by The global multiplex assay market involves the development and utilization of assays that can detect and quantify multiple analytes in a single sample simultaneously. Multiplex assays have gained widespread acceptance in research and clinical diagnostics due to advantages such as high throughput, reduced sample volume requirement and cost-effectiveness compared to conventional single-analyte methods. Commonly used multiplex assays include multiplexed ELISA, nucleic acid-based assays and planar assays. Multiplexed ELISA techniques enable detection of over 100 protein biomarkers from a single patient sample.
The global multiplex assay market size is expected to reach US$ 4.40 Bn by 2031, from US$ 1.69 Bn in 2024, at a CAGR of 14.6% during the forecast period.
Key Takeaways
Key players operating in the global multiplex assay market are Luminex Corporation, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Qiagen, Abcam Plc., Becton, Dickinson and Company, Merck KGaA, Agilent Technologies, MESO SCALE DIAGNOSTICS, LLC., Randox Laboratories Ltd., Seegene Inc, Perkin Elmer Inc., R&D Systems, Inc., and Advanced Cell Diagnostics, Inc.
The growing demand for personalized medicine and companion diagnostics is fueling the demand for multiplex assays in research and clinical settings. The Global Multiplex Assay Market allow profiling of drug responses by simultaneously quantifying the levels of multiple biomarkers in patient samples.
The key market players are expanding their multiplex assay manufacturing facilities and distribution networks across major markets to capitalize on the widespread acceptance and rapid commercialization of novel multiplexed platforms. The globalization of clinical trials and growing contract research organization industry is also driving the global expansion of the multiplex assay market.
Market Key Trends
The The Global Multiplex Assay Market Size And Trend ELISA segment is witnessing significant innovation and increasing applications in disease profiling and diagnostic testing. Researchers are developing newer planar and bead-based ELISA platforms that allow quantification of over 200 analytes from miniscule sample volumes. This trend is expected to continue fuelling the growth of the global multiplex assay market over the forecast period by facilitating high-throughput screening studies and enabling early disease detection.
Porter’s Analysis
Threat of new entrants: High capital requirements and economies of scale in multiplex assay manufacturing limit new entrants.
Bargaining power of buyers: A few dominant pharmaceutical and research organizations as buyers can negotiate lower prices for multiplex assays.
Bargaining power of suppliers: The availability of many component suppliers reduces the bargaining power of individual component suppliers in the multiplex assay market.
Threat of new substitutes: Limited substitutes exist for multiplex assay technologies as it offers simultaneous detection and quantification of multiple analytes in a single reaction volume.
Competitive rivalry: Fierce competition exists among market leaders like Luminex, Thermo Fisher, and Illumina due to their focus on new product development and geographic expansion.
Geographical Regions
North America accounts for the largest share of the global multiplex assay market currently, driven by extensive R&D investments in drug discovery and development. The United States represents the major market for multiplex assays in the region.
Asia Pacific is poised to witness the fastest growth during the forecast period owing to rising healthcare expenditures, increasing research funding, and growing collaborations between regional and international market players for assay technologies transfer. Rising biomedical research output from China and India is contributing to the regional market growth.
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1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
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