Multiplex assays market to reach USD 5.3B by 2027

Multiplex assays market in terms of revenue was estimated to be worth $3.5 billion in 2022 and is poised to reach $5.3 billion by 2027, growing at a CAGR of 8.8% from 2022 to 2027. Growth in this market is mainly driven by factors such as the emerging applications of multiplex assay in companion diagnostics and the growing need for automated and efficient systems in laboratories.

The multiplex assays market is segmented into protein, nucleic acid, and cell-based multiplex assays according to type. The protein multiplex assays segment accounted for the largest share in the global multiplex assays market in 2022.

As compared to traditional assays, protein multiplex assays prove to be faster and more efficient for protein profiling. Protein assays are highly efficient, require minimal sample volumes, and help reduce turnaround times; however, the equipment is expensive and requires skilled labor.

This is expected to hamper the growth of the protein assays market.

Based on applications, the multiplex assays market is segmented into research & development and clinical diagnostics. The clinical diagnostics segment is further segmented into infectious diseases, cancer, cardiovascular diseases, autoimmune diseases, nervous system disorders, metabolism & endocrinology disorders, and other diseases.

In 2022, the infectious diseases segment accounted for the largest share of the multiplex assays market for clinical diagnostics. Conventional analytical techniques that are used for the detection and identification of pathogens, such as ELISA and cell culture assays, take 2–3 days to produce results.

Some multiplex assays, on the other hand, can provide results in a day or less; their rapidity is the key factor supporting their adoption in infectious disease diagnostics.

The global multiplex assays market has been segmented into five major regions—North America, Europe, the Asia Pacific, and the Rest of the World. In 2022, North America accounted for the largest share of the multiplex assays market.

The large share of this region can be attributed to the highly advanced healthcare system in the US and Canada. Over the years, healthcare spending in North America has increased at a significant rate.

National health spending is projected to grow at an average annual rate of 5.4% during 2019–2028 and reach USD 6.2 trillion by 2028 (Source: Centers for Medicare & Medicaid Services). The growing healthcare expenditure is also one of the major drivers for the biotechnology sector. MarketsandMarkets™