Multiplex assay is a process in which several analytes (such as proteins, biomolecules, growth factors, cytokines, and chemokines) are outlined by detecting and enumerating them simultaneously. This assay is utilized to amplify several targets in a polymerase chain reaction (PCR) and gather more information from minute quantities of proteins or other analytes in lesser time as associated to conventional approaches such as ELISA. Multiplex assays are broadly used for pathogen identification, mutation analysis, RNA detection, gene detection analysis, linkage analysis, and forensic studies.
According to the report analysis, ‘Global Multiplex Assays Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)’ states that Illumina, Inc., Bio-Rad Laboratories Inc., Becton, Dickinson and Company, Seegene Inc., Randox Laboratories, Thermo Fisher Scientific Inc., Abcam PLC, Qiagen N.V., Merck KGAA, Meso Scale Diagnostics, LLC., Luminex Corporation and many more are the key companies which presently functioning in the global Multiplex Assays Market more efficiently for keep maintaining the governing position, obtaining the competitive edge, leading the highest market growth, registering the great value of market share, and generating the highest percentage of revenue by spreading the awareness connected to the applications and advantages of multiplex assays, establishing the several research and development programs, improving the qualitative and quantitative measures of such, implementing the policies of profit making and strategies of expansion, increasing the features and benefits of multiplex assays, and analysing the strategies and policies of government as well as similar entities.
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Market growth is majorly driven by aspects such as the augmenting the adoption of companion diagnostics, the growing incidence of chronic and infectious diseases, the augmenting the awareness of the disease diagnosis, and the requirement for effective analytical platforms in research and clinical diagnostics to decrease the functional costs and the time taken for diagnosis.
The multiplex assay market is observing significant growth, due to augment in R&D activities in the pharmaceutical sector for treatment of countless diseases. These assays are utilized in clinical trials as they deduct the cost of research & manual labor and augment the efficiency of experiments and therapies. In addition, they propose easier & faster analysis of diseases, and are automated, thus influence the multiplex assay market growth. However, extreme capital investments and dearth of skilled labors are the foremost factors that limit the market growth.
Region wise, North America registered the multiplex assay market in the recent years, owing to augment in government funds for the detection of new biomarkers, growth in R&D activates of new drugs and diagnosis & treatment options, as well as surge in pervasiveness of chronic diseases such as cancer and strokes in the region in the region. However, Asia-Pacific region is projected to witness considerable market growth throughout the forecast period, owing to augment in per capita income in many countries, growth in government initiatives for the enhancement of the healthcare sector, and surge in aim of leading manufacturers on enlarging their geographic existence in emerging Asia-Pacific countries.
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Ankur Gupta, Head Marketing & Communications