According to the latest market report published by Persistence Market Research titled ‘Global Market Study on Multiplex Detection Immunoassay: North America to Dominate the Global Market Through 2024 ’, the global multiplex detection immunoassay market is expected to witness a CAGR of 7.5% during the forecast period 2016–2024.
Factors influencing the growth of the global multiplex detection immunoassay market
Manufacturers in the global multiplex detection immunoassay market are focusing on introducing differential products with enhanced safety and application to increase market share. This market is significantly determined by the rising aging population, high pervasiveness of illnesses, rising utilization and enhanced focus on diagnostic testing and expanding the use of multiplex detection assay test procedures in clinical diagnostics. Moreover, concern in getting federal or government approvals due to changes in medical procedures coupled with manufacturing processes, fluctuation in result outcomes, and deficient reimbursements for multiplex detection immunoassays are representing a few difficulties to the general growth of the market during the forecast period.
The capacity of multiplex detection immunoassays is to produce reportable outcomes from one example prompts to its more prominent reception for clinical or purpose of care diagnostics. Multiplex immunoassays yield an abundance of data on the parts of various proteins and different biomolecules in assorted natural procedures, in this way giving clinician’s knowledge into the distinguishing proof and evaluation of disease progression. The aim for manufacturers is to create assay kits with market driving technologies, problematic levels of multiplexing and popularize these through bigger business partners.
Multiplex stages can offer distinct advantages over singleplex measures. The requirement for lower test input has been suggested as of now; commonly 25–50 µL test volume is required to test different markers as compared with 100 µL per target required for ELISA. Moreover, multiplex stages frequently give a pickup in examining dynamic range. While ELISA quickly loses linearity over a couple orders of magnitude, multiplex assays are accounted for to keep up linearity more than three or even five orders of magnitude.
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Global multiplex detection immunoassay market forecast
The global multiplex detection immunoassay market is segmented into technique, assay type, end users, and application. The planar assays segment is expected to exhibit the highest growth over the forecast period. Currently, in the U.S. market, planar assays are the mostly used for detection followed by the European market. The planar assay segment is expected to be the most lucrative in the North America multiplex detection immunoassay market, exhibiting a CAGR of 7.8%.
Based on technique, the market has been segmented into nucleic acid-based techniques, protein-based techniques and biomarker-based techniques. Protein-based techniques currently account for the highest revenue share in the market followed by nucleic acid-based techniques. Increasing focus on disease predisposition studies and drug efficacy studies would create a good opportunity for growth of multiplex detection immunoassay market.
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Based on application, the market has been segmented into disease testing (infectious disease, autoimmune disease, and others), food contamination testing, drug development and veterinary disease testing. Drug development currently accounts for the highest revenue share in the market followed by disease testing. Increasing focus on disease predisposition studies and drug efficacy studies would create a good opportunity for growth of multiplex detection immunoassay market.
Based on end users, the market has been segmented into pharmaceutical companies, clinical research organizations, food & beverages companies, academic research institutes, diagnostic centers and biotechnology companies. Currently pharmaceutical companies account for the highest revenue share in the market followed by other end users. An increasing number of multiplex assays labeled for research use only increase the growth prospects for academic research institute end users in North America during the forecast period.
On the basis of region, the market has been segmented into North America, Latin America, Europe, Asia-Pacific, and the MEA. This report assesses trends driving each market segment and offers analysis and insights into the potential of multiplex detection immunoassay in specific regions. North America is estimated to dominate the multiplex detection immunoassay market with a maximum value share of the overall market by end of 2016. North America multiplex detection immunoassay market is set to register a CAGR of 8.2% through 2024. The presence of key regional players, strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.