What are the Global Growth Factors?
The major factors driving the growth of the Multiplex Assays Market include the adoption of companion diagnostics for increasing the safety & efficacy of therapies and the advantages of multiplex assays over conventional singleplex assays.
What The Experts Says about the Market Growth?
The global multiplex assays market is projected to reach $3.35 Billion in 2023 from USD 2.17 Billion in 2017, at CAGR of 7.5%.
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Based on product and service, the consumables segment is accounted for the largest share of the market in 2018
On the basis of product & service, the market is broadly segmented into instruments, consumables, and software & services. In 2018, the consumables segment is expected to account for the largest share of the market; it is also the fastest-growing segment of the multiplex assays market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.
Based on technology, flow cytometry segment is expected to grow at the highest CAGR in the market during the forecast period
On the basis of technology, the global multiplex assays market is divided into flow cytometry, multiplex RT PCR, luminescence, fluorescence detection, and other technologies. In 2018, the flow cytometry segment is expected to grow at the highest CAGR in the global multiplex assays market. The high CAGR can be attributed to the wide applications of flow cytometry in detection & measurement of protein expression, RNA, cell health status (cell viability & toxicity), and characterization & identification of various cell types.
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North America is expected to account for the largest share of the global multiplex assays market. Asia is expected to register the highest growth rate from 2018 to 2023. This can be attributed to its pharmaceutical market which is growing at the fastest pace in the world, the availability of a large number of qualified researchers, and increasing prevalence of cancer and infectious diseases.
Key Market Players:
The key players in the global multiplex assays market include Luminex (US), Bio-Rad Laboratories (US), Becton, Dickinson (US), Illumina (US), and Thermo Fisher Scientific (US). These players focus on both organic and inorganic growth strategies such as product launches, partnerships, and agreements to maintain and enhance their market share in the market.
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Multiplex Assays Market by Product (Consumables, Instruments), Type (Nucleic Acid, Protein, Cell), Technology (Flow Cytometry, Luminescence), Application (R&D, Diagnosis), End User (Pharma & Biotech, Reference Laboratory, Hospital) – Global Forecast to 2023