Multiplex Assays Market (2024-2031)
The Multiplex Assays Market is expected to reach $6.80 billion by 2031 at a CAGR of 8.9% from 2024 to 2031.
- Published
- Jul 2024
- Pages
- 262
- Format
- PDF + Excel
- Report ID
- MRHC - 104915
- Base year
- 2023
- 2031 · FORECAST
- $6.80B
- 2031
- $6.80B
- CAGR 2024–2031
- 8.9%
2023 baseline · 2024–2031 forecast at 8.9% CAGR · hover a bar for the value
Key highlights
By Type: In 2024, the Protein Multiplex Assays Segment to Dominate the Multiplex Assays Market
By Product: In 2024, the Consumables Segment to Dominate the Multiplex Assays Market
By Technology: In 2024, the Flow Cytometry Segment to Dominate the Multiplex Assays Market
By Application: In 2024, the Research & Development Segment to Dominate the Multiplex Assays Market
By End User: In 2024, the Pharmaceutical & Biotechnology Companies Segment to Dominate the Multiplex Assays Market
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 262 |
| Format | |
| Forecast Period | 2024-2031 |
| Base Year | 2023 |
| CAGR | 8.9% |
| Estimated Market Size (Value) | $6.80 billion by 2031 |
| Segments Covered | By Type · Protein Multiplex Assays · Bead-based Assays · Planar Assay · Nucleic Acid Multiplex Assays · Cell-based Multiplex Assays · By Product · Consumables · Instruments · Software & Services · By Technology · Flow Cytometry · Multiplex Immunoassay · Multiplex Real-Time PCR · Sequencing · Other Technologies · (Note: Other technologies consist of microarray and immunohistochemistry) · 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.) · 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) |
| Countries Covered | North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa |
| Key Companies | The key players operating in the 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). |
Report overview
Segments covered: type, protein multiplex assay, bead-based assay, planar assay, nucleic acid multiplex assay, cell-based multiplex assay, product, consumable, instrument, software & service, technology, flow cytometry, multiplex immunoassay, multiplex real-time pcr, sequencing, other technology, application, research & development, clinical diagnosis, infectious disease, oncology, cardiovascular disease, autoimmune disease, other disease, end user, pharmaceutical & biotechnology company, diagnostic laboratory, hospital, other end user. Regions: North America, Europe, Asia-Pacific, Latin America.
Multiplex assays are a form of immunoassay that measures several analytes at once. These 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 uses 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, rising use of multiplex assays in drug discovery, 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.
Report infographic
Market dynamics
5 factors across 3 forcesAdvantages of Multiplex Assays over Singleplex Assays
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. These 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.
Use of Multiplex Assays in Drug Discovery
Pharmaceutical & biotechnology companies allocate significant resources for drug discovery & development. The increasing prevalence of chronic diseases is increasing the need for the development of novel therapies, thus focus on drug discovery is increasing. Multiplex assays have become increasingly important in maintaining precision and accuracy in drug research and development and reducing the time required for research purposes. Multiplex assays are used in biomarker discovery and validation. Identifying and characterizing biomarkers can streamline the drug candidate selection process, thus reducing the number of failures in clinical trials and enabling the discovery of more effective therapeutics hence adopted.
The funding for drug discovery is also increasing, which is driving the demand for multiplex assays. For instance, in March 2023, the Government of Canada provided a fund of USD 59 million to the Canadian Critical Drug Initiative to boost drug research, commercialization, and manufacturing in the Alberta province.
Table of contents
13 chapters · 119 sections · 262 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By Type | Protein Multiplex Assays | — |
| By Product | Consumables | — |
| By Technology | Flow Cytometry | — |
| By Application | Research & Development | — |
| By End User | Pharmaceutical & Biotechnology Companies | — |
By Type
- The protein multiplex assays segment is expected to account for the largest share of 53.3% of the multiplex assays market.
- Protein multiplex assays are segmented into bead-based assays and planar assays.
- The bead-based assays segment is expected to account for the largest share of the protein 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.
- Also, bead-based assays require a limited sample volume and less time, thus making it a preferable technique for studies or experiments of many factors, such as pituitary hormones and cytokines, thereby contributing to the largest share of the segment.
By Product
- The Consumables Segment to Dominate the Multiplex Assays Market
- The consumables segment is expected to account for the largest share of the multiplex assays market.
- 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 largest share of the segment.
By Technology
- The Flow Cytometry Segment to Dominate the Multiplex Assays Market
- The flow cytometry segment is expected to account for the largest share of 40.0% 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.
By Application
- The research & development segment is expected to account for the largest share of the multiplex assays market.
- 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 largest share of the segment.
By End User
- 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.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of 39.2% of the multiplex assays market. The large market share of this region is attributed to the high prevalence of chronic and infectious diseases, awareness regarding early disease diagnosis, high adoption of advanced diagnostic products, and increasing funding activities. According to the U.S. Department of Health & Human Services, in 2022, the National Institute of Health (NIH) allocated USD 45 billion for biomedical research. Moreover, the government partnership with key players for the development of multiplex assay, rising prevalence of cancer, strong academic research, and the presence of key players are contributing to the largest share of the market. In 2024, North America to Dominate the Market
Asia-Pacific
Fastest growthAsia-Pacific is expected to grow at the highest CAGR of 10.8% 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 2022, the R&D spending of BeiGene Ltd. (China), one of the major pharmaceutical companies, increased by 12.4% from 2021. The increasing use of multiplex immunoassay in precision medicine and government initiatives for precision medicine is also driving the market growth.
Competitive landscape
- April 2023
Seegene, Inc. (South Korea) partnered with the International Vaccine Institute (IVI) (South Korea) to utilize Seegene's HPV diagnostic reagent for conducting HPV tests in approximately 50,000 people across eight Asian and African countries for up to five years from August.
- April 2023
QIAGEN N.V. (Netherlands) launched the QIAstat-Dx syndromic testing solution and SARS-CoV-2 Respiratory Panel in Japan. The SARS-CoV-2 Respiratory Panel detects more than 20 pathogens from a single patient sample.
- February 2023
F. Hoffmann-La Roche Ltd. (Switzerland) collaborated with Janssen Biotech Inc. (U.S.) to create multiple companion diagnostic technologies, including immunoassays, digital pathology, PCR, next-generation sequencing, and immunohistochemistry.
- February 2023
Thermo Fisher Scientific, Inc. (U.S.) launched ‘Applied Biosystems TaqPath’ PCR kits for infectious diseases such as genetic analysis (HLA B27), Multi-Drug Resistant Tuberculosis (MTB MDR), Human Immunodeficiency Virus (HIV), M. Tuberculosis complex (MTB), Hepatitis C Virus (HCV), and Hepatitis B Virus (HBV). The kits also have received licensing rights from the Central Drugs Standard Control Organization (CDSCO) and are manufactured in India in association with Mylab Discovery Solutions (India).
- 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
- Merck KGaA · Germany
Frequently asked questions
The multiplex assays market covers the study of various segments, including type, product, technology, application, and end-user at regional and country levels. The report also provides insights on factors impacting market growth, regulatory analysis, pricing analysis, and Porter’s five forces analysis.
Cite this report
Meticulous Research. (2024). Multiplex Assays Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MRHC - 104915). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/multiplex-assays-market-5598