Multiplexed Diagnostic Market expected to rise at a CAGR of 17.9% during the forecast period 2020-2027


One of the primary factors fueling the growth of the multiplexed diagnostic market is the rise in the occurrence of chronic diseases. Multiplexed diagnostics aids in early detection, reducing the chance of chronic disease/infection and allowing for better therapy management. The need for multiplexed diagnostics will rise as people become more concerned about early disease detection. Meanwhile, the market's expansion is hampered by a shortage of qualified specialists and a lack of knowledge about multiplexed diagnostics, particularly in developing and underdeveloped nations. Increased awareness of multiplexed diagnostics in underserved areas could lead to market expansion in the near future.






In 2017, North America had 49.54 percent of the market share for multiplexed diagnostics, and it is predicted to continue to do so throughout the forecast period of 2018-2024. Because to the increased prevalence of cardiac disorders and cancer in this region, as well as the availability of superior healthcare infrastructure, the United States leads the North American region. Asia pacific region is expected to grow at the highest CAGR of 22.5% during the forecast period.
The research on the global multiplexed diagnostics market is a thorough examination and presentation of the market's drivers, restraints, opportunities, demand factors, market size, projections, and trends from 2016 to 2024. In addition, the paper provides a synthesis of main and secondary research findings.
Over the period of 2016 to 2024, Porter's five forces model gives insights into competitive rivalry, supplier and buyer positions in the industry, and prospects for new entrants in the worldwide multiplexed diagnostics market. In addition, the report's Growth Matrix h Matrix provides information on potential investment areas for existing and prospective market participants.As per the report, the global multiplexed diagnostics market is expected to grow from USD 10.26 billion in 2019 to USD 38.30 billion by 2027, at a CAGR of 17.9% during the forecast period 2020-2027.Low density multiplexed assays, medium density multiplexed assays, high density multiplexed assays, very high density multiplexed assays, and next-generation sequencing are all part of the technological category. In the year 2019, medium density multiplexed assays dominated the market, with a market share of 27.82 percent. 
This is due to the growing use of medium density multiplexed assays in genetic testing.Breast cancer is one of the most common causes of female mortality, accounting for 25% of all cancer cases and 15% of cancer deaths globally, according to the World Health Organization (WHO, 2010).

For the proper detection and treatment of deadly diseases, there is a growing requirement for cutting-edge diagnostic technology, complex analytical methodologies, and automated equipment. The rising prevalence of cancer and infectious diseases, as well as increased public and private financing for customised medicine and genomics, and an increase in chronic disease cases, are all driving the global multiplexed diagnostics industry. Key players are increasing their R&D efforts in order to produce next-generation sequencing technologies.

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