Multiplexed Diagnostics Market Size, Share, Trends, Growth, Consumption, Revenue, Company Analysis and Forecast 2020-2027

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

According to Vision Research Reports, the global multiplexed diagnostics market size surpassed around US$ 8.8 Bn in 2019 and is projected to grow at a CAGR of 17.9% from 2019 to 2027.

The global multiplexed diagnostics market size is projected to surpass US$ 39.5 billion by 2027, rise in private and public funding for genomics and personalized medicine and growing demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases are projected to drive the global multiplexed diagnostics market during the forecast period. Lack of skilled labor and high cost associated with multiplexed diagnostics assay can restrain the market growth. Moreover Reimbursement structure for diagnostics test that uses multiplexed assays is unclear by private as well as public payers as compared to conventional diagnostic tests which can restrain the global multiplexed diagnostics market.

Significant private and public funding for genomics and personalized medicine is a key factor driving the global multiplexed diagnostics market. Moreover favorable regulatory scenario for new product launch and multiple usage of multiplexed diagnostics technology are some of the major factors responsible for the growth of global multiplexed diagnostics market.

Overview

  • Diagnostic assays are tests used to assess target analytes, quantitatively or qualitatively, in biochemical substances, cells of an organism, or an organic sample for disease diagnosis
  • Multiplexed diagnostics screen multiple analytes in a single cycle of assay procedure. Though single plex assays are widely available in the market, they fail to yield results for multiple analytes in a single cycle of assay process, and thus when multiple analytes are needed to be screened, cost and turnaround time of single plex assay is higher as compared to multiplexed assay.
  • Rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases is the major factor to drive the global market.
  • North America dominated the global multiplexed diagnostics market in 2018 and anticipated to dominate during the forecast period.

Significant private and public funding for genomics and personalized medicine to Drive Market

  • Growing demand for automated equipment and multifaceted analytical strategies is the major driver for the growth of global multiplexed diagnostics market.
  • Rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases and Increasing prevalence of cancer and infectious diseases are some of the major factors responsible for the growth of global multiplexed diagnostics market
  • For instance, as per WHO 2010 data, Breast cancer is one of the most common causes of mortality among females, accounting for 25% of total cancer cases and 15% of cancer mortality across the world (WHO, 2010).
  • Moreover significant private and public funding for genomics and personalized medicine is also fuelling the growth of global multiplexed diagnostics market.

Medium Density Multiplexed Assays Segment to Dominate Market

  • Based on technology, the global multiplexed diagnostics market has been segmented into Very High Density Multiplexed Assays, High Density Multiplexed Assays, Medium Density Multiplexed Assays, Low Density Multiplexed Assays, and Next Generation Sequencing
  • Medium Density Multiplexed Assays segment is accounted for major market share in 2019 and is expected to dominate throughout the forecast period owing to increasing use in genetic research.
  • Increasing emerging diseases that need new diagnosis tests and new drug development create demand for high density multiplexed assays

Cardiac Diseases- More Lucrative Application Segment

  • Based on application, the global multiplexed diagnostics market has been divided into Infectious Disease Diagnostic, oncology, autoimmune diseases, cardiac diseases, allergies, and others
  • Oncology segment dominated the global market in 2019 due to Product developments that enable smooth, fast procedure for both the physician and patient, and increase in incidence of diseases associated with breast cancer, colorectal cancer, and prostate cancer
  • Cardiac diseases segment is more promising segment during the forecast period owing to rising prevalence of cardiac diseases and development of important biomarkers for cardiac disease detection

Academic research institutes Segment- Lion Market Share

  • Based on end-user, the global multiplexed diagnostics market has been segmented into academic research institutes, hospitals, diagnostic laboratories, pharmaceutical companies, and clinical research organizations
  • Academic research institutes is accounted for major market share in 2019. Increasing research projects in the field of genetic engineering is the key factor driving the segment.

North America to Dominate Global Market

  • In terms of region, the global multiplexed diagnostics market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
  • North America accounted for major share of the global multiplexed diagnostics market in 2019. Increasing use of multiplexed diagnostics in academic and research institutes, large number of people with oncology and infectious diseases, several market players in the U.S., technological advancements, extensive R&D practices, and increasing awareness about the diagnosis and treatment are likely to boost market growth in the U.S.
  • For instance, the University of California San Francisco (UCSF) has seven PCR installations for its academic research
  • The multiplexed diagnostics market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be ascribed to growing aging population, high incidence of various diseases, and increased research activities in the region.

Competitive Landscape

  • The global multiplexed diagnostics market is consolidated as few players hold major market share in global market.
  • Key players include Agilent Technologies, bioMérieux SA, Bio-Rad Laboratories, Inc., Illumina, Inc., F. Hoffmann-La Roche Ltd., Hologic, Inc., Luminex Corporation, Siemens Healthineers, Thermo Fisher Scientific, Inc., Abbott Laboratories, among others

Market Segmentation:

By Technology

    • Very High Density Multiplexed Assays
    • High Density Multiplexed Assays
    • Medium Density Multiplexed Assays
    • Low Density Multiplexed Assays
    • Next Generation Sequencing

By Application

    • Infectious disease diagnosis
    • Oncology
    • Autoimmune diseases
    • Cardiac Diseases
    • Allergies
    • Others

By End-user

    • Academic Research Institutes
    • Hospitals
    • Diagnostic Laboratories
    • Pharmaceutical Companies
    • Clinical Research Organizations

By Region

    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific          
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

Report Scope

VRR’s report on the global multiplexed diagnostics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2027. The report provides revenue of the global multiplexed diagnostics market for the period 2016–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global multiplexed diagnostics market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global multiplexed diagnostics market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global multiplexed diagnostics market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global multiplexed diagnostics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global multiplexed diagnostics market.

The report delves into the competitive landscape of the global multiplexed diagnostics market. Key players operating in the global multiplexed diagnostics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global multiplexed diagnostics market that have been profiled in this report.

Key Questions Answered in Global Multiplexed Diagnostics market Report

  • What is the scope of growth of companies in the global multiplexed diagnostics market?
  • What will be the Y-o-Y growth of the global multiplexed diagnostics market between 2019 and 2027?
  • What is the influence of regulatory scenario on the global Multiplexed Diagnostics market?
  • Will North America continue to be the most profitable market for multiplexed diagnostics providers?
  • Which factors are anticipated to hamper the growth of the global multiplexed diagnostics market during the forecast period?
  • Which are the leading companies in the global multiplexed diagnostics market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global Multiplexed Diagnostics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary methods referred to by analysts during the production of the global Multiplexed Diagnostics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the multiplexed diagnostics market as primary methods.

These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the multiplexed diagnostics market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global multiplexed diagnostics market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global multiplexed diagnostics market more reliably and accurately.


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