Albany, NY -- (SBWIRE) -- 12/19/2018 -- The global multiplexed diagnostics market has been foreseen in a report by Transparency Market Research (TMR) to witness the dominance of a few players in the otherwise fragmented competitive landscape. Agilent Technologies, Abbott Laboratories, and Thermo Fisher Scientific had secured a majority of the total market share in the recent past.
The presence of a handful of leaders could define the nature of the competitive landscape. However, there could also be a significant count of medium and small-scale companies securing minor shares of the market. Leading players operating in the industry had showcased a wide regional presence, their possession of advanced technology, and diverse product portfolios.
TMR has envisaged the global multiplexed diagnostics market to rise at a staggering CAGR of 20.3% during the forecast tenure 2016-2024. By the completion of the final forecast year, revenue earnings worth a US$26.36 bn could be secured by the market. In 2016, the market secured more than a US$6.0 bn. On the basis of end user, the market has been envisioned to crown academic research institutes as a leading segment for the coming years. By region, North America could take hold of a commanding share considering its lead secured in the recent past.
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Tech automation using multiplexed diagnostics has been anticipated to prove to be highly beneficial for scientists who have been looking to incur lower costs while generating large volumes of sample results. This could act as a strong growth factor for the world multiplexed diagnostics market. In a similar manner, players could be involved in several aspects of the healthcare industry.
For instance, the use of multiplexed diagnostics in the automation of polymerase chain reaction (PCR) amplification could help reduce overall efforts required to execute the program. Furthermore, it could assist in lowering the rate of the required user intervention. This equipment automation as researched by TMR analysts could also decrease the chances of causing errors, reduce manual labor, save processing time, and allow higher throughput.
The international multiplexed diagnostics market is still in its nascent stage of growth because the concept is relatively new. Most medium and small-scale clients could find it challenging to afford products and solutions offered in the market. On the basis of initial investment, the cost of multiplexed diagnostics assay tests could be exorbitant in comparison with that of singleplex assays tests.
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However, there could be scores of opportunities to cash in on due to increasing research and development efforts taken to cater to the rising demand in the international multiplexed diagnostics market. Moreover, increasing applications of multiplexed diagnostics have been expected to set the tone for a valuable growth in the market.
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