Multiplex Assays Global Market Report 2024

The multiplex assays market size has grown strongly in recent years. It will grow from $3.61 billion in 2023 to $3.96 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the historical period can be attributed to increased healthcare expenditure, growth in emerging markets, rapid technological advances, and a significant increase in the aging population.

The multiplex assays market size is expected to see strong growth in the next few years. It will grow to $5.7 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to the increase in funding, government initiatives for genetic and microbiological research, the aging population, the rising prevalence of chronic diseases, and a rapid increase in various bacterial and viral epidemics. Key trends projected for the forecast period include a surge in funding, continued government initiatives for genetic and microbiological research, the impact of an aging population, the growing prevalence of chronic diseases, and a rapid rise in various bacterial and viral epidemics.

The global multiplex assay market is witnessing growth driven by an increased prevalence of chronic diseases. Multiplex assays are widely utilized in clinical trials for disease analysis, studying efficacy, and detecting antibodies. According to the World Health Organization (WHO) report from April 2021, non-communicable diseases (NCDs) cause 41 million deaths annually, accounting for 71% of global deaths. The rising incidence of chronic diseases, coupled with the faster analysis offered by multiplex assays compared to traditional methods, is anticipated to propel market growth in the forecast period.

The market for multiplex assays is expected to be further driven by increased funding from governments and private organizations. Significant investments are being made to develop multiplex assays, especially amid the challenges posed by the COVID-19 pandemic. The surge in COVID-19 testing has led to consolidation and merger activities, such as Roche's acquisition of GenMark Diagnostics in March 2021 to enhance multiplex testing capabilities. Thermo Fisher Scientific's plans to acquire Mesa Biotech and PerkinElmer's acquisition of Oxford Immunities in January 2021 are examples of strategic moves driven by the increased focus on multiplex technology development. This rise in funding is anticipated to have a positive impact on the multiplex assay market.

Companies in the market are actively launching innovative tests based on multiplex assays to fortify their market positions. In May 2022, QuantuMDx Group Limited introduced the Q-POC SARS-CoV-2, Flu A/B, and RSV Assay, a multiplex panel designed to detect SARS-CoV-2, Influenza A, Influenza B, and RSV at the point of need, further showcasing the market's evolution.

New product launches remain a key strategy for companies in the multiplex assay market to enhance their market presence. Euro Fins Technologies, for instance, launched two RT-PCR assays in 2021 capable of accurately diagnosing respiratory diseases caused by SARS-CoV-2, Influenza virus, or RSV. These CE-marked multiplex kits can identify and distinguish between three distinct viral infections in a single PCR run, simplifying the detection process.

In May 2021, Roche acquired GenMark for $1.8 billion, expanding its molecular diagnostics portfolio in syndromic testing. GenMark Diagnostics, a multiplex molecular diagnostic solutions provider, focuses on improving patient care, enhancing quality metrics, and reducing the overall cost of care. This strategic move underscores the growing importance of multiplex assays in advancing diagnostic capabilities and meeting healthcare challenges.

Major companies operating in the multiplex assays market report are Seegene Inc., DiaSorin SpA, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., Qiagen NV, Abcam PLC, PerkinElmer Inc., Hologic Corporation, Meso Scale Diagnostics, Merck KGaA, Roche Diagnostics India Pvt Ltd., bioMérieux India, Becton Dickinson Private Limited, Danaher Corporation, Johnson & Johnson, Simens Healthcare, Beckman Coulter Inc. India, Ortho Clinical Diagnostics, Sysmex Corporation, Siemens Healthineers Ukraine, TestLine Clinical Diagnostics s.r.o., Cepheid, F. Hoffmann-La Roche Ltd., Hologic, Bayer AG, Cantel Medical Corporation, Meridian Bioscience, Dexcom Inc., Medtronic Inc., Senseonics Holdings Inc., Adavium Medical, DK Diagnostics, Crosmed, Ortopedia Alemana, Simed, Ab Enzymes Gmbh, Bluestar Adisseo Co., BASF SE, Chr. Hansen Holding, Novozymes, BiotechAfrica, Faizyme Laboratories, Alere Inc., Bangs Laboratories Inc., The Merck Group, Takara Bio Inc., Qiagen, Spherotech Inc., Geneaid Biotech Ltd., Rockland Immunochemicals Inc., GenScript Biotech Corporation.

North America was the largest region in the multiplex assays market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the multiplex assays market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the multiplex assays market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of multiplex assays comprise nucleic acid-based multiplex assays, protein-based multiplex assays, and others. Nucleic acid-based multiplex assays rely on nucleic acids to detect organism-specific DNA or RNA sequences. These tests are generally characterized by specificity and high sensitivity, providing rapid results. Various technologies underpin multiplex assays, including flow cytometry, luminescence, fluorescence detection, multiplex real-time PCR, and other related technologies. Multiplex assays serve diverse applications, including research and development, as well as clinical diagnostics. End-users encompass pharmaceutical and biotechnology companies, hospitals and research institutes, reference laboratories, and other entities involved in scientific research and diagnostics.

The multiplex assays market research report is one of a series of new reports that provides multiplex assays market statistics, including multiplex assays industry global market size, regional shares, competitors with multiplex assays market share, detailed multiplex assays market segments, market trends and opportunities, and any further data you may need to thrive in the multiplex assays industry. This multiplex assays market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The multiplex assays market consists of sales of equipment with technologies that can detect multiple genes such as flow cytometry, fluorescence detection, luminescence, multiplex real-time PCR, and other technologies in multiplex assays. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.