Multiplex Assay Market Size to Increase by USD 6.75 Billion in 2034

Multiplex Assay Market Size, Shares and Advantages Insight

The global multiplex assay market size was estimated at USD 1.50 billion in 2023 and is projected to reach USD 6.75 billion by 2034, registering a CAGR of 14.79% from 2024 to 2034.

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Key Takeaways

• North America held the dominant 38.50% share of the multiplex assay market in 2023 and is expected to witness prolific growth during the forecast period.
• Asia Pacific is anticipated to grow at a notable growth rate in the market during the forecast period.
• By type, the protein-based multiplex assays segment accounted for the dominating share of the market in 2023 and is projected to continue its dominance over the forecast period.
• By type, the nucleic acid-based multiplex assay segment is expected to witness considerable growth in the global market over the forecast period.
• By product, the reagents & consumables segment held the largest share of the market in 2023 and is expected to sustain its position throughout the forecast period.
• By product, the software & services segment is expected to grow at a significant rate in the market during the forecast period.
• By end use, the research & development segment held the dominating share of the market in 2023.
• By application, the clinical diagnostics segment is expected to grow at a notable rate in the market over the studied years.
• By end user, the pharmaceutical and biotechnology companies segment held the largest share of the market in 2023.
• By end user, the research institutes segment is expected to grow fastest during the forecast period.

Market Overview

Multiplex assays refer to the kind of immunoassay capable of simultaneous measurement of multiple analytes. Multiplex assays are derived from the ELISA format and produce multiple signal measurements. It assists in getting the maximum information about biological molecules by quantifying the sample by using PCR. It is extensively used in functional genomics for the detection and quantification of proteins, biomolecules, biomolecules, cytokines, and others. It takes less time as compared to conventional methods. Multiplex assays are widely used across various medical fields, such as autoimmune disorders, oncology, and infectious diseases, and are often performed using modern technologies, including bead-based assays, microarrays, digital droplet PCR, and others.

Growth Factors

• The rapid surge in chronic diseases such as diabetes, cancer, autoimmune, and others.
• is estimated to accelerate the multiplex assay market growth rate during the forecast period. 
• The rising awareness about early detection is expected to be credited for driving the market’s growth.
• The rising funds by public and private organizations for clinical research are expected to propel the growth of the global multiplex assay market.
• The significant advantages of multiplex assays over singleplex and conventional tests.  Several benefits offered by multiplex assays include rising efficiency at a reduced expense, greater output per sample volume ratios, detailed diagnostics, and others.
• The rising improvements in healthcare infrastructure in emerging economies, coupled with the rising use of multiplex assays in companion diagnostics, are the main reasons propelling the global multiplex assay market’s growth.

Market Dynamics

Driver

The increasing prevalence of cancer

The rising burden of cancer across the globe is expected to propel the market’s growth during the forecast period. Cancer is one of the most severe chronic diseases and has a major impact on society across the world. Multiplex assays are widely used for the quantitative profiling of co-inhibitory and co-stimulating immune checkpoint proteins. The wide-ranging cancer multiplex panel offering includes kits to measure cancer biomarkers, checkpoint proteins, as well as cytokines, chemokines, and growth factors. Therefore, the increasing burden of cancer globally is anticipated to boost the expansion of the multiplex assay market during the forecast period.

• According to the European Commission’s estimates published in the European Cancer Information System (ECIS), New cancer cases rose by 2.3 percent in comparison with 2020, reaching 2.74 million in 2022.
• In June 2023, GT Molecular, Inc., a company providing ultrasensitive PCR assays for cancer research, pathogen detection, and wastewater-based epidemiology testing, entered the cancer molecular assay market with multi-target PCR kits featuring robust quality control metrics and internal process controls.
• In October 2022, Carl Zeiss Microscopy, LLC announced that it has signed an agreement with Ultivue Inc. to co-market Ultivue's multiplex biomarker assays for tissue phenotyping with the ZEISS Axioscan whole slide imaging system for data acquisition and analysis. The partnership will bring a streamlined solution from tissue preparation to image acquisition and analysis for applications in cancer biology, immunology, and drug development for researchers in academia, biotech, pharma, and CROs.

Restraint

High investment cost

The high cost associated with the multiplex assay market is anticipated to hamper the market's growth. In addition, High capital investment often discourages potential market players from entering the market. In addition, the lack of adequate healthcare infrastructure and shortage of skilled personnel for data analysis in middle and lower-income countries may restrict the expansion of the global multiplex assay market.

Opportunity

Increasing popularity of personalized medicine

The rising adoption of personalized medicine is projected to offer lucrative opportunities to the market during the forecast period. Multiplex assays are highly used to identify changes in gene expression, genetic variations, or epigenetic  modifications for certain rare and chronic disorders. These assays play a crucial role in developing personalized medicines. The rising demand for precision medicine and personalized diagnostics is expected to fuel the growth of the market as multiplex assays offer a comprehensive understanding of complex biological interactions. Therefore, increasing acceptance of personalized medicine for treating numerous chronic diseases globally is expected to boost the multiplex assay market’s growth during the forecast period.

Segment Insights

By Product Type

The protein-based multiplex assays segment accounted for the dominating share of the multiplex assay market in 2023 and is projected to continue its dominance over the forecast period. The growth of the segment is attributed to the rising adoption of reagents & consumables. Several key market players are offering various consumables with numerous benefits, including customization of analytes, cost-effectiveness, faster delivery time, and more. In addition, the increasing repeated purchases of consumables and the surge in diagnostic tests are expected to fuel the expansion of the segment.

The nucleic acid-based multiplex assay segment is expected to witness considerable growth in the global market over the forecast period. Factors such as the high efficiency of software and rising in the number of product launches are anticipated to bolster the segment growth during the forecast period.

By Type

Tthe reagents & consumables segment held the largest share of the multiplex assay market in 2023 and is expected to sustain its position throughout the forecast period due to the rising adoption of protein-based multiplex assays. Protein-based multiplex assays are crucial tools and are widely used in biomedical research and diagnostics. Protein-based multiplex assays facilitate the simultaneous detection and quantification of multiple proteins in a single sample. Measuring the accurate levels of multiple proteins simultaneously offers researchers a greater understanding of biological processes and disease mechanisms. Moreover, the increasing prevalence of chronic diseases and technological improvements in assay platforms, including improved sensitivity and multiplexing capabilities, are likely to accelerate the segment's market.

The software & services segment is expected to grow at a significant rate in the multiplex assay market during the forecast period over the forecast period owing to the growing use of nucleic acid-based multiplex assay coupled with rising research regarding nucleic acid-based multiplex assay. Nucleic acid assay assists in molecular tests to diagnose human diseases, including human genetic markers indicative of disease (autoimmune disease and cancer) and tests to identify disease-causing pathogens.

By Application

The research & development segment held the dominating share of the multiplex assay market in 2023. The usage of multiplex tests in the drug development process is increasing. The robust growth of the segment is driven by the increasing applications of multiplex assays in R&D. These assays are extensively used in the preclinical and clinical phases for the proper evaluation of the effectiveness of toxicity, immunotherapy, and medication response biomarkers. Biomarker development and validation are rapidly gaining popularity among healthcare professionals for early cancer detection, improving illness diagnosis, and therapy response monitoring.

The clinical diagnostics segment is expected to grow at a notable rate in the multiplex assay market over the studied years owing to the increasing cases of chronic diseases, including cancer, stroke, autoimmune disorders, heart diseases, and other infectious diseases. Additionally, growing awareness regarding the diagnosis of chronic diseases is expected to fuel the segment’s expansion during the forecast period.

By End User

The pharmaceutical & biotechnology companies segment held the largest share of the multiplex assay market in 2023. The segment’s growth is majorly driven by the increasing penetration of multiplex assays in pharmaceutical & biotechnology companies for biomarker validation, biomolecular detection, and measuring pathways for diseases. With the advent of the pandemic, these companies are aggressively working to develop better and more effective vaccines and drugs.

The research institutes segment is expected to grow fastest in the multiplex assay market during the forecast period due to the rising burden of chronic diseases, including cancer, diabetes, stroke, and others. In addition, rising governmental policies, along with increasing funding for research activities, are expected to support the growth of the segment.

By Region

North America held the dominant 38.50% share of the multiplex assay market in 2023 and is expected to witness prolific growth during the forecast period. This is due to the presence of sophisticated healthcare infrastructure, the surge in funding from public and private organizations in the R&D activities, high healthcare expenditure, rising application of multiplex assays in companion diagnostics, increasing adoption of personalized medicine, rising usage of multiplex assays for early detection of cancer, and increasing product launches are some of the major factors expected to support the growth of the multiplex assay market in the region. Moreover, supportive government policies permit researchers to conduct new and advanced research activities.

The rising burden of cancer and stroke is anticipated to fuel the growth of the multiplex assay market in the coming years. The United States and Canada are contributing majorly towards the growth of the market. The rapid growth of these countries is attributed to the rising R&D activities for the development of novel drugs and diagnosis & treatment options, increasing government financing for the discovery of new biomarkers, significant increase in capital income, surge in medical tourism, and propels the growth of the market. The countries have the presence of several major players, including Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Advanced Cell Diagnostics, Inc., Luminex Corp., and others. Such factors increase the adoption rate of multiplex assay products & services in these countries.

According to the data published by the National Cancer Institute at the National Institutes in May 2024,

• An estimated 2,001,140 new cases of cancer will be diagnosed in the United States, and 611,720 people will die from the disease.
• Prostate, lung, and colorectal cancers account for an estimated 48% of all cancers diagnosed in men. For women, the three most common cancers are breast, lung, and colorectal, and they will account for an estimated 51% of all new cancer diagnoses in women.
• Estimated national expenditures for cancer care in the United States in 2020 were USD 208.9 billion. In the coming future, costs are likely to increase as the population ages and more people have cancer.
• In February 2024, QuidelOrtho Corporation, a leading diagnostics company, received FDA 510(k) clearance for its QuickVue COVID-19 test, designed for symptomatic individuals. The test, which delivers results in 10 minutes, can now be used in home and medical facility settings with CLIA certificates of waiver.
• In December 2023, QuidelOrtho Corporation received 510(K) clearance from the U.S. Food and Drug Administration for its innovative Savanna PCR platform and Savanna HSV 1+2/VZV in vitro diagnostic test for the detection and differentiation of Herpes simplex virus type 1 (HSV-1), Herpes simplex virus type 2 (HSV-2) and Varicella-zoster virus (VZV) nucleic acids isolated and purified from swabs obtained from cutaneous or mucocutaneous lesion specimens obtained from symptomatic patients.

Asia Pacific is anticipated to grow at a notable growth rate in the multiplex assay market during the forecast period owing to the improvement in medical health infrastructure, increasing incidence of people suffering from chronic diseases, technological advancements in the healthcare sector, rise in purchasing power of developing nation such as China, Japan, and India, an increasing number of diagnostic laboratories, rising awareness regarding the use of multiplex assay products & services, and increasing acceptance of personalized medicine. The rapid growth of the aging population increases the demand for healthcare services and is likely to influence the market’s growth in the region. Additionally, the expansion of research activities in the region, along with the favorable regulatory environment, led to an increasing adoption of advanced diagnostic techniques in the region.

Recent Developments

• In June 2024, QIAGEN N.V. QGEN announced the launch of the digital PCR (polymerase chain reaction) Custom Assay Design Tool for copy number variation (CNV) analysis for use on the QIAcuity digital PCR (dPCR) platform. Alongside this, the company also announced several other enhancements in its GeneGlobe Design and Analysis Hub.
• In September 2023, The Association for Molecular Pathology (AMP), the premier global molecular diagnostic professional society, today published a review of the current benefits and challenges to using multiplex PCR panels for the detection of microbial pathogens from gastrointestinal, central nervous system, lower respiratory tract, and joint specimens.
• In March 2024, Semarion Ltd, a University of Cambridge spin-out company from the Cavendish Laboratory combining materials engineering and cell biology to tackle unmet drug screening needs, introduced its SemaCyte Multiplexing Platform, an expansion to the existing SemaCyte Microcarrier platform to utilize optical barcoding to accelerate screening processes during in vitro drug discovery.
• In January 2023, Agilent Technologies and Akoya Biosciences partnered to develop multiplex immunohistochemistry diagnostic products for tissue analysis. Under the collaboration, Agilent will integrate its Dako Omnis auto-staining instrument with Akoya’s imaging platform, PhenoImager HT, for multiplex chromogenic immunohistochemistry (mIHC) and immunofluorescent (mIF) assays.
• In May 2023, The National Institute of Virology developed the first indigenous testing kit to detect three infections—Influenza A, B, and SARS-CoV-2—through a single kit.
• In June 2023, a Multiplex PCR assay detected four respiratory viruses with a single swab. The BD MAX Respiratory Viral Panel detected and differentiated between influenza A and B respiratory syncytial virus and SARS-CoV-2. The panel requires less than 1.5 minutes of hands-on time per sample.
• In January 2023, ALiA BioTech group announced the deployment of its Lab-on-Chip diagnostic platform, which can perform multiplex testing using a single biochip. The new next-generation rapid diagnostic platform can provide up to 30 results from a single drop of bodily fluid, such as blood, serum, swab, or urine, in 15 minutes.

Top Companies in Multiplex Assay Market

• Luminex Corp.
• Bio-Rad Laboratories, Inc.
• Seegene Inc.
• Merck KGaA
• Assay Genie
• Promega Connections
• Thermo Fisher Scientific
• Perkin Elmer Inc.
• Advanced Cell Diagnostics, Inc.
• Diasorin S.p.A.
• MESO SCALE DIAGNOSTICS, LLC
• Becton, Dickinson, and Company
• Qiagen N.V
• Randox Laboratories Limited
• Abcam plc.

Segments Covered in the Report

By Type

• Protein-based Multiplex Assays
• Nucleic Acid-based Multiplex Assays
• Cell-based Multiplex Assays

By Product

• Reagents & Consumables
• Instruments & Accessories
• Software & Services

By Application

• Companion Diagnostics
• Clinical Diagnostics
• Research & Development

By End User

• Hospitals
• Clinical Laboratories
• Research Institutes
• Pharmaceutical & Biotechnology Companies

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa