Multiplex Assays: Increasing Prevalence of Cancer, Infectious Diseases and Pharmaceutical Industry Driving Market Growth
What are the key factors driving growth in Multiplex Assays Market?
In the current market scenario, there is a growing demand for multiplex assays. The major factors driving the growth of the market include the adoption of Companion Diagnostics for increasing the safety & efficacy of therapies and the advantages of multiplex assays over conventional singleplex assays.
How global multiplex assays market will grow in coming years?
The global multiplex assays market is projected to reach USD 3.35 Billion in 2023 from USD 2.17 Billion in 2017, at CAGR of 7.5%.
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Consumables Segment to Dominate The Market: On the basis of product & service, the market is broadly segmented into instruments, consumables, and software & services. The consumables segment is expected to account for the largest share of the market; it is also the fastest-growing segment of the multiplex assays market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.
Which Geography to Create More Business Growth Opportunities?
The APAC market is projected to register the highest growth rate during the forecast period primarily due to its pharmaceutical market, which is growing at the fastest pace in the world, the availability of a large number of qualified researchers, and increasing prevalence of cancer and infectious diseases.
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Key Market Players:
The key players in the global multiplex assays market are Luminex (US), Bio-Rad Laboratories (US), Becton Dickinson (US), Illumina (US), and Thermo Fisher Scientific (US).
Most companies focus on agreements, collaborations, and partnerships to compete in the market. The players also focus on increasing their presence in high-growth markets through acquisitions and product launches. Illumina (US), Luminex (US), and Bio-Rad Laboratories (US) focus on product launches, partnerships, and agreements to strengthen their position in the market.
In 2017, Illumina was the leading player in the multiplex assays market. The company has a strong geographic presence across the US, Europe, Greater China, and Asia Pacific. The company focuses on offering consumables and analyzers in the multiplex assays market. Illumina concentrates on inorganic strategies to maintain its leader position in this market. For instance, in 2017, the company partnered with Integrated DNA Technologies (US) to provide improved library preparation multiplexing and target enrichment solutions for the next-generation sequencing (NGS) market. The agreement will see IDT and Illumina leveraging their expertise in the genomics field to deliver enhanced tools for sequencing. Similarly, in 2015, the company acquired GenoLogics Life Science Software Inc. (Canada) to integrate their life science software as part of the overall Illumina informatics solution.