Multiplex Assays Market Analysis & Key Business Strategies by Leading Industry Players
Competition in the global multiplex assays market is likely witness high growth, as players are focusing in different organic and inorganic business development activities. For instance, Quansys Biosciences partnered with Mercodiato. These companies for pancreatic research introduced AKURIO Islet Hormones multiplex assay collectively.
Partnership, collaboration, merger and acquisition are some of the key strategies used by the players operating in this market. They are also focusing on developing new products through research and development activities. Initiatives like these will help players to get a stronger hold in the market. Currently, some of the prominent players operating in the global multiplex assays market are Seegene, Inc., Thermo Fisher Scientific, Inc., Abcam plc, Meso Scale Diagnostics, LLC., and Bio-Rad Laboratories, Inc.
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Growing focus of players in mergers and acquisition is likely to change the market dynamics, which will result in higher growth in this market. According to the statistic presented in Transparency Market Research report, the global multiplex assays market is projected to rise at healthy 7.90% CAGR between 2018 and 2026. In terms of valuation, market figures are expected to cross US$4.27 bn by the end of 2026, substantially higher from US$2.16 bn that was earned in 2017.
The demand for flow cytometry technology is high as compared to other technologies. Rising demand for performing bead-based multiplex assays is the key factor leading growth of flow cytometry technology. Research in proteomics to understand the protein-protein interactions have further increased the application of this technology.
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Geographically, North America is a leading market augmenting growth in the global multiplex assays market. However, Asia Pacific is likely to lead the market by contributing considerably in the growth of multiplex assays. Increasing cases of cancer and growing prevalence of infectious diseases in the region led the demand for multiplex assays in Asia Pacific. Development of new products and supportive reimbursement policies has further augmented growth in the Asia Pacific multiplex assays market.
Rising Use of Companion Diagnostics Positively Influencing Market Performance
Growing use of multiplex assays in companion diagnosis and increasing validation of biomarkers in molecular and protein diagnostics has augmented growth in the global multiplex assays market. Growing awareness about the benefits of multiplex assays will further fuel growth in this market. Moreover, rising prevalence cancer and infectious diseases has accelerated adoption of multiplex assays. Rising use of companion diagnostics to increase the efficacy of therapies to positively benefit the market’s growth.
Technological advancements and rapid development of nanosciences have taken multiplex assays to next level. Development of nanoarray, representing ultra-miniaturized version of the conventional microarray has created new growth prospects for the global multiplex assays market to expand.
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Strict Regulatory Policies and Standards to Challenge Growth of Multiplex Assays
The growth in the global multiplex assays market is likely to face challenges rising due to high cost of equipment. This factor is projected to limit growth of multiplex assays in developing regions due to financial constraints. Strict regulatory policies and standards might restrict growth in the global multiplex assays market. High capital investment is also expected to obstruct growth in this market.
With these restraints obstructing growth of the market, factors such as technological adoption, reducing operation cost, and increasing emphasis on healthcare could help in overcoming these restraints. Moreover, growing need for high-throughput and automated systems and advantages of multiplex assays over singleplex and traditional assays will drive the demand in the global multiplex assays market.
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