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MARKET OUTLOOK

According to Triton Market Research’s report, the multiplex assay market in North America is likely to reap a CAGR of 8.64% during the years 2021-2028. The United States and Canada collectively outline the market in the given region.

In the region, Canada has witnessed an increment in its healthcare expenses and ranks among the highest per capita spender among the OECD countries. This increase in healthcare expenditure surges the number of diagnostic procedures, thereby augmenting the demand for multiplex assays to carry out various diagnostics tests. Furthermore, as per Statistics Canada, the geriatric population base is anticipated to grow significantly by 2031. Thus, with the rise in the geriatric population, the prevalence of chronic diseases is likely to surge in the near future. This will enhance the need for diagnosis based on PCR devices for rapid and accurate diagnosis, thereby supporting the multiplex assay market’s growth across Canada. 

Likewise, the US spends significantly on its healthcare expenditure. Moreover, the government’s spending on clinical laboratory services has surged in the past few years, enhancing the overall healthcare infrastructure. Additionally, the majority of the population is aware of the advantages of early diagnosis, increasing the chances of successful treatments. Thus, these factors are estimated to widen the scope and growth of the multiplex assay market across the United States over the next few years. 

COMPETITIVE OUTLOOK

The companies thriving in the multiplex assay market are Abcam, Randox Laboratories Ltd, Meso Scale Diagnostics LLC, Merck Millipore, Seegene Inc, Becton Dickinson and Company, Agilent Technologies Inc, and Illumina Inc.