According to a new market research report "Multiplex Assays Market by Product (Consumables, Instruments), Type (Nucleic Acid, Protein, Cell), Technology (Flow Cytometry, Luminescence), Application (R&D, Diagnosis), End User (Pharma & Biotech, Reference Laboratory, Hospital) - Global Forecast to 2023", published by MarketsandMarkets™, the global market is projected to reach USD 3.35 Billion in 2023 from USD 2.33 Billion in 2018, at CAGR of 7.5%.
The use of multiplex assays in companion diagnostics for increasing the safety & efficacy of therapies and the advantages of multiplex assays over conventional methods are the major factors driving the growth of the market.
Based on product and service, the consumables segment is accounted for the largest share of the market in 2018
On the basis of product & service, the market is broadly segmented into instruments, consumables, and software & services. In 2018, the consumables segment is expected to account for the largest share of the market; it is also the fastest-growing segment of the multiplex assays market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.
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Based on technology, flow cytometry segment is expected to grow at the highest CAGR in the market during the forecast period
On the basis of technology, the global multiplex assays market is divided into flow cytometry, multiplex RT PCR, luminescence, fluorescence detection, and other technologies. In 2018, the flow cytometry segment is expected to grow at the highest CAGR in the global multiplex assays market. The high CAGR can be attributed to the wide applications of flow cytometry in detection & measurement of protein expression, RNA, cell health status (cell viability & toxicity), and characterization & identification of various cell types.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The APAC market is projected to register the highest growth rate during the forecast period primarily due to its pharmaceutical market, which is growing at the fastest pace in the world, the availability of a large number of qualified researchers, and increasing prevalence of cancer and infectious diseases.
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The key players in the global Multiplex Assays Market are Luminex (US), Bio-Rad Laboratories (US), Becton Dickinson (US), Illumina (US), and Thermo Fisher Scientific (US).