Multiplexed Diagnostics Market
Multiplexed Diagnostics Market (Technologies - Very High Density, High Density, Medium Density, Low Density, and Next Generation Sequencing Assays; Applications - Infectious Disease Diagnostics, Oncology, Autoimmune Diseases, Cardiac Diseases, and Allergies; End Users - Academic Research Institutes, Hospitals, Pharmaceuticals Companies, Clinical Research Organizations, and Diagnostic Laboratories) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
- According to Transparency Market Research’s latest report on the global multiplexed diagnostics market for the historical period 2017–2018 and forecast period 2019–2027, rise in private and public funding for genomics and personalized medicine and growing demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases are projected to drive the global multiplexed diagnostics market during the forecast period
- According to the report, the global multiplexed diagnostics market was valued at US$ 8.7 Bn in 2018 and is anticipated to grow at a CAGR of 17.9% from 2019 to 2027
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Rise in private and public funding for genomics and personalized medicine: Key Driver
- Significant private and public funding for genomics and personalized medicine is a key factor driving the global multiplexed diagnostics market.
- For instance, the Europa Organization supports innovative companies in the development of new products. Blood Cancer Research Fund provided financial assistance to the University of California San Diego (UCSD) to study the effect of PCR duplicates in deep sequencing experiments and potential biasing. In September 2014, UCSD published results in the journal of Genome Biology.
- Furthermore, growing demand for automated equipment & multifaceted analytical strategies and rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases
- Moreover favorable regulatory scenario for new product launch and multiple usage of multiplexed diagnostics technology are some of the major factors responsible for the growth of global multiplexed diagnostics market.
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High cost associated with multiplexed diagnostics assay hamper the market growth
- Lack of skilled labor and high cost associated with multiplexed diagnostics assay can restrain the market growth.
- Moreover Reimbursement structure for diagnostics test that uses multiplexed assays is unclear by private as well as public payers as compared to conventional diagnostic tests which can restrain the global multiplexed diagnostics market
Global multiplexed diagnostics Market: North America dominated the global market
- On the basis of region, the multiplexed diagnostics market is segmented as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
- North America region dominated the global market owing sequencing along with higher awareness, significant health care spending in overall national budgets, early availability of advanced technologies, and higher penetration of research activities across the country.
- However, Asia-Pacific region is considered as the most lucrative market during the forecast period from 2019 to 2027. The growth is mainly ascribed to factors such as developing countries such as China and India offer lucrative growth prospects in the multiplexed diagnostics market due to factors such as improving health care infrastructure, rising private and public investment in life science research, and technological advancements.
Global Multiplexed diagnostics Market: Competitive Landscape
- This report profiles major players in the global multiplexed diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global multiplexed diagnostics market is highly consolidated, with a few global players accounting for a major share in market.
- Leading players operating in the global multiplexed diagnostics market are
- Agilent Technologies
- bioMérieux SA
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- F. Hoffmann-La Roche Ltd.,
- Hologic, Inc.
- Luminex Corporation
- Siemens Healthineers
- Thermo Fisher Scientific, Inc.
- Abbott Laboratories
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Global Multiplexed diagnostics Market: Key Developments
Key players in the global multiplexed diagnostics market are engaged in regulatory approvals, new product development, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global multiplexed diagnostics market. A few expansion strategies adopted by players operating in the global Multiplexed diagnostics market are:
- On May 7, 2020, Eurofins Technologies has launched of its RT-PCR (polymerase chain reaction to reverse transcriptase chain reaction) CE-IVD marked multiplex for direct qualitative detection of the pathogen of the new coronavirus (SARS-CoV-2).
- On April 21, 2020, Health Science Authority (HSA) in Singapore has approved Thermo Fisher Scientific a provisionallly authorization for the Applied Biosystems TaqPath COVID-19 Combo Kit
- The report on the global multiplexed diagnostics market discussed individual strategies, followed by company profiles of manufacturers of multiplexed diagnostics. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global multiplexed diagnostics market.
TMR’s report on the global multiplexed diagnostics market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global multiplexed diagnostics market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global multiplexed diagnostics 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. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global multiplexed diagnostics market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global multiplexed diagnostics 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 the changing competitive dynamics in the global multiplexed diagnostics market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global multiplexed diagnostics market.
The report delves into the competitive landscape of the global multiplexed diagnostics market. Key players operating in the global multiplexed diagnostics market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global multiplexed diagnostics market that have been profiled in this report.
Key Questions Answered in Global Multiplexed Diagnostics market Report
- What is the scope of growth of companies in the global multiplexed diagnostics market?
- What will be the Y-o-Y growth of the global multiplexed diagnostics market between 2019 and 2027?
- What is the influence of regulatory scenario on the global Multiplexed Diagnostics market?
- Will North America continue to be the most profitable market for multiplexed diagnostics providers?
- Which factors are anticipated to hamper the growth of the global multiplexed diagnostics market during the forecast period?
- Which are the leading companies in the global multiplexed diagnostics market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global Multiplexed Diagnostics market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global Multiplexed Diagnostics market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the multiplexed diagnostics market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the multiplexed diagnostics market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global multiplexed diagnostics market with accuracy. The study also uses the top-down approach to assess the revenues 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 multiplexed diagnostics market more reliably and accurately.
Regional Segmentation of Multiplexed Diagnostics market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Multiplexed Diagnostics market – Segmentation