LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global high-density multiplexed diagnostic assays market to grow at a CAGR of more than 15% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global high-density multiplexed diagnostic assays market for 2017-2021. The market is segmented based on the product (high-density multiplexed diagnostic assays and very high-density multiplexed diagnostic assays) and end-user (hospitals and clinics and clinical diagnostics laboratories). The market is further segmented into geography, including the Americas, EMEA, and APAC.
The global high-density multiplexed diagnostic assays market is influenced by the growing older population and increased prevalence of chronic diseases and infections such as cancer, tuberculosis, malaria, diabetes, and CVDs. The growing awareness of immunodiagnostics among the people, rapid advances in technology and innovations, and growing product approvals are expected to propel the market growth in the future.
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Technavio healthcare and life science research analysts highlight the following three factors that are contributing to the growth of the global high-density multiplexed diagnostic assays market:
- Increasing equipment rental agreements
- Increasing prevalence of diseases
- Increasing use of personalized medicine
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Increasing equipment rental agreements
Most of the instruments such as clinical chemistry analyzers, immunochemistry analyzers, and multiplexed diagnostic equipment used in the IVD market are provided for rental or lease to the end-users. They need to pay for the initial installations and consumables. Leasing the high-cost instruments is an effective and convenient purchasing alternative for the end-users with limited budgets.
Srinivas Sashidhar, a lead in-vitro diagnostics research analyst at Technavio, says, “The government increases the flexibility and provides tax benefits to improve the business of manufacturers. Currently, around 70%-80% businesses lease IVD instruments. The rise in the incidence of infectious diseases such as tuberculosis, bacterial infections, and other lifestyle changes contribute to the global high-density multiplexed diagnostic assays market.”
Increasing prevalence of diseases
There has been a rise in the incidence and prevalence of oncology, infectious, and cardiac diseases globally. The prevalence of autoimmune diseases is rising worldwide, contributing to the multiplexed diagnostic assays market. According to the CDC, about 22.7% of adults suffer from arthritis in the US. Due to the rise in the older population, the prevalence of arthritis is expected to increase during the forecast period.
Bio-Plex Pro cell signaling assays by Bio-Rad Laboratories are magnetic bead-based immunoassays. These assays help in the autoimmune disease detection. Rheumatoid arthritis and SLE are studied using multiplex diagnostic assays for the treatment of autoimmune diseases.
Increasing use of personalized medicine
The molecular diagnostics helps in understanding the molecular mechanism of a diseased individual. It plays an essential role in the advent of precision and personalized medicines for patients. The molecular diagnosis serves beneficial in the early detection of disease and appropriate treatment option. Molecular diagnostics helps in the integration of therapeutics for meeting the requirement of personalized medicine.
“Canada is one of the promising markets for the development of personalized medicines. The CIHR has collaborated with various institutes to accelerate drug discovery in personalized medicines, mainly in the field of oncology. In Mexico, there are various campaigns organized for the introduction of personalized medicine,” adds Srinivas.
- Thermo Fisher Scientific
- F. Hoffmann-La Roche
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