July 01, 2020
As per the report titled ‘Global Multiplexed Diagnostics Market a?? Analysis By Product Type, End User, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, global multiplexed diagnostics market was worth USD 9213.27 million in 2019 and is expected to register a healthy growth rate through 2025.
Rising demand for innovative medical devices & technology in both developed and developing countries, extensive R&D in next-gen sequencing, and preference for equipment that can test several samples concurrently in shorter time period and at reduced cost are favoring the growth of global multiplexed diagnostics market. In addition, increasing elderly population, rising incidences of life-threating diseases, elevated risk of ailments due to sedentary lifestyle, and mounting cases of contagious diseases are other rationales supporting the industry expansion.
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Notably, high production of testing solutions and complete utilization of entire healthcare resources to combat the COVID-19 pandemic is boosting the growth of multiplexed diagnostics market. Extensive use of these products by clinical professionals and researchers all across the globe is positively impacting the overall industry outlook.
Based on the product terrain, consumables segment is anticipated to capture majority share in global multiplexed diagnostics market by the year 2025, fueled by escalating demand for enhanced consumables among medical professionals and academic researchers. Regular purchase of assays and reagents for broadening research applications is further adding to the segment growth.
Speaking of the end-user spectrum, diagnostics laboratories segment is anticipated to show considerable growth over the forecast duration, accountable to the spike in use of enhanced consumables and instruments by clinical professionals for conducting tests and studies of genomics.
On the geographical front, North America is poised to acquire majority share of global multiplexed diagnostics market over the estimated timeframe. Growing presence of medical services and rise in number of Alzheimer's patients due to increasing elderly population are driving the regional market growth.
Key players operating in global multiplexed diagnostics market are GenMark Diagnostics, Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche AG, Luminex Corporation, Abbott Laboratories, Illumina, Inc., Bio-rad Laboratories Inc., Biomerieux, Becton, Dickinson And Company, and Agilent Technologies Inc.