Multi Assay Market Segmented By Instruments, Reagents and kits Product having Clinical Diagnostics, Biological Research, Drug Development, Companion Diagnostics Application
Industry: Healthcare
Format: PPT*, PDF, EXCEL
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Report Type: Ongoing
Report ID: PMRREP32369
The multi assay market will show significant growth due to the increasing prevalence of diseases, growing adoption of personalized medicine, application in drug development and advantages of multi assay over traditional assays.
Moreover, growing awareness about pathological conditions and diseases such as Alzheimer’s disease and cancer has created significant demand to produce cost-effective multi assay which can reduced process time and measure of multiple analysts in a single sample.
Moreover, scientists and researchers are progressively studying on various domains that will fuel the demand for multi assays. In multi assay highly advance automatic laboratory equipment is used during research to switching from one type of assay to another.
Multi assay reduced the need of purchasing several custom systems for each assay type. Multi assay also make the process faster less complex and easy accessibility during development of model and validating in-house screens. Features associated with multi assay screening system includes plate handling, liquid handling, reading and other assorted functions.
Moreover, Technological advancement is one of the driving factors for the growth of this market. Multi assay equipment’s can be configures by user during multi assay screening. Multi assay screening systems provide higher sensitivity, high-throughput screening, minimal downtime and speed up assay execution, development, and validation.
The multi assay screening system find their application in clinical diagnostic services and academic research especially for drug discovery purpose. Significant adaption of High throughput screening in drug discovery process and is now multi assay are widely used in the academic and research institutes and pharmaceutical companies.
Currently, manufacturing companies are more focused on developing distribution channels in untapped markets. They are more focused on increasing sales force and entering into strategic partnerships with local suppliers and distributors to expand product distribution.
This expansion will help to introduce the company’s products into a smaller niche and untapped markets. Developing economies such as China, India, Brazil, and Singapore hold immense potential for the multi assay market.
Due to Growing research and development activities as well as growing pharma sector in these countries are expected to be the potential markets for advanced multi assay in the near future.
Asia Pacific and MEA are characterized by poorly developed infrastructure such as inadequate healthcare facilities. Hence, such intrinsic characteristics provide a strong opportunity to strengthen distribution networks with the help of companies developing and supplying multi assay in Asia Pacific.
The global market for multi assay is primarily driven by increasing incidence of infectious disease such COVID-19, influenza infection and cancer. Moreover, growing adaption of companion diagnostics will be favorable for multi assay market growth.
Companion diagnostics helps in providing efficient and safe therapy that results in enhanced clinical results. Hence, pharmaceutical and biotech companies are developing multiple assays which help in detection of protein and biomolecules in the sample. For instance,
Moreover, in multi assay multiple analyte can simultaneously estimate in a one cycle that increase efficiency in producing medications. Above-mentioned factors will benefit the multi assay market growth in coming years.
Investments in R&D are anticipated to increase in all countries across the globe in the coming years, especially in countries such as Brazil, China and japan. Moreover, globally, R&D expenditure is led by five countries- the U.S., China, Japan, Germany, and UK. Asia is emerging as a global destination for R&D investments. India’s share is not only low but as compared to its GDP, it is negligible.
NIH offers funding for several types of contracts, grants, and research programs, which also enables researchers to pay their loans. Emerging molecular technologies to diagnose infectious diseases at the point or treat diseases such as cancer various infections disease with the help of advance diagnostic technique and immune therapies are fueling growth of multi assay
Skilled professionals can contribute to the innovation and growth in research and development by generating new knowledge in the field. Unfortunately, there is a shortage of skilled professionals engaged in research and developmental activities. Low salary scales, challenging roles, and inadequate laboratory training are some of the main factors contributing to the lack of skilled professionals.
Special laboratory training courses are a must for handling biological sample. As these courses are expensive, the growth of the multi assay market might be hindered. Also, less awareness for multiple assay resulted in lack of experienced people in research laboratories, thus hampering growth of the multi assay market. Thus, lack of skilled professionals and shortage of equipment & other accessories associated with research laboratories can negatively impact the multi assay market growth in developing region
Based on product type, the multi assay market has been segmented as
Based on application type, the multi assay market has been segmented as
Based on end user, the Multi assay market has been segmented as
Based on the region, the multi assay market has been segmented as
Key players such as
are actively involved in offering multi assay for different applications.
Key players in the market are focused on increasing their product features and portfolio to strengthen their position in the market. Key players are expanding their manufacturing facilities to serve the increasing demand for multi assay. Key players are entering the market with novel and innovative multi assay analyzers
The key manufacturer such as Illumina Inc, Thermo Fisher Scientific Inc, and Becton, Dickinson and Company are constantly improving their pipeline capabilities in research and developments. The emergence of e-commerce also aids in the increasing availability of multi assay products from the prominent players.
Manufacturing companies in multi assay market are focusing on bringing new technologies and kits that could diagnose the multiple disease. This is expected to throw light on aggressiveness of progression of other viral & infectious disease, cancer and expected patient survival period.
The application of multi assay has allowed the researchers to reduced process time. Major Key player provide advance services to academic and research institute with cost effective and quality product. Key player provide product such as instruments and kits globally.
Technological advancements in disease analysis technique, global strategic partnership between academic research institutes to boost research activities in biology research field, growing demand for modern assay techniques and technological advancements in analytical instruments are some of the major drivers for global multi assay market
Some Major players in multi assay market such as Bio-Rad Laboratories Inc, Stratagene, Luminex Corporation, and Illumina Inc are present in U.S. which creates significant revenue. There has been a continues investment in R&D and technology by key manufacturer in multi assay.
Additionally, key players are channelizing efforts to maximize flexibility, productivity, and throughput capabilities as well as redefine staff productivity. Moreover, Due to the scientists growing needs in USA, the demand for multiple assay has increased to the point where most manufacturer currently offering advance automated multi assay analyzer and kits.
COVID-19 pandemic will show a positive impact on the multi assay market. Real-time RT-PCR is used in diagnosis of COVID-19. Multi assay used in RT-PCR SARS-CoV-2 panel for diagnosis which will show positive impact on multi assay market in 2020 and 2021. However, Due to short term shut down of production facilities of medical device industries for first few months in 2020.
However, the pandemic has also resulted in a temporary pause of all non-essential and elective procedures. Hence, Medical device manufacturer that manufacture multi assay devices for these procedures had impacted at some extent, with companies reporting significant drops in revenue due to the cancellation of these production.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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