Multiplex Assays Market

The global multiplex assays market in terms of revenue was estimated to be worth $3.5 billion in 2022 and is poised to reach $5.3 billion by 2027, growing at a CAGR of 8.8% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The need for automated and efficient systems in laboratories has grown, as conventional methods for testing are inadequate. This provides opportunities for the adoption of multiplex assays, with their potential for automation, convenience, accuracy, and reproducibility. Bead-based microplate assays provide a greater surface area for binding with lower background signals than traditional ELISA, while the beads can be coded and used in multiplex assays, which measure multiple analytes in a single-microplate well to reduce the overall cost and time per assay.

Attractive Opportunities in the Multiplex Assays Market

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Multiplex Assays Market Dynamics

DRIVER: Increasing advantages of multiplex assays over singleplex and traditional assays

As the name suggests, singleplex assays can only handle a single test at a time and require a higher sample volume. In multi-analyte studies, they need to be repeated for each analyte using new reagents and fresh samples, which increases the time taken and the costs incurred, and this also renders the process inefficient. In contrast, multiplex assays can handle several analytes simultaneously. The speed and efficacy of multiplex assays make them more adaptable for automation. In addition, their high throughput, accuracy, and reproducibility have also driven their adoption.

OPPORTUNITY: Increased focus on the need for high-throughput and automated systems

Of the various economic and regulatory impacts on the global healthcare industry, a major impact felt by the industry is the rising pressure for healthcare cost reduction. The Clinical Laboratory Fee Schedule (CLFS) was reformed under the Protecting Access to Medicare Act of 2014 (PAMA), which led to stringent inspection over test fees charged by laboratories and the actual cost of the test incurred by laboratories. This resulted in a reduction in clinical lab fees, affecting the fund flow of laboratories. In turn, laboratories need to maintain this fund flow by increasing the volume of tests but not compromising on the quality of tests. Moreover, laboratories are unable to serve the rapidly growing patient population owing to inadequate human resources.

Due to these challenges, the need for automated and efficient systems in laboratories has grown, as conventional methods for testing are inadequate.

RESTRAINT: Rising costs of equipment

While multiplex technology substantially saves operational costs and time, the initial investment in multiplex assay equipment is high. Despite long-term savings and advantages, the initial investment costs may restrain the small-scale use of multiplex assays to a certain extent. The variable costs of the reagents needed, and those fixed by the suppliers thereof, add to the overall expenditure. Furthermore, maintenance and insurance, laboratory supervision, and overhead costs (including utilities, space, and administration) are also additional expenses. As a result, high instrument cost is a major factor limiting the wider adoption of multiplex assays.

CHALLENGE: Increasing dearth of skilled professionals

The increase in the dearth of a skilled workforce has been a challenge for several decades, resulting in the rise of an aging workforce and declining enrolment in training programs. It takes almost five to ten years of continuous practice in clinical laboratory work for technicians to gain expertise. Europe and the UK have already reported low numbers of clinical technicians.

Consumables segment accounted for the largest share of the multiplex assays market, by product & service

The market is segmented into consumables, instruments, and software & services based on product & service. The consumables segment accounted for the largest share of the market in 2022, mainly due to the recurrent purchase of consumables for increasing research & clinical diagnostic applications.

In 2022, protein multiplex assays segment accounted for the largest share in the multiplex assays market, by type

The market is segmented into protein, nucleic acid, and cell-based multiplex assays by type. In 2022, the protein multiplex assays segment accounted for largest share of the market, mainly due to the increased usage of protein-based assays for biomarker research and clinical diagnostics.

In 2022, pharmaceutical & biotechnology companies segment accounted for the largest share in the multiplex assays market, by end user

The market is segmented into pharmaceutical & biotechnology companies, hospitals & research institutes, reference laboratories, and other end users. In 2022, the pharmaceutical & biotechnology segment accounted for the largest share of the market. Multiplex assays are widely used in the pharmaceutical industry for clinical pharmacokinetics and bioequivalence studies in drug discovery. This can be attributed to the inherent specificity, high throughput, and high sensitivity offered by immunoassays for a wide range of analytes in biological samples.

North America is the largest regional market for multiplex assays market in 2022

The global market has been segmented into four major regions—North America, Europe, the Asia Pacific, and the Rest of the World (RoW). In 2022, North America accounted for the largest share of 45.1% of the global market, followed by Europe with a share of 27.8%. The high burden of infections and cancers on regional healthcare systems is another major driver for market growth. Furthermore, the presence of a well-developed healthcare infrastructure and the growing adoption of advanced technologies for cancer testing and infectious disease testing are other factors anticipated to support the growth of the market in the region. Over the years, healthcare spending in North America has increased at a significant rate. National health spending is projected to grow at an average annual rate of 5.4% during 2019–2028 and reach USD 6.2 trillion by 2028 (Source: Centers for Medicare & Medicaid Services). The growing healthcare expenditure is also one of the major drivers for the biotechnology sector.

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The major players in this market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Becton, Dickinson and Company (US), and DiaSorin S.p.A. (Italy). These players lead the market because of their extensive product portfolios and wide geographic presence. These dominant market players also have numerous advantages, such as more robust marketing and distribution networks, larger budgets for R&D, and better brand recognition.

Multiplex Assays Market Report Scope

This report categorizes the advanced wound care market to forecast revenue and analyze trends in each of the following submarkets:

By Product & Service

• Consumables
• Instruments
• Software & Services

By Type

• Protein Multiplex Assays
  • Planar Protein Assays
  • Bead-based Protein Assays
  • Other Protein Assays
• Nucleic Acid Multiplex Assays
  • Planar Nucleic Acid Assays
  • Bead-based Nucleic Acid Assays
  • Other Nucleic Acid Assays
• Cell-based Multiplex Assays

By Technology

• Flow Cytometry
• Fluorescence Detection
• Luminescence
• Multiplex Real-time PCR
• Other Technologies

By Application

• Research & Development
  • Drug Discovery & Development
  • Biomarker Discovery & Validation
• Clinical Diagnostics
  • Infectious Diseases
  • Cancer
  • Cardiovascular Diseases
  • Autoimmune Diseases
  • Nervous System Disorders
  • Metabolism & Endocrinology Disorders
  • Other Diseases

By End User

• Pharmaceutical & Biotechnology Companies
• Hospitals & Research Institutes
• Reference Laboratories
• Other End Users

By Region

• North America
• US
• Canada
• Europe
• Asia Pacific
• Rest of the World

Recent Developments

• In September 2021, Bio-Rad Laboratories launched its Bio-Plex Pro Human IgA and IgM SARS-CoV-2 panels to detect IgA and IgM antibodies against four SARS-CoV-2 antigens. The panels are for research use only (RUO).
• In September, DiaSorin S.p.A. received the CE mark approval for its Simplexa COVID-19 & Flu A/B Direct kit, a multiplex test for the in vitro qualitative detection and differentiation of nucleic acid from severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), influenza A virus, and influenza B virus from the same patient sample in one reaction well. The assay is designed for use on the LIAISON MDX and is run directly from nasopharyngeal swabs (NPS) without the need for offboard extraction.
• In August 2021, Becton, Dickinson and Company launched its new and fully automated high-throughput diagnostic system, BD COR System. The system uses robotics and sample management software algorithms to set a new standard in automation for infectious disease molecular testing in core laboratories and other centralized laboratories in the US.
• In July 2021, DiaSorin S.p.A. acquired the leading company of multiplex assays, Luminex Corporation, for a price of USD 37.00 per share, that corresponds to a total equity value of approximately USD 1.8 billion.
• In February 2021, Thermo Fisher Scientific acquired Mesa Biotech, a privately-held point-of-care molecular diagnostic company. This acquisition strengthened Thermo Fisher's operational excellence, access to raw materials, and existing distribution & sales channels with Mesa's innovative platform with a diverse array of diagnostic products, such as Accula System by Mesa Biotech that is dedicated to COVID-19 testing.

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