Multiplex Assays Market: Increase in Research & Development Leading to New Product Launches by Market Players Fuels the Market
Albany, NY -- (SBWire) -- 12/12/2018 --Transparency Market Research (TMR) has published a new report titled, "Multiplex Assays Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026". According to the report, the global multiplex assays market was valued at US$ 2,169.74 Mn in 2017. It is projected to expand at a CAGR of 7.90% from 2018 to 2026. Advantages of multiplex assays over singleplex assays, focus on research and development and product launches by market players, strategic acquisitions and partnerships to enhance their geographic presence, rising prevalence of infectious diseases and cancer, and the onset of new infections are fuelling the market.
Repeat orders for consumables propelling the segment
The report offers detailed segmentation of the global multiplex assays market. Based on product, the market has been segmented into instruments, consumables, and software. The consumables segment has been further sub-segmented into reagents and kits, micropipettes and microplates, and others. The consumables segment is expected to expand at a significant CAGR during the forecast period owing to the rise in number of repeat orders for reagents and kits, attributed to the increasing focus on research and development.
Flow cytometry segment to expand rapidly
Based on the technology, the market has been segregated into multiplex RT-PCR, flow cytometry, luminescence, fluorescence, and others. The flow cytometry segment dominated the market in 2017. It is anticipated to remain dominant during the forecast period. Expansion of the segment can be attributed to the rise in demand for performing bead-based multiplex assays. Furthermore, increase in applications, owing to the growing focus on research in proteomics to understand the protein-protein interactions, and increasing number of studies on antibody interactions to streamline the vaccine development process are driving the segment.
Protein segment to expand at robust CAGR
In terms of type, the market has been classified into protein, nucleic acid, and cell. The protein segment is projected to expand at a significant pace during the forecast period, owing to the increase in focus on the development of diagnostic kits for the identification of infectious diseases and increase in analyzing protein samples precisely and simultaneously for dynamic and static as well as predictive, descriptive, and biological research.
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Government and non-government funding for research fuels research & development Segment
Based on application, the market has been divided into research & development, diagnosis, and others. The research & development segment has been further split into drug discovery & research, and biomarker research & application. The biomarker research & application sub-segment is expected to drive the research & development segment. This expansion can be attributed to the growing studies on biomarkers for the identification and detection of various forms of cancer in early stages and studies on autoimmune diseases and graft versus host disease.
Biotechnology & biopharmaceutical companies segment held major share
In terms of end-user, the global multiplex assays market has been bifurcated into biotechnology & biopharmaceutical companies, academic & research centers, diagnostic centers, hospitals, and others. The biotechnology & biopharmaceutical companies segment held a prominent share of the market in 2017. Expansion of the segment can be attributed to the rise in number of biotechnology and biopharmaceutical companies, globally, with focus on research & development. Moreover, growing focus of these companies on the launch of multiplex assay kits for diagnostic purposes propels the market.
Market in Asia Pacific to be driven by increase in infectious diseases in Japan and India
In terms of revenue, North America dominated the global multiplex assays market in 2017. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Expansion of the multiplex assays market in the region is attributed to the increase in prevalence of infectious diseases and rise in the number of patients suffering from cancer in the region. Additionally, new product launches, changing reimbursement scenario and rising awareness among people, and improving healthcare infrastructure are key factors driving the market in Asia Pacific.
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Strategic collaborations and partnerships is the primary strategy adopted by market players
The report also provides profiles of leading players operating in the global multiplex assays market. Leading market players include Luminex Corporation, Thermo Fisher Scientific, Inc., Seegene, Inc., Meso Scale Diagnostics, LLC., Abcam plc, Bio-Rad Laboratories, Inc., QIAGEN N.V., Merck KGaA, Quansys Biosciences, and Illumina, Inc. Market players have adopted the strategy of strategic partnerships and collaborations to enhance their geographic presence.
For instance, in August 2018, QIAGEN entered into a partnership with The Scientific Group, a South Africa-based company, to expand its presence in the region and to meet the increasing demands for modern molecular testing solutions. Earlier, in October 2017, Quansys Biosciences entered into a partnership with Mercodia, a Sweden-based company and launched AKURIO Islet Hormones multiplex assay for pancreatic research.
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