According to Inkwood Research, the Global Multiplex Assay Market is projected to record a CAGR of 8.74% in terms of revenue during the forecasting years of 2021-2028.
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A multiplex assay is a procedure in which numerous analytes,
such as proteins, cytokines, chemokines, biomolecules, and growth factors, among
others, are profiled by simultaneous detection and quantification. The assay is
used to amplify multiple targets across a polymerase chain reaction (PCR) and acquire
added information from minute protein quantities or other analytes in lesser
time than traditional methods like ELISA.
Increased
Adoption of Personalized Medicine to Drive Market Growth
Personalized medicines are precise and limited to individual
patients for improved treatment, based on the body’s response as well as
disease risk. As per the Personalized Medicine Coalition (PMC), personalized
medicines equated to 20% of the novel molecular entities approved by the Food
and Drug Administration (FDA) in 2016. Multiple assays prove to be highly
beneficial for the comprehensive manufacture of personalized medicines. For
instance, administering warfarin to avoid blood clots is extremely challenging
owing to genetic variation in various patients, in addition to the presence of
different drug metabolism enzymes. As a result, multiplex assays are used for
panel-based tests to detect gene variations in one assay cycle.
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Research
and Development held the Highest Market Share in 2020
The research and development segment is set to dominate the
application category. Multiplex assays play a vital role in the research and
development of drugs, as well as the detection of new biomarkers. They are also
utilized to determine the advantages and the mechanism of a novel drug molecule
under research. Furthermore, they determine the appropriate dosage of a new
drug and its effectiveness, integrated with the existing medicine in the
market.
The growing investment into research studies, predominantly
by biotechnology and pharmaceutical firms, is set to augment the global market.
Moreover, as per the European Federation of Pharmaceutical Industries and
Associations, the pharmaceutical sector invested over EUR 36,500 million in research
and development in 2017 in Europe.
Asia-Pacific
to Lead the Global Market by 2028
The market growth in the Asia-Pacific is facilitated by the
surging demand for healthcare infrastructure, the developing research and
development sector, and the increasing number of hospitals, especially in
developing nations. In addition, the rise in healthcare reforms, coupled with
technological advancements in the avenue of healthcare, further propels the
market’s growth. However, the shortage of skilled labor to handle multiplex
assay analyzers inhibits the growth of the global multiplex assays market.
The competition within the global market is set to be high
over the forecasting period. Moreover, companies are adopting numerous
strategies, such as mergers and acquisitions, new product developments, as well
as collaborations for contending and retaining their market share.
Top corporations operating in the market are F. Hoffmann-la
Roche, Qiagen NV, Agilent Technologies Inc, etc.
About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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