Multiplex Assays Market To Generate $7,103.5 Million Revenue by 2030
- Published: December 2023
The global multiplex assays market valued USD 3,918.0 million in 2023, which is expected to reach USD 7,103.5 million by 2030, progressing with a CAGR of 9.0% during 2024–2030. This is due to the rising prevalence of chronic and infectious diseases and increasing R&D activities for better diagnosis and treatment.
Moreover, the rise in the geriatric population contributes in the growth of this industry, because older people are more susceptible to any disease. Moreover, the advantage of multiplex assays is that they can analyze multiple proteins simultaneously, rather than users having to run individual assays to look for each protein separately.
Consumables Held Largest Share
The consumables product category dominated the global industry in 2023. This is because the major players are providing a wide selection of consumables with a number of benefits, including affordability, customizable analytes, quicker delivery, and trustworthy results. For instance, over 450 analytes are provided by Bio-Techne Corp., under the Luminex product line. This would allow users to raise specificity, precision, and stability, to guarantee reliable findings and widen the applications for multiplex assay consumables.
Moreover, in October 2022, Oxford Nanopore Technologies collaborate with 10x Genomics to enable a streamlined workflow for sequencing full-length transcripts in single reads on Oxford Nanopore devices. The collaboration allows for the addition of Oxford’s Promethlon devices and selected consumables to the 10x Genomics Compatible Partner Program.
Flow Cytometry Category Accounted for Largest Share of Multiplex Assays
Flow cytometry category held the largest share in 2023, because companies are launching innovative products. For instance, in April 2022, Sysmex Europe SE launched a cytometer, named XF-1600, for IVD.
Multiplex real-time PCR is also holding a significant share in the market. In October 2022, BioExcel Diagnostics and Takara Bio USA announced plans to enter into a partnership to develop a qPCR multiplex syndromic infectious disease diagnostic panel. The panels will use Takara Bio USA’s reagents and qPCR automation technology to detect viruses, fungi, bacteria, and genes that lead to antimicrobial resistance in pathogens.
Moreover, qPCR assays are used for a diverse range of applications, such as gene expression analysis, species abundance quantification, cancer phenotyping, and diagnostic test development. For instance, in May 2022, Cipla launched the RT Direct Multiplex real-time PCR kit for COVID-19 in India, in partnership with Genes2Me Pvt. Ltd. With this launch, Cipla expanded its diagnostics offerings.
Pharmaceutical and Biotechnology Companies Are Major Users of Multiplex Assays
Pharmaceutical and biotechnology companies are the major users of multiplex assays. This is due to the increasing number of such companies and their extensive R&D efforts. For instance, Lineage Cell Therapeutics Inc. announced in October 2022 the opening of a new R&D center in California.
Asia-Pacific Is Fastest-Growing Region in Multiplex Assays Market
Asia-Pacific is projected to be the fastest-growing market for multiplex assays, with a CAGR of 9.6%, during the forecast period. This is due to the rising number of hospitals and increasing investment by emerging players in the region. For instance, In December 2022, Aravax announced the commencement of its series B funding round with USD 20-million investment from Brandon Capital and Tenmile. With the investment, Aravax will begin the phase II trials of PVX108 and advance its development program.
Moreover, in December 2022, Vaxxas announced that it has completed a financing round worth USD 23 million. Existing investors UniQuest Pty Ltd. and OneVentures led the round, while new investors included Vaxxas’ directors, management staff, and several individual contributors.
Some of the key players in the market are Thermo Fisher Scientific Inc., Illumina Inc., Bio-Rad Laboratories Inc., Qiagen N.V., Abcam plc, Becton, Dickinson and Company, Merck KGaA, Agilent Technologies Inc., and Meso Scale Diagnostics LLC.