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Rapid adoption of Point Of Care (POC) devices is a key factor driving multiplex assays market revenue growth

VANCOUVER, B.C., CANADA, May 5, 2023 /EINPresswire.com/ -- The global multiplex assays market size reached USD 3.32 Billion in 2021 and is expected to register a steady revenue CAGR of 8.3% during the forecast period, according to latest analysis by Emergen Research. Rising prevalence of chronic and infectious diseases and demand for Point-Of-Care (POC) devices, technological advancement in diagnostic testing, and rapid adoption of multiplex assays to reduce operation costs are key factors driving market revenue growth.

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In addition, federal government agencies are also giving approvals for these products, which is driving revenue growth of the market. For instance, on 25 August 2021, Becton, Dickinson and Company (BD), a global leader in medical technology, announced that the U.S. Food and Drug Administration (FDA) has granted an Emergency Use Authorization (EUA) for BD Veritor At-Home. The first at-home COVID-19 rapid antigen test will use smartphone computer vision technology to interpret and display testing results digitally.

Some Key Highlights in the Report

The software segment accounted for largest revenue share in the global multiple assays market in 2021. This is due to increasing number of diagnostic companies launching new software. For instance, on 30 September 2020, Omixon, a global molecular diagnostics company revealed OmniType, an 11-locus multiplex HLA genotyping assay and software product for use on Illumina sequencing platforms.

The nucleic acid-based assay segment accounted for significantly large revenue share in the global multiple assays market during the forecast period due to federal government agencies’ According to the Centers for Disease Control and Prevention, Food and Drug Administration (FDA) has approved nucleic acid-based screening tests for SARS-CoV-2 detection. CDC Influenza SARS-CoV-2 (Flu SC2) Multiplex Assay is a real-time reverse-transcription Polymerase Chain Reaction (RT-PCR) method that is able to detect and distinguish influenza A, influenza B, and SARS-CoV-2 in upper and lower respiratory specimens. This test is a nucleic acid-based diagnostic tool for evaluating specimens from patients in the acute phase of infection.

The North America market accounted for largest revenue share in the global multiple assays market in 2021. This is due to increasing number of partnerships and collaborations of leading healthcare companies in this region. On 9 August 2022, Becton, Dickinson, and Company (BD), a leading global healthcare company, announced a collaboration with Labcorp, a leading life sciences company, to develop, manufacture, market, and commercialize flow cytometry-based Companion Diagnostics (CDx) designed to match patients with life-changing cancer and other disease treatments.

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Emergen Research has segmented global multiplex assays market on the basis of product, type, application, end-use, and region:

Product Outlook (Revenue, USD Billion; 2019-2030)

Consumables

Software

Instruments and accessories

Type Outlook (Revenue, USD Billion; 2019-2030)

Protein based multiplex assay

Nucleic acid based assay

Other assays

Application Outlook (Revenue, USD Billion; 2019-2030)

Research & Development (R&D)

Clinical diagnostics

Others

End-Use Outlook (Revenue, USD Billion; 2019-2030)

Hospitals and clinics

Research laboratories

Pharmaceutical companies

The competitive landscape of the report has been formulated by considering all the vital parameters such as company profiling, market share, recent developments and advancements, gross margins, product portfolio, revenue generation, financial standing, market position, and expansion plans. The report also discusses in detail the recent mergers and acquisitions, joint ventures, collaborations, product launches and brand promotions, agreements, corporate and government deals, and partnerships, among others. The report also sheds light on the recent technological developments and product advancements in the Multiplex Assays market.

Furthermore, the report provides details about the new players entering the market, and entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.

Key players in the market include Bio-Rad Laboratories, Inc., Luminex Corporation., Abcam plc., Merck KGaA, BD, Bio-Techne., Thermo Fisher Scientific, Inc., PerkinElmer Inc., Promega Connections., and Advanced Cell Diagnostics, Inc.

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The Global Multiplex Assays Market is further analyzed across the key geographical locations where the market has expanded to a significant size. The key region analyzed are North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The report offers a country-wise analysis to provide a comprehensive analysis of the Multiplex Assays market in terms of production and consumption patterns, supply and demand ratio, import/export, revenue contribution, trends, and presence of prominent players in each region.

Regional Analysis Covers:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Radical Highlights of the Multiplex Assays Market Report:

Comprehensive overview of the Multiplex Assays market along with analysis of the changing dynamics of the market

Growth Assessment of various market segments throughout the forecast period

Regional and global analysis of the market players, including their market share and global position

Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market

Impact of the technological developments and R&D advancements on the Multiplex Assays market

Information about profit-making strategies and developmental strategies of major companies and manufacturers

Insightful information for the new entrants willing to enter the market

Details and insights about business expansion strategies, product launches, and other collaborations

The report incorporates advanced analytical tools such as SWOT analysis, Porter’s Five Forces Analysis, feasibility analysis, and investment return analysis

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