Multiplex assays market size is projected to rise notably during the forecasted period owing to the proficient strides in nanotechnology. The higher emphasis on the treatment of several diseases and the shifting inclination towards customized treatment has steered the growth in research & development activities around the pharma and biopharma segments. The emergence of companion diagnostics is another prevalent aspect propelling market enlargement.
The unceasing growing prevalence of chronic and infectious diseases around the world is one of the foremost aspects that increase the complete market growth during the reviewed time frame. According to the WHO, chronic/non-communicable diseases (NCD) kill 41 Mn individuals each year, which is more than 65% of all the deaths occurring around the globe. Every year, more than 10 million individuals between the ages of (30 to 69) die owing to an NCD.
Apart from the augment of infectious and chronic diseases, the growing awareness of disease diagnosis and the growing prevalence of multiplex assays in companion diagnostics, the demand for efficient analytical platforms in research & development is fostering complete market growth progressively.
According to the SPER market research, ‘Multiplex Assays Market Size, Share & Trends Analysis By Product & Service, By Type, By Technology, By Application, By End User, Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ states that the multiplex assays market is predicted to reach USD 5.6 billion by 2030 with a CAGR of 7.2%. The growing prevalence of chronic disorders demands improved diagnostic tools and testing methods for early detection and better treatment.
Additionally, during the present times, countries have faced an enormous threat of COVID-19. As per the World Health Organization, coronavirus disease is an infectious disease, and most individuals infected with the COVID-19 virus will experience mild to moderate respiratory illness. The application of multiplex diagnostics for the diagnosis of COVID-19 and linked diseases has positively impacted the growth of the studied market.
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Furthermore, the significant benefits of multiplex assay over singleplex and traditional assay can foster industry growth in the near future. Several advantages proposed by these automated tests involve miniaturization, which decreases the sample consumption, great functional efficiency, easy functions, and decreases labor costs. In addition, several arrays are measured in an individual trial, which leads to speedier results in these assays.
North America registered the global industry in recent past years and registered for the greatest share of the complete revenue owing to the increasing research & development activities for the advancement of novel drugs and diagnosis & treatment choices. The growing incidence of chronic situations, likewise cancer & stroke, and the increasing government funding for the detection of new biomarkers are projected to propel the region’s growth. Moreover, the existence of key players in the region is probably to foster growth.
The key companies in this multiplex assay market have accepted the product launch as one of their foremost developmental strategies likewise collaboration and business enlargement. The foremost companies profiled in this report involve Abcam Plc, Agilent Technologies, Inc., Antigenix America, Inc., AYOXXA Biosystems GmbH, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Bio-Techne Corporation, Boster Biological Technology, Cayman Chemical Company, DiaSorin S.p.A., Enzo Life Sciences, Inc., Illumina, Inc, Luminex Corporation, Merck KGaA, Meso Scale Diagnostics Olink, PerkinElmer, Inc., Promega Corporation, Qiagen N.V., Quanterix, Randox Laboratories, Seegene, Shimadzu Biotech, Siemens Healthineers, and Thermo Fisher Scientific Inc.
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