According to the latest market research study published by P&S Intelligence, the global multiplex assays market, valued at USD 3,918.0 million in 2023, is set to experience significant growth, with a projected compound annual growth rate (CAGR) of 9.0%, reaching USD 7,103.5 million by 2030.
This growth is primarily driven by the increasing prevalence of chronic and infectious diseases, alongside the growing demand for efficient diagnostic and research solutions. Technological advancements, particularly in real-time PCR and flow cytometry, have further catalyzed the market's expansion. Moreover, the surge in R&D investments, especially following the COVID-19 pandemic, has accelerated innovation in multiplex detection technologies.
Key Insights
- The consumables segment dominated the multiplex assays market in 2023, accounting for 45% of the revenue share. This growth is driven by the rise in diagnostic testing and research activities, including partnerships and acquisitions by major players like Novo Nordisk and Oxford Nanopore Technologies.
- Protein-based assays led the market, capturing 50% of the share, due to their extensive use in proteomics and cell biology research. The protein-based category continues to see high demand for applications in drug discovery and disease studies.
- Flow cytometry held the largest share of the market in 2023, driven by its widespread application in cell health assessments and protein/RNA measurements. Products like Sysmex Europe’s XF-1600 cytometer have further propelled its growth, offering high-performance capabilities for clinical laboratories.
- The multiplex real-time PCR technology is expected to witness the highest growth rate during the forecast period, bolstered by innovations such as Sentinel Diagnostics' SentiNat 200 and Ubiquitome Limited's Liberty16 Pro, which cater to evolving diagnostic needs.
- North America led the global market in 2023, holding 55% of the market share, and is anticipated to maintain its dominance with continued growth driven by a robust healthcare infrastructure, high investment in R&D, and strategic partnerships in the region.
- Research and development applications account for the largest portion of the market, with multiplex assays being critical in drug discovery, clinical trials, and preclinical stages. The growing focus on clinical diagnostics, particularly in the fields of cancer, infectious diseases, and cardiovascular health, is poised to drive the highest growth rate in the clinical diagnostics segment from 2022 to 2030.
- Competitive dynamics in the market are shaped by partnerships and acquisitions among key players like Agilent Technologies and Akoya Biosciences, which aim to develop advanced solutions for tissue analysis and multiplex immunohistochemistry.
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