Multiplex Detection Immunoassay Market Segmented By Nucleic Acid, Protein, Biosensor Based Technique for Planar Assay, Bead-based Assay
Industry: Healthcare
Published Date: June-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 228
Report ID: PMRREP11542
The Global Multiplex Detection Immunoassay Market value is projected to exceed US$ 3,035.9 million by the year 2024 at a significant CAGR of 4.2%. Food contamination caused by antibiotic residues has developed as a global concern, primarily owing to incorrect use of antibiotics. The advancement in simple, high-throughput, cost-effective, and rapid screening methods for the detection of antibiotic residues is currently gaining traction, owing to the growing need to find substitutes to traditional assays – a factor that is anticipated to drive the global multiplex detection immunoassays market during the forecast period. Furthermore, immunoassays are gaining traction as a viable evaluation approach for environmental and food safety. This is anticipated to propel the global multiplex detection immunoassays market forward.
| Attribute | Key Insights |
|---|---|
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Multiplex Detection Immunoassay Market Size (2022) |
US$ 2,578.3 Mn |
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Projected Market Value (2024) |
US$ 3,035.9 Mn |
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Global Market Growth Rate (2022-2024) |
4.2% CAGR |
|
Share in parent market |
8.5% |
The Multiplex Detection Immunoassay Market is likely to have a moderate CAGR of 4.2% over the forecast period. The fundamental reason driving the growth of the multiplex detection immunoassays market is the broad variety of applications of better detection immunoassays above traditional detection assays based on linear maintenance for many orders. Furthermore, the growing prevalence of chronic diseases such as Alzheimer's and cancer, as well as the development of simultaneous, time-saving, and cost-effective measurement of many analytes in a single sample, are projected to drive market growth.
“Increased Prevalence of Foodborne Diseases”
As traditional methods for detecting pathogens in food are time-consuming and labor-intensive, the food sector is embracing quick detection technologies such as nucleic acid-based, biosensor-based, and immunoassay-based. In the United States, 48 million people suffer from foodborne diseases and 3,000 people die each year. Hence, there is a high demand for quick and effective detection procedures, which is boosting the growth of the multiplex detection immunoassay market.
“Increased Demand for Point-of-care Testing”
Another factor that is expected to significantly drive the growth of the global multiplex detection immunoassays market during the forecast period is the significant increase in demand for point-of-care diagnosis for fast initial screening in various non-laboratory settings. Because of their high patient convenience, 'near-patient tests' are in considerable demand. Currently, a variety of point-of-care immunoassays are available for the detection of the prevalence of various diseases and substances, and efforts are being made to enhance their quality and performance, fueling the growth of the multiplex detection immunoassays market.
“Rising Adoption of Multiplexing Technologies in Drug Development”
The use of biomarkers in drug development is both - costly and time-consuming. To determine the effect of medicine in many complicated disorders, it is required to analyze changes in several biomarkers. Multiplex detection immunoassays, in this regard, provide a solution to numerous difficulties such as increased effort owing to multiple collections and detection costs. The rising adoption of multiplex detection immunoassay techniques in drug development is projected to propel the multiplex detection immunoassay market growth.
“High Cost of Equipment”
The high cost of equipment makes it difficult for researchers and producers to do multiplex assay testing at an affordable price. Furthermore, multiplex assays have stricter quality control (QC) criteria than singleplex tests. These factors are likely to restrain the growth of the Multiplex Detection Immunoassay Market throughout the forecast period.
The COVID-19 epidemic has impacted operations in the healthcare industry around the world. The disease has compelled several enterprises, including multiple different health care domains, to temporarily stop their work. Since multiplex assays are being utilized for covid diagnosis, there has been a significant demand for a multiplex of the SARS-CoV-2 test such as multiplex point-of-care assays, which has favorably stimulated the growth of the Multiplex Detection Immunoassay Market.
The Multiplex Detection Immunoassay market is highly competitive and consists of significant major players that dominate the market. The major players in the market are focusing on increasing R& D activities to develop and expand the applications of multiplex detection immunoassay.
| Attribute | Details |
|---|---|
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Forecast Period |
2022-2024 |
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Historical Data Available for |
2015-2021 |
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Market Analysis |
US$ Mn/Bn for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
By Technique |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
Multiplex Detection Immunoassay Market By Technique
Multiplex Detection Immunoassay Market By Assay Type
Multiplex Detection Immunoassay Market By Application
Multiplex Detection Immunoassay Market By End User
Multiplex Detection Immunoassay Market By Region
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In 2022, the Multiplex Detection Immunoassay Market stands at USD 2,578.3 million, and it is expected to reach USD 3,035.9 million by 2024 at a CAGR of 4.2%.
Multiplex Detection Immunoassay Market exhibited 8.4% CAGR between 2015 and 2021.
High Cost of Equipment is the key restraint in the Multiplex Detection Immunoassay Market.
Increased prevalence of foodborne diseases are the key factors driving the growth of the market.
Bio-Rad Laboratories Inc., Thermo Fisher Scientific, Danaher Corporation, and Luminex Corporation, are among the top players in the market.
