Multiplex PCR Assays Market set to Exceed US$ 3.0 Billion by 2033 with 8.5% CAGR Growth | Future Market Insights Inc.
The multiplex PCR assays market is growing rapidly due to its efficiency in detecting multiple DNA targets simultaneously, driving healthcare advancements
NEWARK, Del, Sept. 07, 2023 (GLOBE NEWSWIRE) — In 2023, the multiplex PCR assays market is expected to be worth US$ 1.3 billion. The market is expected to reach US$ 3.0 billion by 2033, expanding at an 8.5% CAGR throughout the forecast period. The multiplex PCR assays market has been witnessing significant growth in recent years. The market size is influenced by factors driving this growth include the increasing demand for efficient and accurate diagnostic solutions, advancements in molecular diagnostics, and the need for rapid and simultaneous detection of multiple pathogens or genetic markers.
The multiplex PCR assays market is expected to witness continued growth due to ongoing advancements in molecular diagnostics, increasing demand for point-of-care testing, and the development of targeted therapies. Additionally, the integration of multiplex PCR with other technologies, such as NGS and digital PCR, holds potential for further advancements in multiplex diagnostic capabilities.
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Multiplex PCR assays play a crucial role in infectious disease diagnostics by allowing the detection of multiple pathogens simultaneously. They are particularly useful in outbreaks, epidemiological studies, and surveillance programs. Multiplex PCR assays are widely used for respiratory infections, gastrointestinal infections, sexually transmitted infections, and bloodstream infections.
The multiplex PCR assays market benefits from continuous advancements in technology. These include the development of high-throughput platforms, automation, improved primer design, multiplex probe-based assays, and the integration of PCR with other technologies such as next-generation sequencing (NGS) or microarrays. These advancements enhance multiplex PCR assays’ sensitivity, specificity, and scalability.
Key Takeaways from the Multiplex PCR Assays Market:
- The multiplex PCR assays industry in the United States is predicted to reach US$ 740.9 million by 2033, increasing at a 7.1% CAGR.
- The multiplex PCR assays industry in the United Kingdom is estimated to reach a market value of US$ 146.9 million, expanding at a CAGR of 8.7% by 2033.
- During the forecast period, the multiplex PCR assays industry in China is expected to reach a market value of US$ 188.7 million, securing 6.6% CAGR.
- The multiplex PCR assays industry in Japan is predicted to reach US$ 115.0 million by 2033, increasing at a 7.0% CAGR.
- South Korea’s multiplex PCR assays industry is predicted to achieve a market share of 1.8%, rising at a 4.7% CAGR during the forecast period.
- With a CAGR of 8.4% from 2023 to 2033, the Instrument is expected to dominate the multiplex PCR assays industry.
- With a CAGR of 7.9% from 2023 to 2033, the planar assay is expected to dominate the multiplex PCR assays industry.
- With a CAGR of 9.2% from 2023 to 2033, the research & development is expected to dominate the multiplex PCR assays industry.
- With a CAGR of 9.9% from 2023 to 2033, the biopharmaceutical companies is expected to dominate the multiplex PCR assays industry.
“Continuous technological advancements in multiplex PCR assays open doors to broader applications, with enhanced sensitivity and specificity, driving industry growth.”—opines our research analyst.
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How the Competition Look in the Multiplex PCR Does assays Market?
The multiplex PCR assay sector is a very competitive one, with many firms fighting for market share. Several significant participants in this industry comprise Thermo Fisher Scientific, Bio-Rad Laboratories & QIAGEN.
The major companies are heavily spending on research & development efforts to create innovative and inventive care with enhanced effectiveness, dependability, and affordability. They are also focusing on expanding their products related to multiplex PCR assays and strengthening their distribution methods in order to fulfill shifting consumer expectations.
Tactical alliances and partnerships with other companies are becoming more common in the industry, allowing parties to leverage one another’s strengths and expand their market influence.
Leading firms use consolidation and mergers to strengthen their market position and gain entry into new markets. The sector is expanding significantly in developing economies, particularly in India and China.
To boost their presence in these regions, major companies are expanding their distribution networks and building regional manufacturing sites. They are also concentrating on offering customers cost-effective products in these markets to get a competitive advantage.
Top Players in the Multiplex PCR Assays Industry
- Thermo Fisher Scientific Inc.
- Bio-Rad Laboratories
- QIAGEN
- Luminex Corporation
- Fluidigm Corporation
- BioFire Diagnostics.
Key Developments in the Multiplex PCR Assays Market:
In June 2021, Bio-Rad confirmed its agreement with Seegene to supply molecular testing services in the USA market.
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Segmentation Analysis of the Multiplex PCR Assays Market
By Product & Service:
- Consumables
- Instruments
- Software and Services
By Assay Type:
- Planar Assay
- Blends Protein Arrays (Multiplexed ELISA)
- Antibody Arrays
- Bead-based Assay
- Magnetic Bead-based
- Non-magnetic Bead-based
By Application:
- Disease Diagnosis
- Infectious Disease
- Cancer
- Autoimmune Disease
- Other Diseases
- Research and Development
- Other Application
By End User:
- Biopharmaceutical Companies
- Clinical Research Organizations
- Academic Research Institutes
- Diagnostic Centers
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News
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