Multiplex Detection Immunoassays Market
Multiplex Detection Immunoassays Market (Assay Type: Planar Assay and Bead-based Assay; Technique: Nucleic Acid-based Techniques, Protein-based Techniques, and Biosensor-based Techniques; Application: Disease Testing, Food Contamination Testing, Research & Development, and Veterinary Disease Testing; and End User: Pharmaceutical & Biopharmaceutical Companies, Clinical Research Organizations, Food & Beverages Industry, Academic & Research Institutes, Diagnostic Centers, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Immunoassays Gain Popularity as Food and Environmental Protection Prioritized
Over the past few decades, food contamination caused by antibiotic residues has emerged as a global issue mainly caused by the improper usage of antibiotics. At present, the development of easy, high-throughput, cost-effective, and rapid screening techniques for the detection of antibiotic residues has gained considerable momentum due to the increasing need to find alternatives for conventional assays– a factor that is expected to boost the growth of the global multiplex detection immunoassays market during the forecast period. Moreover, immunoassays are gaining popularity as a promising evaluation technique for environmental and food protection. This is likely to accelerate innovations across the global multiplex detection immunoassays market.
At present, a number of players involved in the current global multiplex detection immunoassays market landscape is increasingly focusing on the development of different types of multiplex detection immunoassays such as radioimmunoassay, colloidal gold immunoassay, enzyme-linked immunoassay, and chemiluminescence immunoassays among others to swiftly detect antibiotic residues. Market players are projected to focus on improving the performance of multiplex detection immunoassays to establish a solid foothold in the competitive landscape. The demand for screening of antibiotic residues is anticipated to witness a considerable spike, particularly in the first half of the forecast due to the outbreak of the COVID-19 pandemic. This is likely to aid the growth of the global multiplex detection immunoassays market.
At the back of these factors, along with a surge in the number of research and development activities, the global multiplex detection immunoassays market is on the course to surpass US$ 3.6 Bn mark by the end of 2030.
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Rise in Demand for Clinical Diagnosis Applications to Propel Market Growth
Multiplex detection immunoassays are increasingly being used in a wide range of applications, including infectious disease testing, food contamination testing, veterinary disease testing, and R&D activities. The increasing demand for multiplex detection immunoassays for clinical diagnosis is expected to accelerate the development of multiplex detection immunoassays in the upcoming years– a factor that is set to fuel the growth of the market for global multiplex detection immunoassays during the assessment period. Prosthetic joint replacements are primarily used to enhance the quality of life, restore the joint function, and improve mobility. Although prosthetic joint replacement is a globally accepted treatment, prosthetic joint infection is one of the major causes of knee arthroplasties, which makes early diagnosis critical. This is set to drive the demand for multiplex detection immunoassays.
As a measure to prevent prosthetic joint infection, a number of immunoassays are available to assist in the early detection of infections out of which, lateral flow multiplex detection immunoassay is at the forefront in terms of adoption due to the low-costs, speed, and simplicity.
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Point-of-care Testing to Aid Market Growth
The noteworthy surge in the demand for point of care diagnostic devices for rapid initial screening in various non-laboratory setting is another factor that is anticipated to provide a considerable boost to the growth of the global multiplex detection immunoassays market during the assessment period. The demand for ‘near-patient tests’ is on the rise, owing to its high patient convenience. Some of the most widely used point-of-care tests include blood glucose tests, drug screenings, and food pathogens. At present, a range of point-of-care immunoassays is available to determine the presence of various pathogens and substances, and efforts are being made to improve the quality and performance of the same, thus driving the multiplex detection immunoassays market during the assessment period.
Researchers Focus on Development of Multiplex Immunoassay for Simultaneous Detection of Human Coronaviruses
The outbreak of the COVID-19 pandemic is projected to have a strong impact on the growth of the global multiplex detection immunoassays market. Research and development activities are expected to gain considerable traction across the global multiplex detection immunoassays market during the ongoing COVID-19 health crisis. At present, scientists and researchers are increasingly focusing on the development of multiplex serologic assays to enable swift detection and surveillance of known human coronaviruses. Research and development activities are anticipated to set the tone for the growth of the global multiplex detection immunoassays market in the upcoming years.
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The global multiplex detection immunoassays market is anticipated to grow at a healthy CAGR of 7.5% during the forecast period. The market growth is primarily driven by a host of factors, including increasing need for swift and early detection of antibiotic residues for food and environmental protection, significant rise in the prevalence of infectious and chronic diseases, and increase in emphasis on research and development. The outbreak of the COVID-19 pandemic will play a key role in accelerating research and development activities, as researchers and scientists continue to leverage multiplex detection immunoassays for the detection of human coronaviruses worldwide.
Multiplex Detection Immunoassays Market: Overview
- According to Transparency Market Research’s latest research report on the global multiplex detection immunoassays market for the historical period (2018–2019) and the forecast period (2020–2030), high prevalence and increase in incidence rate of chronic and infectious diseases are projected to drive the global multiplex detection immunoassays market in the near future
- According to the report, the global multiplex detection immunoassays market was valued at ~US$ 1.5 Bn in 2019 and is anticipated to expand at a CAGR of 7.5% from 2020 to 2030
High Prevalence and Increase in Incidence Rate of Chronic and Infectious Diseases: Key Driver of Multiplex Detection Immunoassays Market
- Diagnosis of infectious and chronic diseases is a leading application of in vitro diagnostics. Life science reagents (both biological and chemical) are an integral and vital part of any diagnostic test. The emergence and outbreak of various infectious diseases has created challenges and opportunities for researchers to develop new diagnostic tools and tests for early diagnosis and prevention of diseases.
- According to the World Health Organization (WHO), chronic diseases are projected to account for nearly three-quarters of all deaths globally in 2020, with 71% of deaths due to ischemic heart disease (IHD), 75% due to stroke, and 70% owing to diabetes likely to occur in developing countries. The number of people with diabetes in the developing countries is estimated to increase by over 2.5 times, from 84 million in 1995 to 228 million in 2025.
- Globally, 60% of the burden of chronic diseases is projected to occur in developing countries. Prevalence of cardiovascular diseases is higher in India and China than in all the economically developed countries in the world put together.
- According to the WHO, chronic disease prevalence is expected to rise by 57% by 2020. Healthcare expenditure increases, sometimes exponentially, with each additional chronic condition with greater specialist physician access, emergency department presentations, and hospital admissions.
- Chronic and infectious diseases have been a major driver of healthcare costs, while also impacting workforce patterns, including absenteeism. According to the Centers for Disease Control, in the U.S. alone, chronic diseases account for nearly 75% of aggregate healthcare spending, or an estimated US$ 5,300 per person annually.
- According to the Centers for Disease Control and Prevention, 6 in 10 adults in the U.S. have a chronic disease. Chronic diseases are likely to affect an estimated 164 million people in the U.S., nearly half (49%) of the population of the country, by 2025. Prevention and management of chronic diseases are best performed by multidisciplinary teams in primary care and public health. According to Project HOPE: The People-to-People Health Foundation, Inc., the number of people with chronic mental disorders could increase from 30 million to 47 million, by 2023. Similar increases are projected for virtually every common chronic condition.
Laboratory Consolidation and Demand for Laboratory Integration and Automation: Key Driver of Multiplex Detection Immunoassays Market
- Increase in operational costs, stringent rules and regulations, decrease in reimbursements, lack of quality workforce, and intense competition in the industry are the major challenges hospitals and diagnostic laboratories face currently
- Cost per test and revenue of diagnostic laboratories have been declining in the past few years; however, the volume is projected to rise, owing to increase in geriatric population and surge in demand for preventive treatment and drug monitoring
- Apart from economic constraints, other issues that small- and mid-volume laboratories face are quality and service issues, volatility in test volumes, and ad hoc test assays. Large laboratories are utilizing this opportunity to consolidate their position in the market.
- Numerous global conglomerates are expanding their base in emerging regions through mergers and acquisitions in the clinical laboratories segment. Unilabs, a clinical laboratory conglomerate based in Switzerland, operates through 110 laboratories located in over 10 countries in Europe. Quest Diagnostics has presence in countries in Asia Pacific such as India and China. India-based SRL Diagnostics has presence in countries in South Africa and Southeast Asia.
- Consolidation among laboratories is boosting test volumes, which is leading to the adoption of complete laboratory automation and integration. Large sample processing capacity, large parameters testing in short time, high throughput, minimum requirement of labor, integrated quality control & data storage, and integrated quality control and validation facility are the major factors projected to propel the global multiplex detection immunoassay market during the forecast period.
Multiplex Detection Immunoassays Market: Competition Landscape
- This report profiles major players operating in the global multiplex detection immunoassays market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global multiplex detection immunoassays market is moderately fragmented, with the presence of a small number of leading players in the international market and several small players in regional markets. The top players hold major share of the global multiplex detection immunoassays market.
- Prominent players operating in the global multiplex detection immunoassays market include
- Hoffmann-La Roche Ltd
- Merck KGaA
- Microsynth AG
- Bio-Rad Laboratories
- Thermo Fisher Scientific
- Luminex Corporation
- Dickinson and Company
- The report on the global multiplex detection immunoassays market discusses individual strategies, followed by company profiles of manufacturers of multiplex detection immunoassays. The competition landscape section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global multiplex detection immunoassays market.
Multiplex Detection Immunoassays Market – Scope of the Report
TMR’s report on the global multiplex detection immunoassays market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the revenue of the global multiplex detection immunoassays market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global multiplex detection immunoassays market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ literature, annual reports, press releases, and relevant documents to understand the global multiplex detection immunoassays market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global multiplex detection immunoassays market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global multiplex detection immunoassays market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global multiplex detection immunoassays market.
The report delves into the competition landscape of the global multiplex detection immunoassays market. Key players operating in the global multiplex detection immunoassays market have been identified, and each one of these has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global multiplex detection immunoassays market that have been profiled in this report.
Key Questions Answered in Multiplex Detection Immunoassays Market Report
- What is the scope of growth of companies in the multiplex detection immunoassays market?
- What will be the Y-o-Y growth of the global multiplex detection immunoassays market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global multiplex detection immunoassays market?
- Will North America continue to be the most profitable market for global multiplex detection immunoassays providers?
- Which factors will hamper the growth of the global multiplex detection immunoassays market during the forecast period?
- Which are the leading companies in the global multiplex detection immunoassays market?
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global multiplex detection immunoassays market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
The primary sources referred to by analysts in the making of global multiplex detection immunoassays market report are salespersons of various companies. Secondary sources referred to by analysts for the global multiplex detection immunoassays market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to TMR’s study on the global multiplex detection immunoassays market.
These primary and secondary sources have provided exclusive information during interviews, which serves as a validation from multiplex detection immunoassays market leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global multiplex detection immunoassays market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global multiplex detection immunoassays market more reliably and accurately.
Multiplex Detection Immunoassays Market – Segmentation