According to Research Report Insights (RRI) recently published report titled “Global Market Study on Multiplex Detection Immunoassay: North America to Dominate the Global Market Through 2024,” global multiplex detection immunoassay market will possibly expand at an impressive CAGR of 7.5% over the next eight years and Revenues to Reach US$ 3.0 Bn by 2024. During the forecast period 2016–2024, protein-based technique is expected to be the largest technique segment, whereas drug development will remain a dominant application segment. Regionally, North America is set to retain the leading position by 2024 end.
Superiority of multiplex detection immunoassays over ELISA in terms of maintaining the linearity over multiple orders, will remain the key factor sustaining the demand in near future. Different, innovative product development is currently on the leading manufacturers’ agenda, which is identified to be a major factor driving the market for multiplex detection immunoassay market over the assessment period.
Growing inclination toward developing safer products with a broader application range is another key factor expected to fuel the market globally. Increasing pervasiveness of multiple illnesses, coupled with growing geriatric population, will continue to push the demand for multiplex detection immunoassay. In addition, growing usage of immunoassays and popularity of diagnostics will also support the market growth. Growing drug efficacy and disease predisposition studies are likely to create attractive growth opportunities in the multiplex detection immunoassay market.
However, stringent government and federal approval processes may remain the long-term limiting factors. Furthermore, frequently evolving medical procedures and complications in manufacturing processes are also expected to restrict market penetration. Inadequate reimbursements for multiplex detection immunoassays and ever-fluctuating immunoassay outcomes may also inhibit the growth of the market within the next few years.
Based on technique, the global multiplex detection immunoassay market witnesses the largest revenue generation in the protein-based technique segment, accounting for over 68% market value share estimated in 2016. This segment is likely to register a robust CAGR of 8.2% over 2016-2024.
By application, drug development segment is anticipated to remain dominant over disease testing (infectious disease, autoimmune disease, and others), food contamination testing, and veterinary disease testing. On the basis of end-user, pharmaceutical companies account for the maximum revenues.
According to regional analysis, North America is expected to remain the largest market and will continue to dominate over other regional markets throughout the forecast period. North America will also remain the fastest growing market at a CAGR of 8.2% by 2024 end. This growth is attributed to strong distribution network, prominent presence of a majority of key players, and superior healthcare infrastructure in this region. APAC is likely to witness significant growth during the assessment period.
The competitive landscape of the global multiplex detection immunoassay market is operated by a number of players. Some of the key companies operating the marketplace are QIAGEN N.V, F. Hoffmann-La Roche AG, EMD Millipore, Bio-Rad, Microsynh AG., Thermo Fisher Scientific Inc., BD biosciences, Luminex Corporation, Unisensor, Quansys Bioscience, and Danaher Corporation. A majority of these key players is concentrating on augmenting their market shares. Entry to new regional markets and introduction of new, innovative, cost-effective immunoassays to the market will be the key strategies of leading market players.