Growing R&D Activities is Surging the Global Multiplex Assay Market at 7.46% of Growth Rate
According to a new market research report published by Inkwood Research, the Global Multiplex Assay Market is evolving at a growth rate of 7.46% during the forecasting years.
"Browse 87 market Data Tables and 45 Figures spread over 200 Pages, along with an in-depth TOC on Global Multiplex Assay Market Forecast 2019-2027".
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The global multiplex assays market is evolving at a significant pace, attributed to the increasing R&D activities in the pharmaceutical sector for the treatment of several diseases. These assays are utilized in clinical trials as they minimize the expenditure incurred for research & manual labor, and also helps in enhancing the efficiency of therapies and experiments. Moreover, multiplex assays offer an easier, faster, and automated analysis of diseases as compared to conventional methods. However, the requirement of high capital investment and lack of skilled professionals is majorly hindering the market growth globally.
Rising Preference of Multiplex Assays over Conventional Assays
The conventional assays are time-consuming with the limitation in capabilities to analyze a single assay per cycle, thus positively influencing its adoption and employment. It aids in reducing operational costs by enhancing efficiency and providing better output, which is also the prime factor for boosting the preference of multiplex assays over conventional assays during the forecast period. In addition, the multiplex assay provides a global view in one assay cycle. Thus minimal sample volume, low cost, decreased manual labor are factors driving the demand for multiplex assay across the globe.
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Research and Development is the key Application of the Multiplex Assays Market
Multiplex assays play an important role in the R&D of drugs and the detection of new biomarkers. They are used to study the benefits & the mechanism of a new drug molecule under research. Moreover, it determines the suitable dosage and effectiveness of the new drug, along with the existing drug in the market. In addition, multiplex assays are used to find new biomarkers for various diseases.
North America - The Prime Region in the Global Multiplex Assay Market
According to Inkwood Research report on the global multiplex market, North America ranks the highest by contributing the largest share in 2018. The countries studied for the region are the United States and Canada. The primary factors surging the market growth in the region are an increase in government funds for the detection of new biomarkers, a rise in R&D activates of new drugs and diagnosis & treatment options, and a surge in prevalence of chronic diseases, such as cancer and strokes. In 2018, the United States dominated the regional market, owing to an increase in demand for assays in the pharmaceutical industry.
The global multiplex assays market is fragmented with the presence of key players, such as Luminex Corporation, Thermo Fisher Scientific, Inc., Bio Rad Laboratories Inc., and Qiagen N.V. These players cumulatively accounted for more than 60% of the market in 2018. Availability of products across different regions, strong product portfolio, continuous R&D efforts to improve products and high market penetration across different end-user industries are some of the prominent reasons for these players to dominate the market.
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