Multiplex Assays Market Size

Multiplex Assays Market Analysis

The multiplex assay market is expected to grow at a significant CAGR of 4.2% over the forecast period.

The COVID-19 pandemic has impacted market growth. The high burden of coronavirus has increased the demand for multiplex assays as multiplex tests were used for the diagnosis of COVID-19. For instance, according to an article published in Aging Journal, in December 2021, the multiplex RT-PCR developed on the LabTurbo AIO 48 open system was used to identify SARS-CoV-2 and other widespread respiratory viruses. It has been observed that the multiplex RT-PCR used on the LabTurbo AIO 48 open platform provided highly sensitive, robust, and accurate results and enabled high-throughput detection of B.1.1.7, influenza A/B, and RSV with short turnaround times. Moreover, the utilization of multiplex assays based on different technology has increased for detecting various chronic and infectious diseases, which has further propelled the market growth.

Factors such as the increasing adoption of personalized-precision medicine, the rising burden of chronic and infectious diseases, and the distinct advantages of multiplex assays over other singleplex assays are expected to boost market growth over the forecast period.

The growing prevalence and incidence of chronic and infectious diseases among the population raise the need to diagnose as well as monitor the progression of the disease of certain viruses. This is anticipated to fuel the demand for multiplex assays over the forecast period. For instance, the data published by WHO on the 'Bi-Weekly Influenza Situation', in March 2023, stated that in China, during week 7 of 2023, sentinel hospitals in the northern provinces reported an influenza-like illness (ILI) of 1.9%, up from 1.4% the week before. Also, from the same source, in April 2022, about 169 cases of acute hepatitis of unknown origin had been recorded from around 11 countries in the WHO European Region and one nation in the WHO Region of the Americas, raising concerns about the disease. Similarly, according to 2022 statistics published by the International Diabetes Federation, about 537 million people were living with diabetes in 2021, globally, and this number is projected to reach 643 million and 784 million by 2030 and 2045, respectively. Thus, such an increase in the diabetic population is likely to raises the demand for multiplex assays to facilitate the screening of diabetes which is expected to bolster the market growth.

Additionally, the increasing use of multiplex assays is another factor driving the market growth. For instance, as per an article published in Biology Journal, in November 2021, the binding patterns of two CCR2-specific and five CCR5-specific antibodies, in a multiplex immunoassay, to the 12-domain-swapped mutants were examined. It has been observed that the multiplex immunoassay helps speed up the discovery of therapeutic or diagnostic antibodies by enabling high-throughput screening of antibodies with the required specificity and possible function at single-residue resolution in a single tube. Thus, such benefits offered by multiplex assays increase their adoption over the forecast period, thereby propelling the market growth.

Furthermore, several advantages offered by multiplex assays such as increased efficiency at a reduced expense, greater output per sample volume ratios, and higher throughput predicting more resolute, detailed diagnostics and facilitating personalized medicine, over singleplex assays make its more preferred choice for detecting multiple biomarkers in chronic and infectious diseases. This is also anticipated to augment the market growth over the forecast period.

Moreover, the rising product launches by the companies increase the availability of novel multiplex assay kits and systems in the market, hence contributing to market growth. For instance, in May 2022, QuantuMDx Group Limited launched a new multiplex respiratory panel test, Q-POC SARS-CoV-2, Flu A/B & RSV Assay. The multiplex capabilities provide accurate PCR results within 30 minutes. Also, in June 2021, Eurofins Technologies launched a new multiplex GSD NovaType III SARS-CoV-2 RT-PCR assay for the rapid detection of SARS-CoV-2 Variants of Concern including B.1.617, B.1.427/B.1.429, B.1.351, or P.1. The assay facilitates the simultaneous differentiation from the S gene E484 wildtype variant and the identification of the pertinent mutations E484Q, E484K, and L452R in a reaction.

Therefore, owing to the aforementioned factors, the studied market is expected to grow over the forecast period. However, the high cost of equipment coupled with the cumbersome complexity of procedures as well as the regulatory constraints for product approvals are likely to hinder the growth of the multiplex assay market over the forecast period.