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Growing Pharmaceutical R&D Activities to Drive the Muliplex Assays Market

Date: 4th Jul 2020 | Category: Pharma & Healthcare

The global multiplex assays market is expected to reach US$4.87 billion in 2024, increasing at a CAGR of 7.18%, for the duration spanning 2020-2024. The factors such as increasing prevalence of HIV, rising incidences of cancer cases, increasing medical technology R&D spending, growth in geriatric population, upsurge in healthcare expenditures, rise of multiplex immunoassays in drug discovery and escalating adoption of companion diagnostics would drive the growth of the market. However, the market growth would be challenged by dearth of skilled professionals, high investment capital for multiplex assays and stringent government regulations. A few notable trends may include accelerating growth rates of infectious diseases, growth in pharmaceutical and biotech merger & acquisition, monitoring of biosimilar in autoimmune diseases and demand for multiplexed point-of-care tests (xPOCT). 

The global multiplex assays market has been segmented into consumables, instruments and software, based on product type. Consumables dominate the market owing to the increase in the number of testing procedures, performed across research institutes, clinical labs and others. Instruments and software have also hold considerable shares in the global market owing to the technological advancement and product innovation, which have eased the entire process of medical research. 

The fastest growing regional market is North America, due to the consistent growth in the M&A between the pharmaceutical and biotechnological companies, which have led to the expansion of the research field in the healthcare sector. Further, the sudden outbreak of COVID-19 is causing an adverse disruption in the global population, augmenting the need for precise diagnostic as well as therapeutic option, which is expected to drive the growth of the global multiplex assays market during the forecasted period. 

Scope of the report:

The report provides a comprehensive analysis of the global multiplex assays market.

The major regional markets (North America, Asia-Pacific, Europe, Latin America and Middle East & Africa) have been analyzed. 

The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth. 

The competitive landscape of the market, along with the company profiles of leading players (Thermo Fisher Scientific, Becton, Dickson and Company (BD), BioMérieux, Bio-Rad Laboratories, Qiagen and Luminex Corporation) are also presented in detail.

Key Target Audience:

Multiplex Assays Kit Manufacturers

Medical Technology and Pharmaceutical Firms 

End Users (pharmaceutical & biotech companies, research institutes, clinical labs and hospitals)

Investment Banks

Healthcare and Medical Consultants. 

Government Bodies & Regulating Authorities