Protein-based multiplex assays are expected to dominate global multiplex assays market during the forecast period, owing to their rise in adoption to analyze unknown proteins and their functions simultaneously and precisely.
Multiplex Assays Market Report, published by Allied Market Research, forecasts that the global market was valued at $3,470 million in 2015 and is expected to garner $5,720 million by 2022, registering a CAGR of 7.4% during the forecast period 2016-2022. The protein-based multiplex assays segment held over the two-thirds share of the total market in 2015.
Multiplex assays are techniques that analyze multiple analytes at the same time. Multiplex assays extract more data from a sample in less time as compared to single-plex assays. The key factors that drive the growth of the market include increase in research & development activities for the detection of biomarkers for various diseases & treatment options of the diseases; rise in adoption of personalized medicine for increasing safety & efficacy of therapies; benefits, such as lower operational cost & reduced labor; and technological advancements. However, shortage of skilled labor and high capital investment are expected to restrain the market growth during the forecast period.
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The multiplex assays market in this report is studied on the basis of type, product, technology, application, end user, and geography. Based on type, it is divided into nucleic acid-based multiplex assays, protein-based multiplex assays, and other multiplex assays. Protein-based multiplex assays held the highest share over two-thirds in 2015, owing to high usage of multiplex assays for the differentiation of proteins on the basis of their properties in different fields, such as diagnostic clinics, research & development, and others.
By-product the market is classified into multiplex assay consumables, multiplex assays instruments & accessories, and multiplex assay software & services. The multiplex assays reagents & consumable market held the highest share of three-fourths in 2015, and is expected to lead the market during the analysis period. Pharmaceuticals &biotechnological companies in end users held the highest market share of multiplex assays market in 2015, and are expected to show the highest growth rate during the analysis period, owing to the extensive use of multiplex assays in the R&D by pharmaceutical and biotechnology companies.
Geographically, the global multiplex assays market is analyzed by four regions, namely, North America, Europe, Asia-Pacific, and LAMEA. North America was the highest revenue contributor with approximately half of the share in 2015, and is attributed to the ample amount of expenditure in healthcare, research & development, well-established healthcare system, and higher demand for technically advanced devices for research work. However, Asia-Pacific is anticipated to grow with the highest CAGR during the analysis period, owing to rise in healthcare expenditure, increase in per capita income & improved healthcare infrastructure.
Key Findings of Multiplex Assays Market
- The multiplex assays reagents & consumable market accounted for the highest market share for product segment in 2015, and is also estimated to grow at the highest CAGR of 7.7% in the analysis period.
- By application, research and development held the highest market share and expected to lead the market during the analysis period.
- U.S. was the highest shareholder in the North American multiplex assays market, accounting for six-sevenths share in 2015.
- China is expected to show the highest growth rate during the analysis period in the Asia-Pacific multiplex assays market.
The key players profiled in the global multiplex assays market are Luminex Corporation, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., QIAGEN N.V., Becton, Dickinson and Company, Abcam PLC., Seegene Inc., Meso Scale Diagnostics, LLC., and Randox Laboratories Ltd.
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