Global Multiplexed Diagnostics Market: Snapshot
The growth of private and public funding in the fields of genomics and personalized medicineis currently a high value driver for the global multiplexed diagnostics market. It is boosting the demand for advanced diagnostic technologies for precision-based diagnostics of life-threatening diseases. Current positive trends in the global multiplexed diagnostics market include the increasing rate of extensive research and development efforts being made to expand and diversify the existing applications in multiplexed diagnostics, the development in generic platforms, and a greater use of multiplexed diagnostics in academic and research organizations. However, the global multiplexed diagnostics market is being restrained by high costs pertaining to multiplexed diagnostics assay equipment and testing and an overall lack of skilled labor for handling the advanced equipment.
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The global multiplexed diagnostics market was valued at US$5.0 bn in 2015. It is projected to reach US$26.36 bn by the end of 2024 after expanding at a CAGR of 20% from 2016 to 2024.
North America’s Dominance in Global Multiplexed Diagnostics Market to Continue
The global Multiplexed diagnostics market is segmented on the basis of regions, into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2015, North America bagged for the leading share of the market in terms of value, owing to a rising prevalence of cardiac diseases and cancer in the region. North American players in the multiplexed diagnostics market also benefitted from the greater level of penetration of the national health care services. The region is expected to continue dominating the global multiplexed diagnostics market till 2024, a likelihood attributed to the region’s high percentage of the geriatric population, an advanced and structured healthcare industry, and a large scope of application of reimbursement policies from both public and private sources.
In Europe, the market for multiplexed diagnostics is also expected to grow at a substantial rate with the growing involvement of academic and research institutes from Germany and the U.K. North America and Europe are projected to be highly lucrative markets for players from the global multiplexed diagnostics market. Conversely, multiplexed diagnostics have not yet found solid foundations in Latin America, Asia Pacific, and the Middle East & Africa to grow on for north.
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Infectious Disease Diagnostics in Full Swing
In terms of applications, the global multiplexed diagnostics market can be divided into autoimmune diseases, oncology, cardiac diseases, infectious disease diagnostic, and allergies. In 2015, a collective lead was attributed to the two segments of infectious disease diagnostics and oncology, due to an increase in the prevalence of infectious diseases along with a growing count of patients suffering from breast cancer, colorectal cancer, and prostate cancer. Oncology, cardiac diseases, and infectious disease diagnostics are expected to be highly beneficial segments for players from the global multiplexed diagnostics market. The segment for cardiac diseases is expected to expand at leading rate over the coming years due to the growing prevalence of various cardiovascular diseases. In terms of end users, the global multiplexed diagnostics market was led by academic research institutes in 2015. It is also expected to be the dominant end user in the market till 2024, owing to an increasing contribution of universities and cancer research centers and the research projects in the field of genetic engineering.