ALBANY, New York, November 22, 2018
ALBANY, New York, November 22, 2018 /PRNewswire/ --
The global multiplex assays market is anticipated to reach US$ 4,277.31 Mn by 2026, expanding at a CAGR of 7.90% from 2018 to 2026. Expansion of the market can be attributed to the advantages offered by multiplex assays over singleplex assays, rising prevalence of infectious diseases and cancer that can be detected easily at earlier stages, government and private funding for carrying out research, and strategic acquisitions among market players to enhance the reach of the multiplex assay kits.
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Efficiency and Throughput-related Advantages over Singleplex Assays to Work Well for Multiplex Assays
One of the key factors to have worked well for the global multiplex assays market is the fact that these assays are more beneficial over singleplex assays including improved efficiency, greater output per sample volume, and high throughput. This is compounded by the vast rise in prevalence of a number of chronic and infectious diseases and the consecutive rise in demand for effective diagnostic technologies. Over the next few years, the market will derive growth opportunities from factors such as increased investment from governments and private organizations into R&D activities with the view of developing more effective diagnostic methods for conditions such as cancer.
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Innovative marketing strategies adopted by leading companies to expand the consumer base of multiplex assays, strategic collaborations, and increased availability in emerging markets are also expected to work in favor of the market. However, the market could be hindered to a certain extent owing to the lack of skilled labor, high cost of equipment used for performing multiplex assays, and the lack of availability of diagnostic kits in a number of regional markets.
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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In the highly competitive vendor landscape for the global multiplex assays market, companies are seen putting more emphasis on strategic collaborations to benefit from a larger global presence and the growth opportunities in emerging regional markets. Point in case is the August 2018 partnership between QIAGEN and The Scientific Group, a company based on South Africa. This partnership is likely to help QIAGEN be a good contender in the regional market, especially as the demand for modern molecular testing solutions has been rising in the region in the past few years. The collaboration between Quansys Biosciences and Mercodia, a company based in Sweden, in October 2017 is also a good example of the rising focus of leading vendors on partnerships as a growth strategy.
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Some of the leading companies in the global multiplex assays market are Bio-Rad Laboratories, Inc., Luminex Corporation, Seegene, Inc., Merck KGaA, Meso Scale Diagnostics, LLC., Thermo Fisher Scientific, Inc., Quansys Biosciences, Abcam plc, QIAGEN N.V., and Illumina, Inc.
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