Multiplexed Diagnostic Market Driven By Innovation And Development Of Technology
The Global Multiplexed Diagnostic Market diagnostic market by product type (reagents & consumables and instruments), by application (disease diagnostics, molecular diagnostics, and drug development), by end user (hospitals, clinical laboratories, academic & research institutes, and others), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 7,545.7 million in 2015 and is projected to expand at a CAGR of 7.9% during the forecast period (2017 – 2025), as highlighted in a new report published by Coherent Market Insights. Rising incidence and prevalence of diseases such as cardiovascular disease (CVD), cancers, autoimmune disease, allergies, and infectious disease. Introduction of advanced technology in diagnostic tools are expected to be major driving factor for the growth of global multiplexed diagnostic market during the forecast period.
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According to National Institute of Health (NIH), 2017, approximately 23.5 million American’s suffer from autoimmune disease. Moreover, the Department of Health and Human Services, 2017, reported that autoimmune disease (AID) ranked first in the top ten list of popular health topics. Demand for precise diagnostic tools among people with the increasing awareness of autoimmune disease is attributed towards the overall growth of the multiplexed diagnostic market. According to World Allergy Organization, 2015, over 400 million people suffer worldwide from allergic rhinitis. It is untreated or undiagnosed and in the U.S, 10-30% adult generation and up to 40% children were affected by allergic rhinitis making it fifth most common chronic disease. Furthermore, according to the American Cancer Society, approximately 1,685,210 new cases of cancer were diagnosed in 2016. According to the World Cancer Research Fund International (WCRFI), 2012, approximately, 14.1 million cancer cases were estimated worldwide, out of which around 7.4 were men and 6.6 million were female. According to the World Cancer Research Fund International (WCRFI), by 2035 around 24 million cancer cases is expected globally. Rising incidence and prevalence of chronic diseases, is expected to fuel the growth of the multiplexed diagnostic market.
Multiplexed assay provides higher throughput and accuracy with the minimum time interval by cutting down the hands-on efforts to execute the assay. Global healthcare company, Thermo Fisher has completed its US$ 7.2 billion acquisition with Contract Development and Manufacturing Organization (CDMO) Patheon in 2017. This alliance has intended portfolio in clinical trial services and bio-production technology.
Browse 54 Market Data Tables and 35 Figures spread through 140 Pages and in-depth TOC on Multiplexed Diagnostic Market, by product type (reagents & consumables and instruments), by application (disease diagnostics, molecular diagnostics and drug development), by end user (hospitals, clinical laboratories, academic & research institutes and others), and by region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2025
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Key Takeaways of the Multiplexed Diagnostic Market:
The global multiplexed diagnostic market is expected to expand at a CAGR of 7.9% during the forecast period (2017 – 2025) due to the high global demand.
Among product type, reagent and consumables hold a dominant position in the global multiplexed diagnostic market, as this product is used while performing the daily diagnostic activity.
Disease diagnostics is the major application area of the global multiplexed diagnostic market, as the rising number of incidence of chronic diseases.
Hospitals are the major end users of the global multiplexed diagnostic market, due to rising geriatric population with its associated chronic diseases and infections.
Some of the key players involved in global multiplexed diagnostic market are Luminex Corporation, Thermo Fisher, Illumine Inc., Bio-Rad Laboratories, Inc., Qiagen N.V., Abbott Laboratories, Siemens Healthineers, Agilent technologies, BioMerieux SA, and F.Hoffmann-La Roche Ltd.
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