Multiplex Assay Market Expected to Reach $7.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Multiplex Assay Market," The multiplex assay market size was valued at $3.6 billion in 2022, and is estimated to reach $7.7 billion by 2032, growing at a CAGR of 7.8% from 2023 to 2032. Multiplex assays are techniques in which multiple analytes are analyzed simultaneously, and hence are economical and easily controlled in any sample assay. These assays enable extraction of more data from a sample at the same time as compared to single-plex assays.

Major factors that drive growth of multiplex assay market size include increase in R&D activities for detection of biomarkers for various diseases & treatment options of diseases, rise in adoption of personalized medicine for increasing safety & efficacy of therapies, and benefits such as lower operational cost & reduced labor. However, dearth of skilled labor and high capital investment are anticipated to restrain the market growth during the forecast period.

Rise in the prevalence of chronic diseases, and rise in acceptance of personalized treatment, and numerous advances in multiplex assays over traditional assays are the multiplex assay market trends. In addition, rise in the prevalence of disease caused by infectious microorganisms such as viruses and bacteria propel the demand for multiplexes assay product for diagnosis of these diseases and drives the growth of multiplexes assay market. For instance, according to Centers for Disease Control and Prevention (CDC) 2023, campylobacter infection affects 1.5 million U.S. residents every year. 

Furthermore, rise in research activities in pharmaceutical and biotechnological sectors and increase in government funding creates lucrative opportunities for the multiplex assay market share. However, high prices of procurement and usage of multiplex assays restrain the market growth.

On the contrary, rise in R&D investments, significant increase in capital income in developed countries, and adoption of developmental strategies such as acquisition, agreement, expansion, partnership, product launch, and product approval by key players to stay competitive in the market drive the growth of the multiplex assay market share. For instance, in June 2021, Bio-Rad Laboratories, Inc. announced a partnership with Seegene, Inc., a global leader in multiplex molecular diagnostics, for the clinical development and commercialization of infectious disease molecular diagnostic products. Under the terms of the agreement, Seegene, based in Seoul, Korea, is expected to provide diagnostic tests for use on CFX96 Dx Real-Time PCR System of Bio-Rad for the U.S. markets pending clinical development and clearance from the U.S. Food & Drug Administration (FDA). 

On the basis of type, the market is classified into protein based multiplex assay, nucleic acid-based multiplex assay, and cell-based multiplex assays. The nucleic acid-based multiplex assay is expected to witness the highest CAGR during the forecast period, owing to rise in use of nucleic acid-based multiplex assay and increase in research regarding nucleic acid-based multiplex assay.

On the basis of the product, the multiplex assay market is segregated into reagents & consumables, instruments & accessories, and software & services. The instruments & accessories segment is expected to witness the highest CAGR during the forecast period, owing to a rise in adoption of instruments & accessories and increase in R&D labs which further uses instruments & accessories.

On the basis of application, the market is classified into clinical diagnostics, Research and Development (R&D), and companion diagnostics. The clinical diagnostics segment is expected to witness the highest CAGR during the forecast period, owing to rise in prevalence of chronic disease and increase in awareness regarding diagnosis of diseases. 

On the basis of end user, the market is classified into hospitals, clinical laboratories, research institutes, and pharmaceutical & biotechnology companies. The pharmaceutical & biotechnology companies segment is expected to witness the highest CAGR during the forecast period, owing to rise in penetration of multiplex assays in pharmaceutical & biotechnology companies, as compared to conventional assays, for biomolecular detection, biomarker validation, and measuring pathways for diseases & physiological activities. 

On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the forecast period due to a rise in R&D activities of new drugs and diagnosis & treatment options, as well as surge in prevalence of chronic diseases such as cancer and strokes in the region. In addition, an increase in awareness about healthcare and rise in adoption of multiplex assay services are the key trend, which contribute to the expansion of the multiplex assay market in Asia-Pacific. 

Key Findings of the Study

• On the basis of type, the protein based multiplex assay segment was the highest contributor to the market in 2022.
• On the basis of product, the reagents and consumables segment has the highest share in multiplex assay market analysis in 2022.
• On the basis of application, the R&D segment was the highest contributor to the multiplex assay industry in 2022.
• On the basis of end user, the pharmaceutical & biotechnology companies segment was the highest contributor to the multiplex assay industry in 2022.
• On the basis of region, Asia-Pacific is expected to witness the highest CAGR during the multiplex assay market forecast period.