The global Multiplex Assays Market size is projected to reach a CAGR of 10.3% from 2023-2030.
Multiplex assay is a procedure in which various analytes (such as proteins, biomolecules, growth factors, cytokines, and chemokines) are profiled by detecting and quantifying them simultaneously. This assay is used to amplify multiple targets in a polymerase chain reaction (PCR) and collect more information from minute quantities of proteins or other analytes in lesser time as compared to conventional methods such as ELISA. Multiplex assays are widely used for pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, and forensic studies.
The Multiplex assays are extensively used in companion diagnostics, and in drug development. The edge of the multiplex assays over the single plex assays which include reduced reaction tie, reagents, and analyte concentration, helps to deliver the assay result faster and deal with the rare samples (low concentration samples). The massive prevalence of chronic and infectious diseases offers more opportunities for the market by creating more demand for multiplex assays. Market growth is further driven by the following factors such as the increasing adoption of companion diagnostics, the increasing incidence of chronic and infectious diseases, the growing awareness of disease diagnosis, and the need for effective analytical platforms in research and clinical diagnostics to reduce the operational costs and the time taken for diagnosis.
On the other hand, the high expenses of the equipment are posed challenges to the researcher and manufacturers to perform the multiplex assay testing at an affordable price. Also, the Quality control (QC) standards for multiplex assays are more stringent compared to single plex assays, this significantly restricts the Multiplex Assays Market
The outbreak of COVID-19 has disrupted workflows in the healthcare sector across the world. The disease has forced a number of industries to shut their doors temporarily, including several sub-domains of health care. The overall impact of the COVID-19 pandemic remained positive for key players in the multiplex assay industry. As multiplex assays are been used for covid diagnosis, there has been a massive demand for a multiplex of the SARS-CoV-2 assay such as multiplex point-of-care assays is positively boosting the growth of the multiplex assay market during the pandemic. Several companies received the FDA emergency use authorization for their COVID-19 multiplex assays to meet the soaring demand for the high volume of testing.
The desire for more effective and affordable diagnostic tests is expanding, and technical advancements that make it possible to identify more analytes in a single sample are driving the multiplex assay market's rapid growth and evolution. While there are a few big firms and many smaller businesses competing in the market, it is rather fragmented. However, there is a tendency towards consolidation as larger companies attempt to increase their product offerings and increase their market share. The market for multiplex assays is projected to keep expanding in the upcoming years due to the continued need for more efficient diagnostic tools in industries like medical diagnostics and drug development. Continuous innovation and technical development, as well as rising demand from a range of end-users, including as clinical laboratories, research institutes, and pharmaceutical firms, are projected to be the main drivers of this expansion.
North America to Dominate the Market
