Multiplex assay, in biological terms, is a type of immunoassay that measures analytes simultaneously in just one experiment using magnetic beads. Multiplex assays commonly used in research compared to its usage in clinical settings. These biomolecules includes nucleic acid, protein, and other growth factors. This technique is used widely in the diagnosis of chronic diseases.
Factors Impacting the Growth of the Market
One of the major driving factor of the multiplex assay market is the chronic diseases among the geriatric population. There are many research and development are going on in the pharmaceutical and biotechnological industry which involves application of multiplex assay. Multiplex assay is also used extensively in the diagnosis of various cancers and study of its mechanism in the patient’s body and finally developing a potential treatment option.
Moreover, these assays have other benefits such as they are highly sensitive and efficient and reduces cost of research during clinical trials. These are the main factors enhancing the growth of the global multiplex assay market.
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Recent Trends of the Market
According to the report published by Research Dive, the global multiplex assay market include Thermo Fisher Scientific, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Luminex Corporation, Abbott Laboratories, Agilent Technologies, Quest Diagnostics, Abcam PLC, Seegene Inc., and Quansys Biosciences Inc. among others.
These industry players are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology.
Some of the recent developments of the market are as follows:
According to a recent press release, In April 2021, Thermo Fisher Scientific Inc., the world leader in serving science, and PPD, Inc., announced that it has entered into a definitive agreement to acquire PPD, leading global provider of clinical research services to the pharma and biotech industry.
In April 2021, DiaSorin S.p.A., an Italy-based multinational biotechnology company, announced that it signed a definitive merger agreement to acquire Luminex Corporation, a biotechnology company which develops and manufactures proprietary biological testing technologies. The acquisition is aimed at broadening the position of DiaSorin in the molecular diagnostics sphere and reinforce its prevailing value proposition with its tactical primacies.
In September 2020, Bio-Rad Laboratories, Inc., a global leader of life science research and clinical diagnostic products, announced about its acquisition of Celsee, Inc., a company that provides consumables and instruments for the detection, isolation, and examination of single cells.
As per a news release, in June 2021, Quest Diagnostics, an American clinical laboratory, has completed its acquisition of Mercy, a leading pharma company. This acquisition is expected to expand the access of both of the companies to innovative, quality and cost-effective laboratory services to deliver affordable patient care throughout the Midwest. The acquisition has expanded the Quest's global footprint throughout Kansas, Arkansas, Oklahoma, and Missouri.
Another news release states, Agilent Technologies, Inc., an analytical instrumentation development and manufacturing company based in the US, completed the acquisition of Resolution Bioscience, a leader in the development and commercialization of next-generation sequencing (NGS)-based precision oncology solutions in April 2021.
With this agreement, Resolution Bioscience helps Agilent in expanding its competences in NGS-based cancer diagnostics and keeping up with the fast-growing precision medicine market with the application of innovative technology.
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Covid-19 Impact Analysis
Because of its wide-ranging application in the biotechnological industry, the multiplex assay market has experienced a remarkable growth during the pandemic period.
The multiplex assay has played a vital role in the research and development of the coronavirus. It has helped researchers and experts in studying the interaction of the virus with biomolecules present in the patient’s body.
According to a research report, ‘Development and Validation of a Multiplex, Bead-based Assay to Detect Antibodies Directed Against SARS-CoV-2 Proteins’ which was published on January 2021, multiplex assays has been able to efficiently and sensitively detecting the presence of antibodies against the virus in the patient’s body.
With the diligence of key players and demand from the end-users, the global multiplex assay market will definitely sustain the competition in the post pandemic period.
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