NEW YORK, December 7, 2016 /PRNewswire/ --
According to the latest market report published by Persistence Market Research titled 'Global Market Study on Multiplex Detection Immunoassay: North America to Dominate the Global Market Through 2024 ', the global multiplex detection immunoassay market is expected to witness a CAGR of 7.5% during the forecast period 2016-2024.
Factors influencing the growth of the global multiplex detection immunoassay market
Manufacturers in the global multiplex detection immunoassay market are focusing on introducing differential products with enhanced safety and application to increase market share. This market is significantly determined by the rising aging population, high pervasiveness of illnesses, rising utilization and enhanced focus on diagnostic testing and expanding the use of multiplex detection assay test procedures in clinical diagnostics. Moreover, concern in getting federal or government approvals due to changes in medical procedures coupled with manufacturing processes, fluctuation in result outcomes, and deficient reimbursements for multiplex detection immunoassays are representing a few difficulties to the general growth of the market during the forecast period.
Global multiplex detection immunoassay market forecast
The planar assays segment is expected to exhibit the highest growth over the forecast period. Currently, in the U.S. market, planar assays are the mostly used for detection followed by the European market. The planar assay segment is expected to be the most lucrative in the North America multiplex detection immunoassay market, exhibiting a CAGR of 7.8%.
Based on technique, Protein-based techniques currently account for the highest revenue share in the market followed by nucleic acid-based techniques. Increasing focus on disease predisposition studies and drug efficacy studies would create a good opportunity for growth of multiplex detection immunoassay market.
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Based on application, drug development and veterinary disease testing. Drug development currently accounts for the highest revenue share in the market followed by disease testing. Increasing focus on disease predisposition studies and drug efficacy studies would create a good opportunity for growth of multiplex detection immunoassay market.
Based on end users, currently pharmaceutical companies account for the highest revenue share in the market followed by other end users. An increasing number of multiplex assays labeled for research use only increase the growth prospects for academic research institute end users in North America during the forecast period.
On the basis of region, North America is estimated to dominate the multiplex detection immunoassay market with a maximum value share of the overall market by end of 2016. North America multiplex detection immunoassay market is set to register a CAGR of 8.2% through 2024. The presence of key regional players, strong distribution network, and developed healthcare infrastructure are the key factors driving the growth of the market in North America.
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Some key companies covered in this report include QIAGEN N.V, F. Hoffmann-La Roche AG, EMD Millipore, Bio-Rad, Microsynh AG., Thermo Fisher Scientific Inc., BD biosciences, Luminex Corporation, Unisensor, Quansys Bioscience, and Danaher Corporation. These companies are primarily focused on enhancing their market share by entering new markets and by introducing innovative and cost-effective immunoassays in order to gain higher market share and to strengthen their respective position in the global market.
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