LONDON, April 14, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the multiplex assays market, an increased incidence of chronic diseases is driving the growth of the global multiplex assay market. The multiplex assay is extensively used in clinical trials to analyze and study the efficacy of a disease and for the detection of antibodies against those diseases. According to the World Health Organization (WHO) report published in April 2021, chronic diseases, also known as non-communicable diseases (NCDs), kill 41 million people each year, equivalent to 71% of all deaths globally. Every year, between the ages of 30 and 69, more than 15 million people die from an NCD. Due to the growing acceptance and the advantages of multiplex assays over traditional assays, such as quicker analysis, the market for multiplex assays is expected to develop rapidly, driving the growth in the forecast period.
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The global multiplex assays market size is expected to grow from $3.02 billion in 2021 to $3.25 billion in 2022 at a compound annual growth rate (CAGR) of 7.66%. Multiplex assays market growth is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global market is expected to reach $4.37 billion in 2026 at a CAGR of 7.67%.
Strategic partnerships and collaborations between companies in the industry are gaining popularity among the multiplex assays market trends. Companies in the market are collaborating on developing assays that can detect diseases quickly and effectively. For instance, in 2020, China-based biotechnology company Sino Biological announced a co-development agreement with US-based biotechnology company Nanommune to jointly develop coronavirus antigen array products for serological studies of COVID-19 and other infectious diseases. The coronavirus multiplex serological assay collaboration allows Sino Biological to make its recombinant coronavirus antigens available on a microarray multiplex-based platform, which enables rapid profiling of antibodies interacting with these targets in biological samples.
Major players in the multiplex assays market are Thermo Fisher Scientific, Inc., Luminex Corporation, Illumina, Inc, Bio-Rad Laboratories, Inc, QIAGEN N.V, Becton, Dickinson and Company, Bühlmann Laboratories, Seegene Inc, Meso Scale Diagnostics LLC., Randox Laboratories Ltd., Merck KGaA, Agilent Technologies, Inc., Quanterix, Bio-Techne Corporation, Promega Corporation, Hoffmann-La Roche, Siemens Healthineers, PerkinElmer, Inc., Danaher Corporation and Abbott Laboratories.
The global multiplex assays industry analysis report by TBRC is segmented by type into nucleic acid-based multiplex assays, protein-based multiplex assays, others; by technology into flow cytometry, luminescence, fluorescence detection, multiplex real-time PCR, others; by application into research and development, drug discovery and development, biomarker discovery and validation, clinical diagnostic; by end-user into pharmaceutical and biotechnology companies, hospitals and research institutes, reference laboratories, others.
North America was the largest region in the multiplex assays market in 2021. Asia Pacific is expected to be the fastest-growing region in the global multiplex assays market during the forecast period. The regions covered in the global multiplex assay market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Multiplex Assays Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide multiplex assays market overviews, multiplex assays market analyze and forecast market size and growth for the whole market, multiplex assays market segments and geographies, multiplex assays market trends, multiplex assays market drivers, multiplex assays market restraints, multiplex assays market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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