Global Multiplexed Diagnostics Market: Snapshot
The growth of private and public funding in the fields of genomics and personalized medicineis currently a high value driver for the global multiplexed diagnostics market. It is boosting the demand for advanced diagnostic technologies for precision-based diagnostics of life-threatening diseases. Current positive trends in the global multiplexed diagnostics market include the increasing rate of extensive research and development efforts being made to expand and diversify the existing applications in multiplexed diagnostics, the development in generic platforms, and a greater use of multiplexed diagnostics in academic and research organizations. However, the global multiplexed diagnostics market is being restrained by high costs pertaining to multiplexed diagnostics assay equipment and testing and an overall lack of skilled labor for handling the advanced equipment.
The global multiplexed diagnostics market was valued at US$5.0 bn in 2015. It is projected to reach US$26.36 bn by the end of 2024 after expanding at a CAGR of 20% from 2016 to 2024.
North America’s Dominance in Global Multiplexed Diagnostics Market to Continue
The global Multiplexed diagnostics market is segmented on the basis of regions, into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2015, North America bagged for the leading share of the market in terms of value, owing to a rising prevalence of cardiac diseases and cancer in the region. North American players in the multiplexed diagnostics market also benefitted from the greater level of penetration of the national health care services. The region is expected to continue dominating the global multiplexed diagnostics market till 2024, a likelihood attributed to the region’s high percentage of the geriatric population, an advanced and structured healthcare industry, and a large scope of application of reimbursement policies from both public and private sources.
In Europe, the market for multiplexed diagnostics is also expected to grow at a substantial rate with the growing involvement of academic and research institutes from Germany and the U.K. North America and Europe are projected to be highly lucrative markets for players from the global multiplexed diagnostics market. Conversely, multiplexed diagnostics have not yet found solid foundations in Latin America, Asia Pacific, and the Middle East & Africa to grow on for now.
Infectious Disease Diagnostics in Full Swing
In terms of applications, the global multiplexed diagnostics market can be divided into autoimmune diseases, oncology, cardiac diseases, infectious disease diagnostic, and allergies. In 2015, a collective lead was attributed to the two segments of infectious disease diagnostics and oncology, due to an increase in the prevalence of infectious diseases along with a growing count of patients suffering from breast cancer, colorectal cancer, and prostate cancer. Oncology, cardiac diseases, and infectious disease diagnostics are expected to be highly beneficial segments for players from the global multiplexed diagnostics market. The segment for cardiac diseases is expected to expand at leading rate over the coming years due to the growing prevalence of various cardiovascular diseases. In terms of end users, the global multiplexed diagnostics market was led by academic research institutes in 2015. It is also expected to be the dominant end user in the market till 2024, owing to an increasing contribution of universities and cancer research centers and the research projects in the field of genetic engineering.
Till 2015, the leading players in the global multiplexed diagnostics market included Agilent Technologies, Bio-Rad Laboratories, Inc., BioMérieux SA, F. Hoffmann-La Roche Ltd., Illumina, Inc., Luminex Corporation, Hologic, Inc., Thermo Fisher Scientific, Inc., Siemens Healthineers, and Abbott Laboratories.
Global Multiplexed Diagnostics Market: Overview
This report on the global multiplexed diagnostics market analyzes the current and future scenario of the global market. Rise in private and public funding for genomics and personalized medicine, rising demand for advanced diagnostic technology for accurate diagnosis of life-threatening diseases, and favorable regulatory scenario for new product launch are boosting the growth of the global multiplexed diagnostics market. Multiple Application of multiplexed diagnostics technology, and increasing prevalence of cancer and infectious diseases are some of the factors expected to drive the growth of global multiplexed diagnostics market during the forecast period.
The multiplexed diagnostics market report comprises an elaborate executive summary, which includes market snapshot that provides information about various segments. It also provides information and data analysis of the global market with respect to the segments based on technology, application, end-user, and geography. A detailed qualitative analysis of drivers and restraints, and opportunities has been provided in the market overview section. Additionally, the section comprises porter’s five forces analysis to help understand the competitive landscape in the market. This section also provides market attractiveness analysis in terms of geography and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global multiplexed diagnostics market.
Global Multiplexed Diagnostics Market: Scope of the Study
Based on technology type, the market has been segmented into Very high density multiplexed assays, High density multiplexed assays, Medium density multiplexed assays, Low density multiplexed assays, and Next generation sequencing assays. High density multiplexed assays and medium density multiplexed assays are projected to be lucrative segments of the multiplexed diagnostics market, due to increasing demand in academic research institutes and pharmaceutical companies. These segments are expected to grow at a highest CAGR rate during forecast period. The market segments have been analyzed based on cost-effectiveness of the technology, prevalence of the diseases, and growing demand for the diagnostic tools. The market size and forecast for each of these segments have been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year.
Based on Application type, the Global multiplexed diagnostics market has been segmented into Infectious disease diagnostic, oncology, autoimmune diseases, cardiac diseases, allergies & others which include pregnancy & fertility testing. The market segments have been extensively analyzed based on increase in demand for the disease diagnostic and use in research activities, availability of the technology, and cost efficiency of each technology. Different types of end-users are present in the multiplexed diagnostics market. The end-users are Hospitals, pharmaceutical companies, clinical research organizations, and diagnostic laboratories. Under the end-user segment, the academic research institutes segment accounted for the largest share of the Global multiplexed diagnostics market in 2015 & is expected to dominate the market by 2024.
Global Multiplexed Diagnostics Market: Regional and Competitive Analysis
Geographically, the global Multiplexed Diagnostics Market has been categorized into five major regions and the key countries in the respective region: North America (U.S. and Canada), Europe (U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, Japan, China, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and Middle East & Africa (South Africa, Saudi Arabia, and Rest of Middle East & Africa).
The report also profiles major players in the Global multiplexed diagnostics market based on various attributes such as company overview, financial overview, product portfolio, business strategies, SWOT analysis, and recent developments. Major players profiled in this report include 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., and Abbott Laboratories.
The global multiplexed diagnostics market has been segmented as given below:
Global Multiplexed Diagnostics Market, by Technology,
- Very High Density Multiplexed Assays (> 10,000-plex)
- High Density Multiplexed Assays (500 ≤ plex ≤ 10,000)
- Medium Density Multiplexed Assays (plex < 500)
- Low Density Multiplexed Assays (plex ≤ 5)
- Next Generation Sequencing Assays
Global Multiplexed Diagnostics Market, by Application
- Infectious Disease Diagnostic
- Autoimmune Diseases
- Cardiac Diseases
- Others (pregnancy & fertility testing, etc.)
Global Multiplexed Diagnostics Market, by End User
- Academic Research Institutes
- Pharmaceutical Companies
- Clinical Research Organizations
- Diagnostic Laboratories
Global Multiplexed Diagnostics Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa