Multiplex Detection Immunoassay Market

Multiplex Detection Immunoassay Market Outlook (2022 - 2024)

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.

Multiplex Detection Immunoassay Market Demand Analysis (2015-2021) v/s Market Outlook (2022 – 2024)

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.

What is expected to keep the Hopes High for Multiplex Detection Immunoassay Market?

“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.

What restraints is the Multiplex Detection Immunoassay Market subject to?

“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.

Impact of Covid-19 on Multiplex Detection Immunoassay Market

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.

Competitive Landscape

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.

Multiplex Detection Immunoassay Market Industry Report Scope

Multiplex Detection Immunoassay Market Categorization

Multiplex Detection Immunoassay Market By Technique

• Nucleic Acid Based Technique
• Protein Based Technique
• Biosensor Based Technique

Multiplex Detection Immunoassay Market By Assay Type

• Planar Assay
  • Blends Protein Arrays (Multiplexed ELISA)
  • Antibody Arrays
• Bead-based Assay
  • Magnetic Bead-based
  • Non-magnetic Bead-based

Multiplex Detection Immunoassay Market By Application

• Disease Testing
  • Infectious Disease Testing
  • Autoimmune Disease Testing
  • Other Diseases Testing
• Food Contamination Testing
• Research and Development
• Veterinary Disease Testing

Multiplex Detection Immunoassay Market By End User

• Pharmaceutical Companies
• Clinical Research Organizations
• Food & Beverages Companies
• Academic Research Institutes
• Diagnostic Centers
• Biotechnology Centers

Multiplex Detection Immunoassay Market By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)

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