The multiplex assays market was USD 3,918.0 million in 2023, which will reach USD 7,103.5 million, powering at a 9.0% CAGR, by 2030.
This is because of the surging incidence of chronic ailments as well as infectious diseases. Furthermore, the rising demand for developed analytical platforms in research and clinical diagnostics, to decrease the expenses for researchers, patients, and healthcare providers is also a key contributor.
According to the World Health Organization, chronic diseases including cancer, cardiovascular diseases, respiratory illnesses, and diabetes, will account for 86% of the 90 million deaths annually by around 2050, a significant increase of 90% since 2019.
Moreover, there were an estimated 249 million cases of malaria and 608,000 deaths from this disease in 85 nations in 2022. In addition, in the same year, there were around 39 million individuals with HIV globally. Of these, 1.5 million were children (below 15 years of age), and 37.5 million were adults. Additionally, 53% were girls and women.
The COVID-19 pandemic has had a positive impact on the industry, by driving an enormous rise in research & development for the production of innovative solutions to detect coronavirus.
Furthermore, the surging elderly population and incidence of autoimmune ailments, cancer, and human immunodeficiency virus are likely to drive the industry growth during this decade.
Segmentation Insights
The consumables category, based on product, led the industry in 2023, with a 45% share. This is because of the increasing count of diagnostic tests and the rising research activities by life sciences businesses.
For example, in January 2023, Novo Nordisk, a pharmaceutical firm, declared a grant of USD 6 million for Durham Technical Community College.
The grant is to assist the latter’s life sciences program and build a new 35,000-square-foot training center.
In 2023, the protein-based category, based on type, accounted for the largest share, of 50%, owing to the rising adoption of such products in proteomics studies. Furthermore, protein-based assays are extensively employed in research to classify the concentration of electrophoresis, cell biology, protein, and various other analytes.
The multiplex real-time PCR category, based on technology, is likely to advance at the fastest rate, of 9.4%, in the years to come. This can be ascribed to the swift launch of different variants of PCR systems.
APAC is Fastest-Growing Region
APAC is advancing at the fastest rate, because of the increasing number of hospitals, rising investment value in this industry, and high requirement for developed healthcare infrastructure. In addition, China is the fastest-growing nation in APAC.
North America was the largest contributor to the industry in 2023, with a 55% share, and it will advance significantly in the years to come. This is because of the increasing research & development activities by pharmaceutical and biotechnology firms to develop new drugs as well as diagnostic solutions.
Competition Analysis
Key players are highly focused on investments and innovations to develop panels and devices for the multiplexed detection of the virus. Also, businesses are engaging in partnerships to distribute immunometric assays.
Oxford Nanopore Technologies and 10x Genomics, in October 2022, announced a partnership to develop an efficient workflow for full-length transcript sequencing in a single read on the devices of Oxford Nanopore.
This partnership enables the integration of Oxford’s Promethlon devices as well as sample preparation on 10x Genomics devices, along with selected consumables.
With the surging incidence of infectious and chronic diseases, the multiplex assays industry will grow continuously in the coming years.
SOURCE: P&S Intelligence
