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MARKET OUTLOOK

Triton’s research report on the Asia-Pacific multiplex assay market infers that the market is expected to gain a CAGR of 9.64% during the assessed years 2021-2028. Australia & New Zealand, ASEAN countries, China, South Korea, Japan, India, and Rest of APAC outline the region’s overall market.

In India, the increase in tobacco consumption, along with smoking, has increased cancer cases. In this regard, it is estimated by the International Agency for Research on Cancer that the cancer cases are likely to proliferate by 2030. This growth has led to the launch of India Against Cancer initiative by the National Institute of Cancer Prevention and Research to offer information on cancer-related treatments. Furthermore, the Indian Cancer Society has introduced a cancer awareness campaign to increase awareness about screening for early detection and treatment. This rise in cancer cases is likely to enhance the demand for the multiplex assay market across the country. 

Likewise, cancer cases have surged significantly in South Korea. This has supported the stable growth of the studied market, owing to the rising demand for quality healthcare. Besides, the increasing demand for molecular testing and point-of-care testing further contributes to the market’s progress. Further, the government has taken initiatives to promote medical tourism, implementing u-healthcare, and regulating multiplex assay. Other than this, the growing acceptance of multiplex assay tests has stimulated the development of new tests, augmenting the development of the South Korean multiplex assay market. 

COMPETITIVE OUTLOOK

The well-known companies in the multiplex assay market include Qiagen NV, Thermo Fisher Scientific Inc, Abcam, Siemens Healthineers AG, Bio Rad Laboratories Inc, Seegene Inc, Bio Techne corporation, and Olink Proteomics AB.