North America was the largest regional market for the multiplex assays market in 2020

Northbrook, IL -- (SBWire) -- 01/14/2022 --According to the new market research report "Multiplex Assays Market by product (Consumables, Instruments, Software & Services), Type (Nucleic Acid, Protein, Cell), Technology (Flow Cytometry, Luminescence, Application (R&D, Diagnosis), End User (Pharma & Biotech, Hospital) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 4.3 billion by 2026 from USD 3.0 billion in 2021, at a CAGR of 7.6% during the forecast period.

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The increasing adoption of companion diagnostics and the rising need for effective analytical platforms in research and clinical diagnostics to reduce the operational costs and the time taken for diagnosis are the major factors driving the market growth.

Product and Service accounted for the largest share of the multiplex assays market and is expected to grow at the highest CAGR in the forecast period.

Based on product & service, the market is segmented into instruments, consumables, and software & services. In 2020, the consumables segment is expected to account for the largest share of the market; it is also the fastest-growing segment of the market. This can be attributed to the recurring purchase of assays and reagents for increasing research applications.

Protein-based multiplex assays segment is expected to account for the largest share of the global multiplex assays market and is expected to grow at the highest CAGR in the forecast period.

Based on type, the global market is divided into protein-based multiplex assays, nucleic acid-based multiplex assays, and cell-based multiplex assays. In 2020, the protein-based multiplex assays segment is expected to account for the largest share of the global market. This large share can be attributed to the increasing focus on proteomics studies for biomarker research and clinical diagnostics.

Flow cytometry segment is expected to account for the largest share of the global multiplex assays market and is expected to grow at the highest CAGR in the forecast period.

On the basis of technology, the global market is divided into flow cytometry, multiplex RT PCR, luminescence, fluorescence detection, and other technologies. In 2020, the flow cytometry segment is expected to account for the largest share of the global market. The large share can be attributed to the wide applications of flow cytometry in the detection and measurement of protein expression, RNA, and cell health status (cell viability & toxicity) alongside the characterization and identification of various cell types.

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Research & development companies account for the largest share of the multiplex assays market in 2020 and is expected to grow at the fastest CAGR in the forecast period.

On the basis of application, the global market is divided into research & development and clinical diagnostics. In 2020, the research & development segment is expected to account for the largest share of the global market. This large share can be attributed to the wide applications of multiplex assay technologies in research & development functions.

Pharmaceutical & biotechnology companies account for the largest share of the multiplex assays market in 2020 and is expected to grow at the fastest CAGR in the forecast period.

Based on end user, the multiplex assays market is segmented into pharmaceutical & biotechnology companies, hospitals & research institutes, reference laboratories and other end users. In 2020, the pharmaceutical & biotechnology companies segment is expected to account for the largest share of the global market. This large share can be attributed to the increasing adoption of multiplex assays in drug discovery and development by pharmaceuticals and the growing focus of biotechnology companies on developing biosimilars and monoclonal antibodies.

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The Multiplex Assay Market is segmented into four major regions, namely, North America (US and Canada), Europe, Asia Pacific, and Rest of the world. North America was the largest regional market for Market in 2020.

North America is expected to account for the largest share of the multiplex assays market in 2020, followed by Europe. The dominant share of the North American market is primarily attributed to its established pharmaceutical industry, presence of leading pharmaceutical and biotechnology companies, and high R&D investment

The APAC market is projected to register the highest growth rate during the forecast period primarily due to its pharmaceutical market, which is growing at the fastest pace in the world, the availability of a large number of qualified researchers, and the increased prevalence of cancer and infectious diseases.

The global Multiplex Assays Market is consolidated. The prominent players operating in this market include Illumina, Inc. (US), Luminex Corporation (US), Bio-Rad Laboratories, Inc. (US), Thermo Fisher Scientific Inc. (US), and Becton, Dickinson and Company (US).