The syndromic multiplex diagnostic market is anticipated to grow with a CAGR of nearly 7.2% during the forecast period. The major factors attributing to the growth of the syndromic multiplex diagnostic market include rise in the number of infectious cases and diseases and higher incidence of side effects associated with the use of antibiotics which demand proper diagnostics.
Thus, owing to its ability to address the rising needs of the patients and clinicians like utilization of lesser resources, enhanced accuracy of results are believed to lead the syndromic multiplex diagnostic market to grow throughout the forecast period. For instance, in May 2018, according to the World Health Organization, the leading cause of deaths recorded worldwide were lower respiratory infections necessitating the high requirement for advanced diagnostic equipment which fuel the global syndromic multiplex diagnostic market.
Key Market Trends
Respiratory Syndrome is Expected to Hold the Major Market Share in the Syndromic Multiplex Diagnostic Market
Respiratory syndromes account for the largest share of the syndromic multiplex diagnostics market and expected to continue the same throughout the forecast period. This dominance mainly due to factors such as the higher demand due to the rapid spread of infections along with the launch of new products with USFDA approvals in the segment that contributes to its major revenue share in the global market.
By End-user, hospitals account for the largest share due to the availability of all resources at a single facility. Also, the reduction of the overall stay of patients for treatment in hospitals with the reduced procedural time along with minimal or no uncertainties, and errors in the treatments is expected to fuel the market during the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America has been the primary market for the syndromic multiplex diagnostic market and is expected to hold a significant share in global revenue owing to the adoption of advanced technologies and the availability of improved healthcare infrastructure, and also rise in R&D laboratories resultant.
Globally, the syndromic multiplex diagnostics market is expected to witness the fastest growth in Asia-Pacific region during the forecast period due to the higher demand for treatments with widespread infections, rise in government support to spread the healthcare awareness among people about various infections in the region.
The Global Syndromic multiplex diagnostic market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are launching new products, while others are distributing the products, making acquisitions and partnerships to increase their footprints in the market. Some of the companies which are currently dominating the market are BIOMERIEUX SA, Luminex Corporation, QIAGEN, Applied BioCode, and Akonni Biosystems.
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