The growth of the global multiplexed diagnostics market is driven by rise in prevalence of chronic disease such as such as cancer, diabetes, Alzheimer's, cardiovascular disease, kidney disorders, increase in need for automated equipment and varied analytical methodologies, and increase in the number of key market players and the strategies they adopt for the development of technologically advanced multiplexed diagnostics products.
PORTLAND, Ore., Nov. 1, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Multiplexed Diagnostics Market by Product Type (Instruments & Accessories, and Kits & Reagents), by Application (Infectious Disease, Oncology, Autoimmune Disease, Cardiac Disease, Allergies, and Others), by End User (Hospitals, Diagnostic Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global multiplexed diagnostics market was valued at $10,741.97 million in 2022 and is estimated to reach $41,477.13 million by 2032, exhibiting a CAGR of 14.5% from 2023 to 2032.
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Detection of various analytes or targets in a single test or assey is referred to as multiplexed diagnostics. These play an essential role in drug development, by ehancing accuracy and efficiency to a great extent.
Prime determinants of growth
The increasing incidence of disease outbreaks such as coronavirus and Ebola virus is escalating demand for advance diagnostic measures and increasing launches and approvals of new and advanced multiplexed diagnostic tools acts as a key driving factor for the growth of the global multiplexed diagnostics market. However, the lack of skilled labor and high cost associated with multiplexed diagnostics assay are expected to hamper the growth of multiplexed diagnostics market. On the contrary, increase in demand for personalized medicine and technological advancement with ongoing R&D activities are expected to create immense opportunities for the expansion of the global market in the future.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $10,741.97 million |
Market Size in 2032 | $41,477.13 million |
CAGR | 14.5 % |
No. of Pages in Report | 425 |
Segments covered | Product type, application, end user, and Region. |
Drivers | Rise in prevalence of chronic disease Technological advancements in multiplexed diagnostics products Growth in demand for personalized medicine |
Opportunities | Expansion of applications of multiplexed diagnostics |
Restraints | High cost associated with multiplexed diagnostics |
The kits & reagents segment to maintain its leadership status throughout the forecast period
Based on product type, the kits & reagents segment held the highest market share in 2022, accounting for nearly three-fifths of the global multiplexed diagnostics market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment also held the major CAGR of 14.8% in 2032, owing to increasing need for comprehensive diagnostic information, technological advancements, and the expanding applications of multiplexed diagnostics in healthcare, research, and pharmaceutical industries.
The infectious disease segment to maintain its leadership status throughout the forecast period
Based on application, the infectious disease segment held the highest market share in 2022, accounting for more than half of the global multiplexed diagnostics market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment also held the major CAGR of 15.2% in 2032, owing to rise in prevalence of infectious disease.
The hospitals segment to maintain its leadership status throughout the forecast period
Based on end user, the hospitals segment held the highest market share in 2022, accounting for nearly half of the global Multiplexed Diagnostics market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment also held the major CAGR of 14.9% in 2032, owing to the fact that hospitals are increasingly adopting multiplexed diagnostic technologies due to their ability to simultaneously test for multiple biomarkers or analytes in a single assay.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global multiplexed diagnostics market revenue. This is attributed to the growing burden of chronic diseases such as cancer, cardiovascular diseases, and diabetes, the rise in the trend towards personalized medicine and high healthcare expenditure, and governments and private institutions continue to invest in advanced diagnostic technologies. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.6% from 2023 to 2032 and is likely to dominate the market during the forecast period, owing to high prevalence of infectious diseases, chronic conditions, and emerging diseases such as COVID-19, rising healthcare needs, technological advancements, government support, and a shift towards more personalized and preventive healthcare practices.
Leading Market Players: -
- Co-Diagnostics, Inc.
- Agilent Technologies, Inc.,
- BioMérieux SA
- Illumina Inc.
- Hologic, Inc.
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories Inc.
- Siemens Healthiness AG
- F. Hoffmann-La Roche Ltd.
- DiaSorin S.p.A
The report provides a detailed analysis of these key players of the global multiplexed diagnostics market. These players have adopted different strategies such as product launch, product approval, acquisition, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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