Multiplex Assays Market is Expanding at a Healthy CAGR in Companion Diagnostics Industry

Illinois, United States, 2020-Nov-06 — /EPR Network/ —

According to a new market research report “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“, published by MarketsandMarkets™, the global market is projected to reach USD 3.35 Billion in 2023 from USD 2.33 Billion in 2018, at CAGR of 7.5%.

Browse 109 market data Tables and 32 Figures spread through 142 Pages and in-depth TOC on “Multiplex Assays Market”

The use of multiplex assays in companion diagnostics for increasing the safety & efficacy of therapies and the advantages of multiplex assays over conventional methods are the major factors driving the growth of the market.

Multiplex Assays Products and Services:

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.

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Multiplex Assays Technology:

On the basis of technology, the global Multiplex Assays Industry 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 Industry. 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.

North America, Europe and Asia Pacific to Dominate The Industry:

The APAC market is projected to register the highest growth rate during the forecast period primarily due 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.

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Key Players:

The key players in the global Multiplex Assays Industry are Luminex (US), Bio-Rad Laboratories (US), Becton Dickinson (US), Illumina (US), and Thermo Fisher Scientific (US).

Illumina was the leading player in the multiplex assays market. The company has a strong geographic presence across the US, Europe, Greater China, and Asia Pacific. The company focuses on offering consumables and analyzers in the multiplex assays industry. Illumina concentrates on inorganic strategies to maintain its leader position in this market. For instance, in 2017, the company partnered with Integrated DNA Technologies (US) to provide improved library preparation multiplexing and target enrichment solutions for the next-generation sequencing (NGS) market. The agreement will see IDT and Illumina leveraging their expertise in the genomics field to deliver enhanced tools for sequencing. Similarly, in 2015, the company acquired GenoLogics Life Science Software Inc. (Canada) to integrate their life science software as part of the overall Illumina informatics solution.