The Global Multiplex Assay Market Anticipated to Generate a Revenue of $ 4,162.5 Million, Growing at a CAGR of 5.8% from 2021 to 2028 - Research DiveDownload Sample Reports Overview
The global multiplex assay market is estimated to be valued at $$ 4,162.5 million, surging from $ 2,666.7 million in 2020 at a noteworthy CAGR of 5.8%.
Impact Analysis of COVID-19 on the Multiplex Assay Market
The global market for multiplex assay is estimated to experience a high growth amid the COVID-19 pandemic. This growth is projected to result owing to increasing complications in the COVID-19 patients. Multiple assay has proved to be a better diagnostic approach for studying the after effects of coronavirus infection in the patients. Many manufacturing companies have stepped forward to develop highly efficient multiplex assay kits which can rapidly diagnose the infection for providing a proper treatment to the patient. For instance, as per the article published in Infection Control Today on June 23, 2021, it is estimated that a multiplex PCR assay may prove to be capable of detecting and differentiating influenza viruses, SARS-CoV-2 and respiratory syncytial virus (RSV) simultaneously in a single run. Thus, this factor is expected to increase the market revenue in the pandemic period.
Global Multiplex Assay Market Analysis
Rapid advances in research activities owing to rising number of chronic disease cases among old age population are expected to drive the global multiplex assay market in the forecast time period. The increase in research and development activities in the field of biotechnological and biopharmaceutical sectors to study, analyze, diagnose and find a potent treatment option for various treatment is further expected to raise the market share in the predicted time span. Cancer is one of the rapidly prevailing chronic disease which is affecting people. The use of multiplex assay in the diagnosis of the disease, to study its mechanism and develop a potential treatment option has opened many gates for the researchers to conduct their study. Thus, this factor is likely to fuel the market growth of multiplex assay.
However, high procedural cost and dearth of skilled labor for operating the multiplex assay technique is likely to restrain the market from growth.
Increased research and development activities by the researchers to study the diseases and differentiate between the causative agents of the diseases is likely to boost the market growth. This factor may encourage the key companies to invest a large amount of their budget in the research and development activities to develop technologically advance multiplex assays tools & kits. These factors are expected to raise the market share of multiplex assay market. The COVID-19 pandemic has also given many opportunities to the biotechnology and biopharmaceutical companies to develop such multiplex assay products that can accurately differentiate between different types of viral infections from corona. Many companies have initiated collaboration to develop effective diagnostic method using multiplex assay for COVID patients. Such factors are likely to impede the market growth in the future.
Global Multiplex Assay Market, Segmentation
The global multiplex assay market is segmented based on type, product, application, end user, and region.
Based on product, the global multiplex assay market is segmented into protein and nucleic acid. The nucleic acid sub segment anticipated to have the fastest market growth and it is predicted that the market shall generate a revenue from $892.4million in 2020.
This increase owes to hi specificity of nucleic acids determine the presence of foreign nucleic acid in the host body.
The consumable sub-segment is anticipated to have a dominating market share in the global market and register a revenue of $3,040.20 million during the analysis timeframe. This sub-segment growth is attributed to the rising demand for bulk purchasing of multiplex assay reagents and kits for diagnosis purpose.
Based on application, the market has been divided into research and diagnosis. The diagnostic sub segment of the global multiplex assay market is predicted to have rapid growth and it is expected to surpass $2,871.80 million by 2028, with an increase from $1,869.50 million in 2020 owing to the rising demand for rapid, efficient, cost effective and accurate diagnosis for various chronic diseases.
Based on the end-user, the market has been divided into diagnostic laboratories & clinic, hospitals, pharmaceutical & biotechnological companies, and others. The pharmaceutical & biotechnological companies segment is predicted to have a dominating market share in the global market and is expected to register a revenue of $ 2,043.80 million during the analysis timeframe owing to constant efforts by the companies to innovate new and efficient assay techniques.
According to geographical analysis, the North America multiplex assay market accounted $ 1,157.30 million in 2020 and is projected to register a revenue of $ 1,723.30 million by 2028. This growth is due to per capita healthcare expenditure in the U.S., and rising demand for better and advanced healthcare diagnostic facilities among patients. Also, presence key players and their constant efforts in the research and development field for multiplex assay will further increase the North America market.
The key players operating in the global multiplex assay market include Becton, Dickinson and Company, Thermo Fisher Scientific, Luminex Corporation, Bio-Rad Laboratories Inc., Abbott Laboratories, Quest Diagnostics, Agilent Technologies, Quansys Biosciences Inc., Abcam PLC and Seegene Inc.
Porter’s Five Forces Analysis for the Global Multiplex Assay Market
- Bargaining Power of Suppliers: The companies involved in multiplex assay market are many and thus, they have several options and alternatives to handle expensive supplies. Therefore, the companies will demand the prices keeping their competitive market in the mind.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of multiplex assay products, reagents & kits products that are offered in low prices. The buyers can hence choose the service that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are using advanced technology to manufacture multiplex assay products in time without compromising with the quality.
As a result, the threat of the new entrants is high.
- Threat of Substitutes: The currently available singleplex assay method is not as effective as multiplex assay technology.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global multiplex assay are opting for various businesses strategies to hold their position in the market. Several companies are launching their ne and advance technologies in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.