A Transparency Market Research (TMR) report highlights the fragmented competitive market. A few key players in the global multiplexed diagnostic market are Abbott Laboratories, Agilent Technologies, Thermo Fisher Scientific, Bio Rad Laboratories, and Luminex Corporation. The limited presence of key players says a lot about the competitive edge in the global multiplexed diagnostic market. These players are said to have widespread presence in the market. They are also technologically advanced and have wide product portfolios in the global multiplexed diagnostic market. There are possibilities of small and medium players entering the competitive market and gain a small share in the global market.
Currently, the global multiplexed market is experiencing the trend of rising research and development to improve and widen the market application wise. There has been rise in the research in academic side and generic platform in the global multiplexed diagnostics market. The global multiplexed diagnostic market is likely to grow at a stellar rate of CAGR 20.3%. The global multiplexed diagnostic market was estimated at US$ 5.0 bn in 2015, it is anticipated to reach up to US$ 26.36 bn by the end of the forecast period 2018 to 2026.
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Geographically, North America has been ruling over the global multiplexed diagnostics market. It is projected to continue to dominate the global multiplexed diagnostic market. Increasing geriatric population in the region, advanced health care facilities, and availability of medical reimbursement policies for both public and private sectors are expected to promote the market. The global multiplexed market is segmented into oncology, cardiology, and infectious diseases. However, the cardiology segment is expected to register a highest growth during the forecast period.
Precision Diagnostics to Increase Demand
Rising public and private funding for genomics and customized treatment is a major driver in the global multiplexed market. The need to treat life threatening diseases with personalized medicines rather than symptomatic based medicines creates high demand for the multiplexed diagnostics. Such demand for customized and gene based treatments boosts research and development. Advanced research and developments lets the global multiplexed diagnostic market to introduce precision based treatment for life threatening diseases like cancer, cardiac issues, and infectious diseases. Demand from pharmaceuticals sector in adopting these techniques also drives the global multiplexed market. Thus, pushing the global multiplexed diagnostic market to expand.
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Sedentary Lifestyle to Boost Growth
With changing lifestyle, the urban population leads a sedentary lifestyle. This puts them at a risk of developing cardiac issues and other chronic diseases. This attributes the growth of the global multiplexed market. Additionally, there is a need for optimal diagnostic methods in developing economies, which further propels the demand. Right diagnosis at right time is an important factor in medical field to offer right line of treatment.
All such factors nudge the global multiplexed diagnostics market towards a stellar growth. Furthermore, the automation due to technological advancements will cause less user intervention. Minimal user intervention offers minimal errors, reduced manual labour, less processing time, and higher output, resulting in reduced efforts to execute the diagnosis. Thus, the global multiplexed market is allowed to swell up during the forecast period.
Lack of trained professionals and high costs are expected to restrict the growth. However, increasing prevalence of cancer and geriatric population are projected to scale up the global multiplexed market during the forecast period.
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