Multiplex assays are widely used in functional genomics, wherein it is primarily used to determine effects of experimental treatments. The main function of multiplex assays is detection of proteins and other biomolecules within a biological sample.
Increasing incidence of cancer and infectious diseases across the globe, coupled with various advantages offered by multiplex assays as compared to that of conventional singleplex assays are major factors boosting growth of the global multiplex assays market. But, high costs associated with multiplex assays is a major factor hampering growth of the global market.
On the basis of type, the global multiplex assays market is segmented into protein assays, nucleic acid assays and cell-based assays. The cell based assays segment is anticipated to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. Also, protein assays segment is projected to witness moderate growth over the forecast period.
The global multiplex assays market report has been segmented on the basis of product & service, type, technology, application, end user, and region. On the basis of region, the global multiplex assays market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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The market in North America accounted for highest share in terms of revenue in the global market, and is projected to maintain its dominance over the forecast period. This can be attributed to presence of proper medical infrastructure in countries in the region. Moreover, high prevalence of chronic diseases such as cancer and infectious diseases is another major factor anticipated to propel growth of the North America market over the forecast period. Revenue from the market in Europe accounted for second-highest share and is closely followed by the markets in Asia Pacific, Latin America, and Middle East & Africa respectively. This is attributed to high disposable income and increasing government initiatives for spreading awareness about various available treatments for chronic diseases in the region. Furthermore, the market in Asia Pacific is projected to witness significant growth over the forecast period, and is expected to register a CAGR of X.X%. This is attributed to increasing government initiatives for development of proper healthcare infrastructure in emerging economies in the region. Also, the markets in Latin America and Middle East & Africa are projected to witness moderate growth over the forecast period.
Prominent players in the global multiplex assays market include Luminex Corporation, Thermo Fisher Scientific, Inc., Illumina, Inc., Bio-Rad Laboratories, Inc., Qiagen N.V., Becton, Dickinson and Company, Meso Scale Diagnostics, LLC., Randox Laboratories Ltd., Siemens Healthcare GmbH, F. Hoffmann-La Roche Ltd., and Johnson & Johnson Services, Inc.