In 2023, the multiplex assay market achieved a revenue of USD 3,918.0 million globally. It is anticipated to experience a compound annual growth rate (CAGR) of 9.0% from 2024 to 2030, ultimately reaching USD 7,103.5 million by the year 2030.

This development of the market can be credited to the growing occurrence of chronic diseases and communicable diseases. Furthermore, the increasing requirement for effective analytical channels in research and clinical diagnostics, to decrease the prices for healthcare providers, researchers, and patients, is a robust contributor.

In 2023, on the basis of product, the consumables category generated the largest revenue share, at 45%. The development can be a result of the rise of diagnostic testing and more research activities in the fields of medicine and life sciences by organizations or companies.

To give you an idea, in the month of January 2023, Novo Nordisk, one of the leading pharmaceutical brands, pledged a grant worth USD 6 million to Durham Technical Community College. The intended purpose of the grant was to raise the college's level in life sciences and construct a new training center covering 35,000 square feet in the process.

In 2023, the flow cytometry category had the largest share, because of the several applications of this tech in the finding and measurement of proteins and RNA and in cell health assessment. One instance is the Flow Cytometry Unit within the Life Sciences Core Facilities at the Weizmann Institute of Science.

They utilize imaging flow analyzers, which merge the efficient quantification capabilities of flow cytometry with microscopy. These analyzers aid in examining post-translational modifications and protein-protein interactions across various contexts.

R&D holds the largest share of the worldwide industry. The widespread use of multiplex assays in research and development is attributed to their broad applications. These assays are employed in drug discovery and throughout the clinical and preclinical phases to assess drug effectiveness, toxicity, and response.

North America held the largest share, of 55%, in 2023, and it is expected to grow at a significant CAGR, the pharmaceutical and biotechnological companies' expenditures on research and development which are aimed at the development of new drugs and diagnostic tests, very much determines the direction of this trend. For example, in January 2023, Pharma Essentials confirmed the forthcoming new Pharma Essentials Innovation Research Center (PIRC) located in Greater Boston, Massachusetts.

Similarly, in October 2022, Lineage Cell Therapeutics Inc. announced the opening of a new R&D facility in California and the expansion of its GMP-compliant facility in Israel. Lineage’s new facility in California will broaden its R&D capabilities in the U.S. and support the development of current and future allogeneic cell transplant programs.

SOURCE: P&S Intelligence