According to a latest market research report “Multiplexed Diagnostics Market by method (very high density, high density, mid density, low density and others), by application (infectious diseases, oncology, cardiology, autoimmune diseases, allergic diseases and others) and by end user(academic research, hospitals, diagnostic labs, pharma companies and others): Global Industry Analysis, Trends, Market Size and Forecasts up to 2024.” The global multiplexed diagnostics market was worth USD 7227.3 Million in 2017 and is expected to reach over USD 24480.9 Million by 2024 with a CAGR of 19.3% during the forecast period from 2018 to 2024.
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Multiplexed diagnostics is a process that measures multiple analytes simultaneously such as DNA and proteins in a sample through a single run. Multiplexed assays are used in the detection of cancers, infectious diseases and functional biomolecules including proteins, DNA and mRNA. Multiplexed diagnostics facilitates disease diagnosis, molecular diagnosis, and drug development. Multiplexed diagnostics is capable to detect analytes in the limited sample and in short span of time by analyzing hundreds of data points simultaneously.
Huge Capital Investments are the Major Obstacles for the Market Growth
The growing number of research & development for the treatment of diseases, increase in adoption of multiplex assays to reduce operation costs, technological advancements, and growth in adoption of personalized medicine for increasing safety & efficacy of therapies are factors leading to the growth of the multiplexed diagnostics market. However, lack of experienced and trained healthcare professionals, less awareness regarding multiplexed diagnostic in developing and underdeveloped regions and huge capital investments are the major obstacles for the market growth.
Mid Density Multiplex Assays hold the Largest Market Share of Multiplexed Diagnostics Industry
The global multiplexed diagnostics market is segmented based on method, application, and end user. The method segment of the global multiplexed diagnostics market is further categorized into very high-density multiplexed assays, high density multiplexed assays, mid-density multiplexed assays, low density multiplexed assays, and others. Mid density multiplex assays hold the largest market share of 29.4% in the method segment owing to the rising prevalence of cancer and its growing use for cancer diagnosis. Based on applications, the global multiplexed diagnostics market is segmented into infectious diseases, oncology, cardiology, autoimmune diseases, allergic diseases, and others. Infectious Diseases holds the largest share of 26.2% in the multiplexed diagnostics market. The end user segment of the global multiplexed diagnostics market is further categorized into academic research, hospitals, diagnostic labs, pharma companies, and clinical research. Hospitals dominate with a share of 27.2% among the end-user in the multiplexed diagnostics market as the majority of patients prefer hospitals over clinical diagnostic laboratories.
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Region Wise Performance of “Multiplexed Diagnostics Market”
The global multiplexed diagnostics market is geographically divided into regions such as North America, Europe, Asia-Pacific, and Rest of the World. North America held the highest share of the market. The major driving factors for the multiplexed diagnostics market in this region are increasing the pool of patient population, rise in the prevalence of Alzheimer patients, and the significant rise in research & development activities in pharmaceuticals for the treatment of diseases including cancer and Alzheimer’s disease. Asia-Pacific has anticipated growing at the highest rate owing to the growing population and prevalence of chronic diseases such as cancer and Alzheimer’s.
Competitive Analysis of “Multiplexed Diagnostics Industry”
The major companies in the global multiplexed diagnostics market are Agilent Technologies, Abbott Laboratories, Thermo Fisher Scientific, Inc., Siemens Healthineers, Bio-Rad Laboratories, Inc. and F. Hoffmann-La Roche Ltd, BioMérieux SA, Luminex Corporation, and Illumina, Inc., among others.
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