The Multi Assay Market is bound to witness a robust CAGR going forward. The present scenario is that of prediction of the course of treatment based on data analytics. Technology has been dominating in the form of IoMT (Internet-of-Medical-Things), AI (Artificial Intelligence), cloud computing, predictive analytics, and what not? With the proven advantage of the reduction in casualties and real-time access to the history of patients, and not to forget – remote monitoring, the healthcare industry is there to upturn.
The multi assay market will show significant growth due to the increasing prevalence of diseases, growing adoption of personalized medicine, application in drug development and advantages of multi assay over traditional assays.
Moreover, growing awareness about pathological conditions and diseases such as Alzheimer’s disease and cancer has created significant demand to produce cost-effective multi assay which can reduced process time and measure of multiple analysts in a single sample.
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The multi assay screening system find their application in clinical diagnostic services and academic research especially for drug discovery purpose. Significant adaption of High throughput screening in drug discovery process and is now multi assay are widely used in the academic and research institutes and pharmaceutical companies.
Currently, manufacturing companies are more focused on developing distribution channels in untapped markets. They are more focused on increasing sales force and entering into strategic partnerships with local suppliers and distributors to expand product distribution.
This expansion will help to introduce the company’s products into a smaller niche and untapped markets. Developing economies such as China, India, Brazil, and Singapore hold immense potential for the multi assay market.
On December 7, 2018, the FDA published the draft guidance, “Developing and Labeling In Vitro Companion Diagnostic Devices for a Specific Group or Class of Oncology Therapeutic Products”
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Investments in R&D are anticipated to increase in all countries across the globe in the coming years, especially in countries such as Brazil, China and japan. Moreover, globally, R&D expenditure is led by five countries- the U.S., China, Japan, Germany, and UK. Asia is emerging as a global destination for R&D investments. India’s share is not only low but as compared to its GDP, it is negligible.
Market Segmentation:
Based on product type, the multi assay market has been segmented as:
- Instruments
- Reagents and kits
Based on application type, the multi assay market has been segmented as:
- Clinical Diagnostics
- Biological Research
- Drug Development
- Companion Diagnostics
Based on end user, the Multi assay market has been segmented as:
- Diagnostic Laboratories
- Academic And Research Institutes
- Pharmaceutical Companies
- Biotech Companies
- Hospitals
Based on the region, the multi assay market has been segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Key players:
- QIAGEN N.V
- Bio-Rad Laboratories Inc
- Roche
- Eppendrof
- Stratagene
- Luminex Corporation
- Illumina Inc
- Thermo Fisher Scientific Inc
- Becton
- Dickinson and Company
- Seegene Inc
- GenomOncology and others
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