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Multiplex Assays Market to Grow $5.3 Billion by 2027

The multiplex assays market is valued at an estimated USD 3.5 billion in 2022 and is projected to reach USD 5.3 billion by 2027, at a CAGR of 8.8% during the forecast period. Growth in this market is mainly driven by factors such as increasing use of multiplex assays in companion diagnostics and increasing advantages over singleplex and traditional assays. However, the high cost of multiplex assay equipment, stringent regulations and standards, and issues in the standardization of multiplex assays design are the major factors restraining the growth of this market.

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Multiplex Assays Market to Grow $5.3 Billion by 2027

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  1. MarketsandMarkets Presents Multiplex Assays Market worth $5.3 billion by 2027 https://www.marketsandmarkets.com/Market-Reports/multiplex-assays-market-61593314.html

  2. The report "Multiplex Assays Market by Product & Service (Consumables, Instruments, Software & Services), Type (Nucleic Acid, Protein), Technology (Flow Cytometry, Luminescence), Application (R&D, Diagnosis), End User (Pharma, Hospitals) - Global Forecast to 2027", is valued at an estimated USD 3.5 billion in 2022 and is projected to reach USD 5.3 billion by 2027, at a CAGR of 8.8% during the forecast period. Download a PDF Brochure: https://www.marketsandmarkets.com/pdfdownload

  3. Objectives of the Study: • To provide detailed information regarding the major factors influencing the market growth (such as (drivers, restraints, opportunities, and challenges) • To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall multiplex assays market • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players • To forecast the size of the market segments with respect to four regions: North America, Europe, the Asia Pacific, and the Rest of the World • To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2 • To track and analyze company developments such as product launches, regulatory approvals, agreements, partnerships, collaborations, and acquisitions in the multiplex assays market • To benchmark players within the market using the proprietary Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy • Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=61593314

  4. Growth in this market is mainly driven by factors such as the emerging applications of multiplex assay in companion diagnostics and the growing need for automated and efficient systems in laboratories. In 2022, the protein multiplex assays segment held the largest share of the multiplex assays market, by type segment. The multiplex assays market is segmented into protein, nucleic acid, and cell-based multiplex assays according to type. The protein multiplex assays segment accounted for the largest share in the global multiplex assays market in 2022. As compared to traditional assays, protein multiplex assays prove to be faster and more efficient for protein profiling. Protein assays are highly efficient, require minimal sample volumes, and help reduce turnaround times; however, the equipment is expensive and requires skilled labor. This is expected to hamper the growth of the protein assays market.

  5. North America is the largest regional market for multiplex assays market The global multiplex assays market has been segmented into five major regions—North America, Europe, the Asia Pacific, and the Rest of the World. In 2022, North America accounted for the largest share of the multiplex assays market. The large share of this region can be attributed to the highly advanced healthcare system in the US and Canada. Over the years, healthcare spending in North America has increased at a significant rate. National health spending is projected to grow at an average annual rate of 5.4% during 2019–2028 and reach USD 6.2 trillion by 2028 (Source: Centers for Medicare & Medicaid Services). The growing healthcare expenditure is also one of the major drivers for the biotechnology sector.

  6. The major players operating in this market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), DiaSorin S.p.A. (Italy), QIAGEN N.V. (Netherlands), Abcam plc (UK), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Quanterix (US), Bio-Techne (US), MESO SCALE DIAGNOSTICS, LLC (US), Randox Laboratories Ltd. (UK), Olink (Sweden), Seegene Inc. (South Korea), Siemens Healthcare AG (Germany), PerkinElmer Inc. (US), Shimadzu Corporation (Japan), Promega Corporation (US), Enzo Biochem Inc. (US), Cayman Chemical (US), Boster Biological Technology (US), Antigenix America, Inc. (US), Quansys Biosciences Inc. (US), and RayBiotech Life, Inc. (US).

  7. Company Insights In 2021, Illumina, Inc. held the leading position in the multiplex assays market. The company has a strong geographic presence across the US, Europe, Greater China, and the Asia Pacific. The company focuses on offering consumables and analyzers in the multiplex assays market. Illumina concentrates on inorganic strategies to maintain its leadership position in this market. The company has signed several collaborations and partnerships with other companies/organizations, which are expected to strengthen the foothold of the company in the domain of next-generation sequencing (NGS) and multiplex sequencing. With such developments and strategic efforts, the company is expected to witness growth during the forecast period. Bio-Rad Laboratories, Inc. is a leading players in the multiplex assays market. Its leading position in this market can be attributed to its strong global sales and distribution network, enabling it to effectively market its products in various countries. The company has a wide geographical presence in the US, Singapore, China, the UK, Belgium, Switzerland, France, and Germany. The company has strong R&D and manufacturing in the area of specialty chemicals and clinical diagnostics. The company has received the EUA from the US FDA for several COVID-19 multiplex assays, including SARS-CoV-2 Droplet Digital PCR (ddPCR) test kit and SARS-CoV-2 Total Ab test in 2021. Such product launches have helped the company significantly expand its product line and enhance its multiplex assays market visibility.

  8. Company Insights Thermo Fisher Scientific, Inc. is a leading players in the multiplex assays market. The company has a strong geographic presence in over 600 locations across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. With a strong focus on R&D and competitive technologies, Thermo Fisher continuously strives for innovation.

  9. About MarketsandMarkets MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

  10. Contact Us Contact:Mr. Rohan SalgarkarMarketsandMarkets™ INC. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA: 1-888-600-6441 sales@marketsandmarkets.com Press release: https://www.marketsandmarkets.com/PressReleases/multiplex-assays.asp Research insights: https://www.marketsandmarkets.com/ResearchInsight/multiplex-assays-market.asp

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