2021, the U.S. Federal Government invested USD 179.5 billion in R&D. (Source: U.S. Government Accountability Office). Additionally, pharmaceutical companies are increasingly partnering with CROs for product development. The expansion of CROs to meet the growing demand for new product development also supports the market's largest share.
Asia-Pacific: Fastest Growing Regional Market
Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The growth of the multiplex assays market in Asia-Pacific is attributed to the rising research funding in the healthcare and pharmaceutical industry, the rising number of research laboratories, the advancing research framework, and the growing number of diagnostic laboratories in countries such as China, India, Japan, South Korea, and others. For instance, in 2021, Pharmaceutical Research and Manufacturers of America (PhRMA) member companies spent USD 102.3 billion in R&D (Source: 2022 PhRMA member annual survey.
Key Players
The report offers a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments adopted by leading market players in the industry over the years. The key players operating in the global multiplex assays market are Thermo Fisher Scientific, Inc. (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Seegene, Inc. (South Korea), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), Agilent Technologies, Inc. (U.S.), Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), Illumina, Inc. (U.S.), Becton, Dickinson and Company (U.S.), Quanterix Corporation (U.S.), DiaSorin S.p.A. (Italy), and Merck KGaA (Germany).
Scope of the Report:
Multiplex Assays Market Assessment, by Type
- Protein Multiplex Assays
- Bead-based Assays
- Planar Assays
- Nucleic Acid Multiplex Assays
- Cell-based Multiplex Assays
Multiplex Assays Market Assessment, by Product
- Consumables
- Instruments
- Software & Services
Multiplex Assays Market Assessment, by Technology
- Flow Cytometry
- Multiplex Immunoassay
- Multiplex Real-Time PCR
- Sequencing
- Other Technologies
(Note: Other technologies consist of microarray and immunohistochemistry)
Multiplex Assays Market Assessment, by Application
- Research & Development
- Clinical Diagnosis
- Infectious Diseases
- Oncology
- Cardiovascular Diseases
- Autoimmune Diseases
- Other Diseases
(Note: Other diseases include neurological diseases, thrombosis, and drug abuse testing.)
Multiplex Assays Market Assessment, by End User
- Pharmaceutical & Biotechnology Companies
- Diagnostic Laboratories
- Hospitals
- Other End Users
(Note: Other end users consist of academic institutes & research centers, forensic labs, agriculture companies, and food & beverage companies)
Multiplex Assays Market Assessment, by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (Roe)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of Asia-Pacific (RoAPAC)
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
Key questions answered in the report: