Multiplex Panels Market: By Technology (Flow Cytometry, Fluorescence Detection, Luminescence, Multiplex Real-Time PCR, Other Technologies), By Component (Instruments, Consumables, Software and Services, Cartridges, Reagents, Others), By Application (R&D, Clinical Diagnostics), By End-User (Pharmaceutical and Biotechnology Companies, Hospital and Research Institutes, Diagnostic Laboratories, Homecare, Other end-users), and Geography

Multiplex Panels Market was valued at USD 2,889.1 million in 2023 and is poised to grow at an 8.2% CAGR from 2024 to 2030. Multiplex panels are novel, powerful tools that may assist in the timely diagnosis of infectious diseases and influence decisions regarding patient management, including antimicrobial therapy, antimicrobial stewardship, and infection prevention and control. The need for automated and efficient systems in laboratories has grown, as conventional methods for testing are inadequate. This provides opportunities for the adoption of multiplex panels, with their potential for automation, convenience, accuracy, and reproducibility. Bead-based microplate assays provide a greater surface area for binding with lower background signals than traditional ELISA, while the beads can be coded and used in multiplex panels, which measure multiple analytes in a single microplate to reduce overall cost and time. Moreover, singleplex assays can only handle a single test at a time and require a higher sample volume while multi-analyte studies need to be repeated for each analyte using new reagents and fresh samples, which increases the time taken and costs incurred.

In contrast, multiplex panels can handle several analytes simultaneously while the speed and efficacy of multiplex panels make them more adaptable for automation. While multiplex technology substantially saves operational costs and time, the initial investment in multiplex panel equipment is high. Furthermore, maintenance and insurance, laboratory supervision, and overhead costs including utilities, space, and administration are also additional expenses. As a result, high instrument cost is a major factor limiting the growth of multiplex panels. The increasing adoption of companion diagnostics and the rising need for effective analytical platforms in research and clinical diagnostics are the major factors driving the multiplex panels market growth. Moreover, various companies operating in this market have made significant R&D investments to develop novel products to better cater to the needs of their customers. Product launches and acquisitions were the most widely adopted growth strategies by multiplex panels market players. In 2022, pharmaceutical and biotechnology companies accounted for the largest share of the multiplex panels market by end-user.

Multiplex Panels Market Key Players:

• In August 2021, Becton, Dickinson, and Company launched its new and fully automated high-throughput diagnostic system, BD COR System. The system uses robotics and sample management software algorithms to set a new standard in automation for infectious disease molecular testing in core laboratories and other centralized laboratories in the US.
• In February 2021, Thermo Fischer Scientific acquired Mesa Biotech, a privately held point-of-care molecular diagnostic company. This acquisition strengthened Thermo Fischer's operational excellence, access to raw materials, and existing distribution and sales channels with Mesa’s innovative platform with a diverse array of diagnostic products, such as the Accula System by Mesa Biotech which is dedicated to COVID-19 testing.