Multiplex Assay Market to Reach $123.1 Million by 2026 at 6.6% CAGR: Allied Market Research

Multiplex Assay Market to Reach $123.1 Million by 2026 at 6.6% CAGR: Allied Market Research

Increased in R&D activities & governmental funding, rise in adoption of a multiplex assay to reduce operation cost, and surge in adoption of personalized medicines are expected to propel the growth of the global multiplex assay market.

PR Newswire

PORTLAND, Ore., Nov. 5, 2020

PORTLAND, Ore., Nov. 5, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Multiplex Assay Market by Type (Nucleic Acid-Based Multiplex Assays, Protein-Based Multiplex Assays, and Others), Product (Multiplex Assay Reagents & Consumables, Multiplex Assay Accessories & Instruments, and Multiplex Assay Software & Services), Technology (Multiplex PCR, Multiplex Protein Microarray, and Others), Application (Companion Diagnostics, Research & Development (Drug Development and Biomarker Discovery & Validation), and Clinical Diagnostics) and End User (Hospitals, Clinical Laboratories, Research Institutes, and Pharmaceuticals & Biotechnological Companies): Global Opportunity Analysis and Industry Forecast, 2019–2026."According to the report, the global multiplex assay market was pegged at $73.2 million in 2018 and is projected to reach $123.1 million by 2026, registering the fastest CAGR 6.6% from 2019 to 2026.

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Rise in R&D activities & governmental funding, increase in adoption of multiplex assay to reduce operation costs, and surge in adoption of personalized medicines have boosted the growth of the global multiplex assay market. However, lack of skilled labour and healthcare professionals hampers the market growth. On the contrary, untapped potential in the emerging economies is expected to create lucrative opportunities in the near future.

The global multiplex assay market is divided into type, product, technology, application, end user, and geography. Based on type, the market is segmented into nucleic acid-based multiplex assays, protein-based multiplex assays, and others. The protein-based multiplex assays segment held the largest share in 2018, contributing more than three-fourths of the market. However, the nucleic acid-based multiplex assays segment is projected to manifest the fastest CAGR of 9.1% during the forecast period.

On the basis of product, the market is bifurcated into multiplex assay reagents & consumables, multiplex assay accessories & instruments, and multiplex assay software & services. The reagents and consumables segment dominated the market, accounting for nearly three-fourths of the market. However, the instruments & accessories segment is estimated to register the fastest CAGR of 8.7% during the forecast period.

Based on end user, the market is divided into hospitals, clinical laboratories, research institutes, and pharmaceuticals & biotechnological companies. The pharmaceutical and biotechnology companies held the lion's share in 2018, contributing more than half of the market share in 2018 and is projected to register the fastest CAGR of 8.1% by 2026.

The global multiplex assay market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is projected to portray the fastest CAGR of 10.2% during the forecast period. However, the market across North America held the largest share in 2018, contributing more than two-fifths of the market.

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