Global MultiplexedDiagnostic Market, by Product Type (Reagents & Consumables andInstruments), by Application (Disease Diagnostics, Molecular Diagnostics, andDrug Development), by End User (Hospitals, Clinical Laboratories, Academic& Research Institutes, and Others), and by Region (North America, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa) is expected to bevalued at US$ 10,126.6 million in 2019 and is expected to exhibit a CAGR of7.9% over the forecast period (2019-2027), as highlighted in a new reportpublished by Coherent Market Insights.
The increasing incidence ofchronic diseases such as cardiovascular disease (CVD), cancer, diabetes, andrespiratory diseases including asthma and chronic obstructive pulmonary diseaseare expected to drive the multiplexed diagnostic market over the forecastperiod. For instance, in 2016, the World Health Organization (WHO) estimatedaround 40.5 million deaths due to non-communicable diseases (NCDs), whichinclude cardiovascular diseases, cancer, diabetes and chronic lung diseases.The leading cause of deaths in 2016 was cardiovascular diseases, whereas 1.6million people died due to diabetes.
Furthermore, according to theCancer Research UK, around 20 cases of ovarian cancers are diagnosed every dayand it is estimated to increase by around 15% from 2014 to 2035, while AmericanCancer Society has estimated that in 2020, around 13,130 new cases of softtissue sarcomas will be diagnosed in the U.S. Thus, increasing incidence of various cancer is expected to drive demandfor precise multiplexed diagnostic tools, which in turn is expected to fuel themarket growth.
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Browse 54 Market Data Tables and35 Figures spread through 140 Pages and in-depth TOC on “Multiplexed DiagnosticMarket”- Global Forecast to 2027, by Product Type (Reagents & Consumablesand 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, LatinAmerica, Europe, Asia Pacific, Middle East, and Africa).
Key players in the market arefocused on adoption of expansion strategies such as mergers and acquisitions,collaborations, and partnerships, in order to expand their product portfolioand global presence in the multiplexed diagnostic market. For instance, inApril 2019, Meridian Bioscience, Inc. entered into an agreement to acquireGenePOC Inc., a Canada-based provider of molecular diagnostic instruments andassays. With the acquisition Meridian Bioscience included state-of-the artrevogene molecular diagnostics platform of GenePOC Inc., in its diagnosticsportfolio. Through revogene, Meridian Bioscience offers gastrointestinaldisease and core respiratory illness diagnostics solutions to its customers.
Key Takeaways of the GlobalMultiplexed Diagnostic Market:
The global multiplexed diagnosticmarket is expected to exhibit a CAGR of 9% over the forecast period, owing torising incidence of chronic diseases and increasing product launches andapprovals. For instance, in October 2017, Mercodia AB launched the AKURIO IsletHormone multiplex assay with the collaboration of Quansys Bioscience.
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AKURIO is designed to assess fourdifferent hormones in pancreatic study, which include glucagon, insulin,C-peptide, and proinsulin. AKURIO Islet Hormone multiplex assay provides highdata accuracy with reliable speed.
Among product type, reagents& consumables segment held a significant market share in 2018, owing toincreasing product launches and approvals. For instance, in January 2019,Biocare Medical, LLC, launched VALENT IVD (in vitro diagnostic) automatedstaining platform. VALENT is a fully automated, open platform, and merginghigh-throughput user interface, which offers 48-slide capacity, multipleximmunohistochemistry (IHC) capability, and high-quality staining.
Among application, diseasediagnostics segment held a significant market share in 2018, owing toincreasing product launches and approvals. For instance, in December 2019,Co-Diagnostics, Inc. received approval from the Central Drug Standard ControlOrganization (CDSCO), India, for Saragene. Saragene is designed to carry outfive diagnostic test which include Mycobacterium tuberculosis, malaria,hepatitis B, hepatitis C, and human papillomavirus (HPV).
Companies operating in the globalmultiplexed diagnostic market include Luminex Corporation, Thermo Fisher,Illumine Inc., Bio-Rad Laboratories, Inc., Qiagen N.V., Abbott Laboratories,Siemens Healthineers, Agilent technologies, BioMerieux SA, and F.Hoffmann-LaRoche Ltd.
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