Syndromic Multiplex Diagnostic Market Size

Syndromic Multiplex Diagnostic Market Analysis

The Syndromic Multiplex Diagnostic Market size is estimated at USD 2.68 billion in 2024, and is expected to reach USD 3.89 billion by 2029, growing at a CAGR of 7.66% during the forecast period (2024-2029).

Due to the high number of cases of COVID-19 in the early stages of the pandemic, all hospitals around the world canceled medical visits and the target population remained indoors fearing the infection. The research and developments increased for the development of advanced diagnostic solutions for the detection of SARS-CoV-2, thereby contributing to the growth of the market. Major players focused more on innovations and increased investments in developing devices or panels for multiplexed detection of the virus. For instance, in May 2022, Cipla commercially launched the RT-Direct multiplex COVID-19 RT-PCR test kit in India winning a partnership with Genese2Me Pvt Ltd. Therefore, the pandemic is expected to contribute to the growth of the market. However, the emergence of various mutant strains of COVID-19 is expected to contribute to the demand for advanced diagnostics, thereby resulting in the growth of the market during the post-pandemic period.

The market is driven by the factors such as the growing burden of diseases in recent years. This created a higher demand for accurate and rapid test results, thereby contributing to the growth of the market over the forecast period. For instance, as stated by the data from World Health Organization 2021, chronic respiratory diseases affect more than one billion people, globally. Additionally, as per the data from Lung India as of August 2022 the prevalence of Asthma among Indian children was around 18.2%. The same source suggests that there is a high prevalence of severe asthma in the emerging markets of the Middle East and Africa as well as Latin America, compared to the mid-range prevalence in North America and Europe. To detect such rare diseases several multiplex panels have been developed. For instance, the Elsevier article published in April 2021, stated that the researchers of the study developed a multiplex-PCR (polymerase chain reaction) based diagnostic method, which showed the rapid and accurate detection of Alzheimer's disease biomarkers. Such developments and research are increasing the demand for syndromic multiplex diagnostics, thereby driving target growth.

In addition, the Australian Federation of AIDS Organizations (AFAO) estimated that around 29,090 people are estimated to be living with Human immunodeficiency virus infection (HIV), and 2,610 people are unaware they are positive in 2020. Western blotting is the gold-standard test for the detection of HIV. For this, the demand for multiplex syndromic testing is increasing with the increase in cases of various diseases. Thus, the growing burden of such diseases is demanding more accurate and rapid test results, and it is expected to propel the studied market growth over the forecast period.

Furthermore, the rising product launches are expected to contribute to the growth of the market over the forecast period. For instance, in October 2021, Hologic launched Novodiag System in Europe. Novodiag is a fully automated molecular diagnostic solution for on-demand testing of infectious diseases and antimicrobial resistance. Additionally, in June 2021, Eurofins launched a multiplex PCR Assay for rapid detection of the B.1.617 SARS-CoV-2 variant. Such developments are anticipated to fuel market growth.

Therefore, owing to the above-mentioned factors the market studied is expected to grow over the forecast period. However, the lack of skilled professionals and the inability in detecting asymptomatic cases are the factors that are anticipated to hinder market growth.