Global Multiplexed Diagnostic Market, by Product Type (Reagents & Consumables and Instruments), by Application (Disease Diagnostics, Molecular Diagnostics, and Drug Development), by End User (Hospitals, Clinical Laboratories, Academic & Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is expected to be valued at US$ 10,126.6 million in 2019 and is expected to exhibit a CAGR of 7.9% over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.
The increasing incidence of chronic diseases such as cardiovascular disease (CVD), cancer, diabetes, and respiratory diseases including asthma and chronic obstructive pulmonary disease are expected to drive the multiplexed diagnostic market over the forecast period. For instance, in 2016, the World Health Organization (WHO) estimated around 40.5 million deaths due to non-communicable diseases (NCDs), which include cardiovascular diseases, cancer, diabetes and chronic lung diseases. The leading cause of deaths in 2016 was cardiovascular diseases, whereas 1.6 million people died due to diabetes.
Furthermore, according to the Cancer Research UK, around 20 cases of ovarian cancers are diagnosed every day and it is estimated to increase by around 15% from 2014 to 2035, while American Cancer Society has estimated that in 2020, around 13,130 new cases of soft tissue sarcomas will be diagnosed in the U.S. Thus, increasing incidence of various cancer is expected to drive demand for precise multiplexed diagnostic tools, which in turn is expected to fuel the market growth.
Browse 54 Market Data Tables and 35 Figures spread through 140 Pages and in-depth TOC on “Multiplexed Diagnostic Market”- Global Forecast to 2027, by Product Type (Reagents & Consumables and Instruments), by Application (Disease Diagnostics, Molecular Diagnostics, and Drug Development), by End User (Hospitals, Clinical Laboratories, Academic & Research Institutes, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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Key players in the market are focused on adoption of expansion strategies such as mergers and acquisitions, collaborations, and partnerships, in order to expand their product portfolio and global presence in the multiplexed diagnostic market. For instance, in April 2019, Meridian Bioscience, Inc. entered into an agreement to acquire GenePOC Inc., a Canada-based provider of molecular diagnostic instruments and assays. With the acquisition Meridian Bioscience included state-of-the art revogene molecular diagnostics platform of GenePOC Inc., in its diagnostics portfolio. Through revogene, Meridian Bioscience offers gastrointestinal disease and core respiratory illness diagnostics solutions to its customers.
Key Takeaways of the Global Multiplexed Diagnostic Market: