Multiplexed Diagnostics Market will rise to US$ 26.36 Billion by 2024

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Multiplexed Diagnostics Market - Global Industry Analysis,
Size, Share, Growth, Trends, and Forecast 2016 2024
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 diagnos tics market
include the increasing rate of extensive research and development efforts being
made to expand and diversify t he 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.
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.
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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 in dustry, and a larg e 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 now.
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 p rostate 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.
Till 2015, the leading players in the global multiplexed diagnostics market
included Agilent Technologies, Bio-Rad Laboratories, Inc., BioMérieux SA,
F. Hoffmann-La Roche Ltd., Illumina, Inc., Luminex Corporation, Hologic,
Inc., Thermo Fisher Scientific, Inc., Siemens Healthineers, and Abbott
Laboratories.
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