Multiplexed diagnostic market to surpass USD 18,605.2 million by 2030

Biological samples can be analyzed with multiplexed diagnostics that allow for a thorough screening to be performed in a single experiment. Cancer, autoimmune diseases, allergies, and cardiovascular diseases are just some of the conditions that can be detected and diagnosed with the help of multiplexed diagnostic assays. Multiplex diagnostics encompasses a wide range of assay types, from high-density to medium-density to low-density to next-generation sequencing. The effects of chronic diseases and infections can be lessened through early detection and the effective management of treatment. Furthermore, multiplexed diagnostic assays are advantageous in many ways, including their speed, accuracy, and precision, and their ability to analyze defects and mutations in any functional biomolecule, including DNA, RNA, and proteins.

It is projected that the global multiplexed diagnostic market will be worth US$ 10,126.6 Mn by the end of 2022 and will grow at a CAGR of 7.9% between 2023 and 2030.

A rise in the frequency of disease outbreaks is seen as a key factor driving market expansion during the forecast time frame
The multiplexed diagnostic market is expected to grow because of the rising prevalence of infectious disease outbreaks like coronavirus and Ebola virus. Most recently, on December 31, 2019, in Wuhan, China, a coronavirus disease outbreak was reported. As of March 1, 2020, 87,137 cases of coronavirus disease had been reported to the WHO around the world.

As of August 1, 2018, an Ebola outbreak was reported in the North Kivu province of the Democratic Republic of the Congo, according to the DRC Ministry of Health. In addition, 3,444 confirmed cases of Ebola infection were reported on February 25, 2020 in the North Kivu province, per the World Health Organization (WHO). High-performance diagnostics are anticipated to be in high demand as a result of such occurrences, with the aim of reducing the occurrence of false-positive test results and more accurately identifying the pathogen.

The multiplexed diagnostic market is projected to expand as a result of the rising number of launches and approvals of cutting-edge multiplexed diagnostic tools
To reduce the possibility of erroneous positive test results, many pharmaceutical companies are concentrating on developing and releasing cutting-edge multiplexed diagnostics. For instance, the European Community (CE) marked the Logix Smart Coronavirus Covid-19 Test developed by Co-Diagnostics, Inc. in February 2020. Real-time reverse transcriptase polymerase chain reaction (RT-PCR) and enhanced multiplexing are used in the Logix Smart Coronavirus Covid-19 Test kit, an in vitro diagnostic test, to determine the presence of the coronavirus.

In addition, QIAGEN N.V. introduced the QIAstat-Dx syndromic testing system in the United States in May 2019. In order to qualitatively detect and identify multiple respiratory bacterial and viral pathogens, a multiplex molecular diagnostic system was developed. At its release, QIAstat-Dx was accompanied by a full respiratory panel capable of identifying more than 20 different diseases.

However, the market is expected to slow down over the forecast period because of a lack of qualified healthcare professionals to operate sophisticated multiplexed diagnostic tools like microarray analyzers and enzyme-linked immunosorbent assays.

Key players
The main companies functioning in the market for multiplexed diagnostic worldwide are Luminex Corporation, Thermo Fisher, Illumine Inc., Bio-Rad Laboratories, Inc., Qiagen N.V., Abbott Laboratories, Siemens Healthineers, Agilent technologies, BioMerieux SA, and F.Hoffmann-La Roche Ltd. Coherent Market Insights