MULTIPLEX ASSAYS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Multiplex Assays Market Analysis:

The Multiplex Assay Market is anticipated to exhibit a noteworthy Compound Annual Growth Rate (CAGR) of 4.2% during the study period of 2022–2027.

In recent times, nations have encountered a significant threat from COVID-19. According to the World Health Organization (WHO), COVID-19 is an infectious disease, and the majority of individuals infected with the virus will experience mild to moderate respiratory illness.

The application of multiplex diagnostic techniques for the diagnosis of COVID-19 and related diseases has had a positive impact on the growth of the studied market. Research and development efforts have increased for the development of advanced diagnostic solutions for the detection of SARS-CoV-2. Major players in the studied market have focused on innovation and increased investments in developing devices or panels for multiplexed detection of the virus. For example, in March 2020, bioMérieux received Emergency Use Authorization for the BIOFIRE COVID-19 test, which detects SARS-CoV-2 as well as 21 other common respiratory viruses and bacteria responsible for illnesses such as COVID-19, the common cold, influenza, pneumonia, bronchiolitis, and even whooping cough. This comprehensive detection often influences patient management by tailoring therapy and limiting the unnecessary administration of antibiotics.

Therefore, despite COVID-19 causing a shortage of essential diagnostic tests during the early pandemic, multiplex assays have played a crucial role in providing rapid results for COVID-19 diagnostics.

The multiplex assays market is expected to experience rapid growth due to the increasing prevalence of chronic diseases, growing adoption of personalized medicine, and the numerous advantages of multiplex assays over traditional assays. Additionally, the growing geriatric population, increasing product launches, and rising research and development studies will also contribute to significant market growth.

Personalized medicine aims to provide customized therapies to individual patients based on the molecular basis of the disease, which has gained popularity in recent years. Companion diagnostics are becoming an essential component of personalized medicine and are rapidly expanding in terms of both number and application in disease areas. Based on the current product pipeline, the rapid growth of companion diagnostics is expected in the foreseeable future. This expansion of companion diagnostics is also anticipated to have a significant impact on the development of the global multiplex assay market.

The increasing prevalence of chronic diseases will further increase the usage of multiplex assays, contributing to the growth of the market. According to the World Health Organization (WHO) report updated in September 2021, more than 55 million people worldwide lived with dementia in 2021, and there are nearly 10 million new cases every year, with Alzheimer’s disease accounting for most of the cases.

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