The North America Multiplex Assay Market would witness market growth of 9.6% CAGR during the forecast period (2021-2027).
A multiplex assay is a form of immunoassay that employs magnetic beads to test many analytes simultaneously in a single experiment within the biological sciences. A multiplex assay is a variation of an ELISA in which the capture antibody is bound by beads. In research, multiplex tests are still more common than in clinical settings. Microspheres of different colors are bound with antibodies having different binding specificities in a multiplex experiment. Flow cytometry can be used to read the findings since the beads have a distinct fluorescence signature.
Companion diagnostics are rapidly expanding in terms of both number and applicability in disease areas, and are quickly becoming an integral aspect of customized medicine. Additionally, companion diagnostics are increasing rapidly in the near future, based on the present supply chain. This increase in companion diagnostics is also predicted to have a substantial impact on the overall multiplex assay market.
Cancer is the second most prevalent cause of mortality in the United States, impacting the majority of the population of the region. The number of cancer cases is expected to rise dramatically in the future years. In addition, due to the growing use of multiplex PCR in molecular detection, the prevalence of other chronic diseases such as tuberculosis and Lyme disease has increased. This would support the demand for multiplex assays in the region. Additionally, the country's healthcare spending has surged, with clinical laboratory services spending increasing dramatically.
The US market dominated the North America Multiplex Assay Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,237 million by 2027. The Canada market is poised to grow a CAGR of 12.1% during (2021 - 2027). Additionally, The Mexico market would showcase a CAGR of 11.1% during (2021 - 2027).
Based on Product, the market is segmented into Reagents & Consumables, Instruments & Accessories, and Software & Services. Based on Type, the market is segmented into Protein Based Multiplex Assays, Nucleic Acid-Based Multiplex Assay, and Others. Based on End user, the market is segmented into Pharmaceutical & Biotechnology Companies, Research Institutes, Clinical Laboratories, and Hospitals. Based on Application, the market is segmented into Research & Development, Clinical Diagnostics, and Companion Diagnostics. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Multiplex Assay Market is Estimated to reach $4 Billion by 2027, at a CAGR of 9.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Becton, Dickinson and Company, Seegene, Inc., Randox Laboratories Limited, Illumina, Inc., Qiagen N.V., DiaSorin S.p.A. (Luminex Corporation), Abcam plc, and Meso Scale Diagnostics LLC.
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