The moderately consolidated multiplexed diagnostics market is dominated by companies such as Affymetrix, bioMerieux, Bio-Rad Laboratories Inc., and F. Hoffman-La Roche Ltd. According to Transparency Market Research, the high initial investment costs required for new entrants in the multiplexed diagnostics market are likely to help the established players retain their dominance in the market in the coming years. Other key players in the multiplexed diagnostics market include Seegene Inc., Life Technologies Corporation, Gen-Probe Inc., Agilent Technologies, Inc., Illumina Inc., and Luminex Corporation.
Increasing Prevalence of Infectious Diseases Beneficial for Multiplexed Diagnostics Market
One of the key drivers for the global multiplexed diagnostics market is the increasing prevalence of infectious diseases, which has increased the workload of hospitals and led to many adopting the time-efficient solution of multiplexed diagnostics. The faster and more precise diagnoses offered by multiplexed diagnostics have thus risen to the fore in the healthcare industry. Multiplexed diagnostics not only help control the spread of infectious diseases, but also reduce the amount of resources expended on diagnosis by both patients and hospitals.
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The information gained from the Human Genome Project has also been vital in the development of the multiplexed diagnostics market. Since multiplexed diagnostics deal with the gene expression related to a particular disease, the completion of the Human Genome Project has allowed significant advancement of the multiplexed diagnostics industry. It has provided precise data about gene expression, which has made multiplexed diagnostics much more nuanced and precise.
The technological advancement in the multiplexed diagnostics market has been accompanied by growing support from healthcare bodies. The U.S. FDA and several healthcare monitoring bodies in Europe have started clearing multiplexed diagnostics products, which has led to an increase in the number of new players entering the market. This is expected to lead to increased product differentiation in the market in the coming years.
Automation of Multiplexed Diagnostics Systems to Shape Market Trajectory
Due to the relatively recent development of multiplexed diagnostics, there is a noted lack of skilled technicians able to operate the necessary equipment. This has created a promising opportunity for manufacturers of multiplexed diagnostics systems to automate the devices. Automation of multiplexed diagnostics will not only save on the labor costs, but also make the process less error-prone.
Considering the multiple uses of multiplexed diagnostics and the various combinations in which they can be utilized, the lack of a common platform to prepare the analytes is a major restraint on the market. Development and commercialization of a flexible analyte preparation platform is thus a key opportunity for the multiplexed diagnostics industry.
High Prevalence of Infectious Diseases in APAC Vital for Multiplexed Diagnostics Market
Geographically, North America is the leading market for multiplexed diagnostics, but is likely to be overshadowed by the rapid increase in the demand for multiplexed diagnostics from Asia Pacific in the next few years. The high prevalence of cardiac ailments and infectious disorders in APAC – the highest of all regional segments of the global multiplexed diagnostics market – means there is significant unmet need for precise and quick diagnostic tools, which is likely to boost the adoption of multiplexed diagnostics in key Asian countries such as Japan, India, and China in the coming years. The APAC market for multiplexed diagnostics is expected to exhibit a robust 23% CAGR from 2014 to 2020.
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