Multiplex Assays Market: Global Industry Analysis and Forecast (2023-2029)

Multiplex Assays Market size was valued at USD 3.56 Bn. in 2022 and the total Multiplex Assays revenue is expected to grow at a CAGR of 8.7% from 2023 to 2029, reaching nearly USD 6.39 Bn.
Multiplex Assays Market Overview:
Multiplex assay is a very successful technology that is frequently utilized in the pharmaceutical and biotechnological industries for disease detection and diagnosis. The main benefit of implementing a multiplex assay is that it can detect numerous proteins in a single experiment, which minimizes the labor of doing various assays for different proteins individually. This is common in enzyme-linked immunosorbent assays (ELISA). Performing many tests may result in diverse and incorrect findings, whereas a single assay performance is far more accurate and coherent.

Multiplex assay methods do not require a large number of samples to perform the clinical test, therefore a large number of analytes may be evaluated with a small number of samples. Because of the rapidity of the procedure, the cost of manual labor is reduced in the multiplex assay approach. It saves time and ensures optimal efficiency in experiments and clinical examinations. Multiplex assays are useful for gene detection, mutation analysis, pathogen detection, RNA detection, and other applications.

Except for the healthcare industry, the Covid-19 pandemic has impacted the flow and operations of various industries all over the globe. The pandemic has raised widespread worries about people's well-being about successful coronavirus immunization. As more pharmaceutical and biotechnology businesses engage considerably in R&D, the multiplex assays market sector has grown significantly.

Researchers around the globe used the multiplex assay technique to examine the efficiency of the virus on the patient's body, with the assistance of which a strong vaccine was introduced after researching the virus's impacts. As a result, this test approach was proven to be more sensitive in detecting the presence of antibodies against the virus in a patient's body. Additionally, some businesses have taken the initiative to develop a useful diagnostic approach for COVID-19-infected individuals using a multiplex test. As a result, there has been a substantial demand for the use of multiplex test methods and eventually driving the multiplex assays market growth.

The multiplex assays market is expected to experience rapid growth due to the rising prevalence of chronic diseases, growing adoption of personalized medicine, and a wide range of advantages of multiplex assays over traditional assays during the forecast period. Besides that, the growing elderly population increased innovative product launches, and rising research and development initiatives would all contribute to considerable multiplex assays market growth.

Personalized medicine, which has gained popularity in recent years, strives to give tailor-made medicines to individual patients based on the biological foundation of the disease. Companion diagnostics are increasingly becoming an integral aspect of personalized medicine, both in terms of volume and applicability in disease areas. According to the current product pipeline, companion diagnostics are expected to increase rapidly during the forecast period.

This growth of companion diagnostics is also expected to have a substantial impact on the global multiplex assays market. However, high acquisition and operational costs, as well as the laborious and complicated nature of multiplex assay equipment, is expected to restrict the multiplex assays market growth during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Multiplex Assays Market Dynamics:
High demand for the Protein Multiplex Assays across the end-users

Protein multiplex assays provide various advantages in terms of the amount of data that could be collected, sample requirements, reagent cost, duration, and data analysis. Proteomics analyses are becoming increasingly important in biomarker research and clinical diagnoses. The search for acceptable biomarkers has expanded dramatically in clinical practice, and quantitative protein assessment is an important stage in biomarker identification.

Analyzing a large number of putative protein biomarkers in a statistically significant number of samples and controls is a significant technological challenge. For example, in a July 2022 paper published in eCinical Medicine, a multiplex protein panel test was used to determine disease severity and prognosis in COVID-19 patients. As a result, growing applications of protein multiplex assay in proteomics research are expected to drive the multiplex assays market growth during the forecast period.

Increasing Prevalence of Chronic Diseases

The increasing surge in chronic illness rates among the elderly population is expected to drive the global multiplex assay market during the forecast period. This massive growth can be attributable to increased research and development activity in the pharmaceutical and biotechnology industries to examine and identify a powerful treatment option for various ailments. Cancer is one of the chronic diseases that is quickly impacting individuals all around the globe.

Multiplex assays are frequently utilized in illness diagnosis, mechanism research, and the development of possible therapy options. These assays are also utilized in clinical trials because they are very sensitive and efficient, lowering the cost of research and manpower. Additionally, multiplex tests allow for faster and easier disease analysis. As a result, the demand for Multiplex assay increases across the end user and drives the multiplex assays market growth.

High Cost of Multiplex Immunoassays (MIAs)

Multiplex immunoassay (MIA) advancements are leading to innovative in vitro diagnostics (IVD) and point-of-care testing (POCT). MIAs can detect many analytes in a single sample at the same time, making it easier to diagnose many complicated disorders. Multiple clinical score-based diagnosis algorithms for several complicated diseases have previously been established, with the clinical score generated by assigning appropriate weightage to various biomarkers depending on their contribution to the condition. Despite the fact that several MIA formats have been invented, only a couple of them has been commercialized.

MIAs have significantly improved to the point where they are analytically superior and can compete with the most widely used automated MIAs. However, Multiplex immunoassays have a high procedure and setup cost and can only be used by patients who can afford the therapy. Most MIA formats could only detect a limited number of analytes multiplexed and required costly and large benchtop readers. This factor prevents the market from increasing. Additionally, a dearth of skilled professionals to execute operations using multiplex tests may restrict the multiplex assays industry's growth.

Rising Technological Advancements and Innovations

Increased business investments in multiplex assay research and development activities are expected to increase the multiplex assays market share during the forecast period. The COVID-19 pandemic has created several possibilities for biotechnology and pharmaceutical businesses to invest in multiplex assay R&D. Many firms have begun cooperation to develop efficient diagnostic approaches for COVID-19 patients utilizing multiplex tests. Aside from that, rising demand for multiplex assays in R&D activities to understand the mechanisms of chronic illnesses and discover a suitable treatment alternative is expected to drive the multiplex assays market growth.
Multiplex Assays Market Segment Analysis:
Based on Technology, the Multiplex Real-Time PCR Segment dominated the Multiplex Assays market with the largest share in 2022 and is expected to grow at a CAGR of 8.3% and maintain its dominance throughout the forecast period. PCR (polymerase chain reaction) testing is a rapid and precise method of diagnosing infectious illnesses and genetic alterations. The tests function by detecting pathogens (disease-causing organisms) or aberrant cell DNA or RNA in a sample.

Polymerase Chain Reaction (PCR)-based technologies for the detection of nucleic acids are widely utilized in a variety of applications, including food, feed, and seed testing, due to their high sensitivity and specificity. A single primer pair (singleplex) is used in most PCR assays to amplify a single target sequence. It is feasible to amplify several target sequences in parallel in one reaction by using a second primer pair (duplex) or multiple primer sets (multiplex).

Multiplex PCR panels enabled laboratories to offer very sensitive and specific test results for a wide range of viruses and bacteria that cause upper respiratory disease promptly. Multiplex real-time PCR is a modified variant of traditional PCR in which many target sequences are amplified using different sets of primers in a single PCR mixture. It regulates internal amplification to improve the accuracy of negative PCR findings. However, this approach allows for the identification of many infections in a single response, even if they are from different taxonomic families. These benefits are expected to increase its use in clinical diagnostics and drive multiplex assays market growth throughout the forecast period.

Multiplex real-time PCR (mpPCR) techniques are rapid and inexpensive, which might greatly simplify the screening procedure for food, feed, and seed testing. Additional advantages include increased testing throughput, fewer pipetting mistakes, and lower required DNA volumes. Besides that, the validation procedure covers all applied primer sets at once, making documentation easier. Performing several PCR tests in a single tube also saves on consumables and reagents, lowering the environmental impact of the analysis.

As a result, mpPCR tests are increasingly being utilized in a wide range of applications, including the detection and quantification of DNA from GMOs, food allergies, and species identification to reveal mislabelling and food fraud. Additionally, factors such as increased product launches increased R&D efforts, and strategies implemented by leading market competitors drive multiplex assays market growth. The introduction of new products and ongoing government assistance are expected to raise the segment's growth.

For example, Seegene Inc., South Korea's premier molecular diagnostic business, got permission for its Allplex SARS CoV-2 FluA/FluB/RSV Assay in January 2022 under Health Canada's Interim Order. Seegene's Allplex SARS CoV-2 FluA/FluB/RSV Assay is a multiplex real-time PCR assay that can amplify and differentiate respiratory symptoms.

In a single test, it can identify Influenza A, B, RSV, and COVID-19. Additionally, the Medical Devices (Coronavirus Test Device Approvals) (Amendment) Regulations 2021 ("CTDA") of the United Kingdom Health Security Agency authorized QuantuMDx Group Limited's fast PCR SARS-CoV-2 test using the multiplex Q-POC platform for ongoing sales in the UK in February 2022.

Rising R&D studies demonstrating the efficacy of PCR technology in identifying various diseases in a single assay drive market growth during the forecast period. A carrier screening assay for 448 pathogenic variants was developed using capillary electrophoresis-based multiplex PCR technology, which achieved a sensitivity, specificity, and accuracy of 97.4%, 100%, and 99.6%, respectively, according to the study "A capillary electrophoresis-based multiplex PCR assay for expanded carrier screening in the eastern Han Chinese population," published in January 2022. Such research activities are expected to further drive Multiplex Assays market growth.

The flow cytometry technology segment is expected to grow at a significant growth rate during the forecast period. Flow cytometry has evolved into a significant instrument for fundamental research and clinical diagnosis. It does multiparametric analysis on thousands of single cells per second. Meanwhile, technical improvements and the introduction of innovative flow cytometers by large organizations are driving the multiplex assay market throughout the forecast period. For example, Thermo Fisher Scientific Inc. introduced a novel flow cytometer with imaging capability in June 2022, allowing users to collect data and better comprehend the quality and shape of the cells in these experiments.
Multiplex Assays Market Regional Insights:
The North American regional market held the largest share of about 42% and dominated the Multiplex Assays market in 2022. This region is further expected to maintain its dominance throughout the forecast period with the highest CAGR. The rapidly increasing prevalence of chronic illnesses such as HIV, CNS disorders, gastrointestinal disorders, and many others, as well as rising adoption of multiplex assays over single assays, increasing product approvals, increasing investments, and key initiatives taken by major market participants are the primary driving factors for the growth of the North American multiplex assays market.

The United States within North America is expected to grow significantly during the forecast period. The increasing prevalence of chronic illnesses is expected to drive technological advancements in the multiplex assay industry. According to the HIV Government factsheet in May 2022, around 1.2 million persons in the United States are infected with HIV.

A third of them are ignorant of it and must be tested. In 2019, an estimated 34,800 new HIV infections occurred in the United States, with 36,801 persons getting an HIV diagnosis. As a result of the country's increased prevalence of infectious illnesses, demand for multiplex assays is expected to rise and increases the revenue growth of the multiplex assays market throughout the forecast period.

The introduction of new products and services in the country is likely to have a substantial effect on the market. For example, Applied BioCode acquired Emergency Use Authorization (EUA) from the US Food and Drug Administration for their BioCode CoV-2 Flu Plus Assay in December 2022. In nasopharyngeal swab specimens, this PCR-based multiplex molecular diagnostic test may identify and discriminate SARS-CoV-2, Influenza A with subtypes (seasonal H1, 2009 H1N1, H3, Influenza B), and Respiratory Syncytial Virus (RSV).

Implementing strategic initiatives like collaborations, acquisitions, investments, and expansion plans, among others, would improve product accessibility, resulting in considerable multiplex assays market growth. For example, QIAGEN N.V. announced substantial progress in the commercialization of their QIAstat-Dx syndromic testing system in January 2022, which enables laboratories and hospitals throughout the world to test patients for various infections from a single sample. The business has requested regulatory clearance in the United States for a Gastrointestinal (GI) panel capable of detecting 22 common viral, bacterial, and parasitic infections that can cause potentially deadly illnesses.

The Asia-Pacific market is expected to register a significant growth rate during the forecast period. This is due to an increase in the number of hospitals in developing countries, a burgeoning R&D sector, high demand for healthcare infrastructure, and investments by regional emerging firms. For example, QuantuMDx received a USD 10.9 million investment from Vita Spring in November 2022 and formed a business agreement with Sansure Biotech to improve multiplexing capabilities in China.

Cancer prevalence owing to cigarette usage is also expected to drive market growth. For example, Asia Pacific consumes half of the global tobacco output. As a result, the number of people having screenings in the region is gradually increasing, which would increase the multiplex assays market growth.

In addition, Citrus yellow vein clearing is an emerging and rapidly spreading disease in many Asian countries wherever citrus is grown. The Indian citrus ringspot virus is the most closely related to CYVCV. Many commercially developed citrus varieties exhibit identical symptoms caused by the viruses.

Citrus yellow vein clearing virus (CYVCV), Indian citrus ringspot virus (ICRSV), Citrus yellow mosaic virus (CYMV), Citrus tristeza virus (CTV), and a bacterium, Candidatus Liberibacter asiaticus (CLa) associated with huanglongbing (HLB) disease, are the most common pathogens in citrus orchards across India, causing debilitating citriculture. A rapid, sensitive, and cost-effective detection approach is required for both viral and bacterial diseases.

The Polymerase Chain Reaction (PCR) is an effective tool for detecting infections at the molecular level. Because of its great specificity and sensitivity, it is the ideal method for detecting viral infections. Because citrus trees are afflicted with many viruses and graft-transmissible bacterial pathogens, simplex PCR (sPCR), which can only identify one target per response, is ineffective.

As a result, the requirement for Multiplex PCR (mPCR) is increasing rapidly, in which numerous RNA and DNA pathogens may be identified concurrently by one response in a single tube, which is a valuable approach for detecting taxonomically distinct pathogens infecting citrus. Rising demand for mPCR in Asian countries is driving regional multiplex assays market growth.
Multiplex Assays Market Scope: Inquire before buying



Multiplex Assays Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 3.56 Bn.


Forecast Period 2023 to 2029 CAGR:
8.7%
Market Size in 2029:
US $ 6.39 Bn.


 Segments Covered:
by Product & Services
1. Consumables
2. Instruments
3. Software and Services


by Type
1. Protein Multiplex Assays
1.1 Planar Protein Assays
1.2 Bead-Based Protein Assays
1.3 Other Protein Assays
2. Nucleic Acid Multiplex Assays
2.1 Planar Nucleic Acid Assays
2.2 Bead-Based Nucleic Acid Assays
2.3 Other Nucleic Acid Assays
3. Cell-Based Multiplex Assays


by Technology
1. Flow Cytometry
2. Fluorescence Detection
3. Luminescence
4. Multiplex Real-Time PCR
5. Other Technologies


by Application
1. Research & Development
1.1 Drug Discovery & Development
1.2 Biomarker Discovery & Validation
2. Clinical Diagnostics
2.1 Infectious Diseases
2.2 Cancer
2.3 Cardiovascular Diseases
2.4 Autoimmune Diseases
2.5 Nervous System Disorders
2.6 Metabolism & Endocrinology Disorders Other Diseases



by End User
1. Pharmaceutical & Biotechnology Companies
2. Hospitals & Research Institutes
3. Reference Laboratories
4. Other End Users



Multiplex Assays Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Multiplex Assays Market, Key Players are
1. Luminex Corporation (United States)
2. Thermo Fisher Scientific Inc. (United States)
3. Illumina, Inc (United States)
4. Bio-Rad Laboratories, Inc. (United States)
5. Becton, Dickinson, and Company (United States)
6. Agilent Technologies, Inc. (United States)
7. Meso Scale Diagnostics (United States)
8. Quanterix (United States)
9. Bio-Techne Corporation (United States)
10. Promega Corporation (United States)
11. PerkinElmer, Inc. (United States)
12. Antigenix America, Inc. (United States)
13. Enzo Life Sciences, Inc. (United States)
14. Boster Biological Technology (United States)
15. Cayman Chemical Company (United States)
16. AYOXXA Biosystems GmbH |(Germany)
17. Merck KGaA (Germany)
18. Siemens Healthineers (Germany)
19. DiaSorin S.p.A. (Italy)
20. Olink (Sweden)
21. Qiagen N.V. (Netherlands)
22. Qiagen N.V. (Netherlands)
23. Abcam plc |(United Kingdom)
24. Abcam plc |(United Kingdom)
25. Randox Laboratories (United Kingdom)
26. Shimadzu Biotech (Japan)
27. Seegene (South Korea)

FAQs:

1. What are the growth drivers for the Multiplex Assays market?
Ans. With the rising prevalence of chronic diseases, growing adoption of personalized medicine, and a wide range of advantages of multiplex assays over traditional assays, the growing elderly population increased innovative product launches, and rising research and development initiatives are expected to be the major driver for the Multiplex Assays market.

2. What is the major restraint for the Multiplex Assays market growth?
Ans. high acquisition and operational costs, as well as the laborious and complicated nature of multiplex assay equipment, are expected to be the major restraining factor for the Multiplex Assays market growth.

3. Which region is expected to lead the global Multiplex Assays market during the forecast period?
Ans. The North American market is expected to lead the global Multiplex Assays market during the forecast period due to the rapidly increasing prevalence of chronic illnesses such as HIV, CNS disorders, gastrointestinal disorders, and many others, as well as the rising adoption of multiplex assays over single assays, increasing product approvals, increasing investments, and key initiatives taken by major market participants.

4. What is the projected market size & growth rate of the Multiplex Assays Market?
Ans. The Multiplex Assays Market size was valued at USD 3.56 Bn. in 2022 and the total Multiplex Assays revenue is expected to grow at a CAGR of 8.7% from 2023 to 2029, reaching nearly USD 6.39 Bn.

5. What segments are covered in the Multiplex Assays Market report?
Ans. The segments covered are Product & Services, Type, Technology, Application, End User, and Region.