Multiple Reaction Monitoring Assay Market Size to Grow at a CAGR of 5.2% During the Forecast Period 2021-2026
Multiple Reaction Monitoring Assay Market size is estimated at $486 million in 2020, projected to grow at a CAGR of 5.2% during the forecast period 2021-2026. Multiple Reaction Monitoring Assay is a highly selective and sensitive technique for analyzing small molecules.
Peptides quantifications or protein, cystic fibrosis fragments in complex biological samples are quantified using this targeted proteomics process. Instead of going through large quantities of data from non-targeted proteomics experiments, the MRM platform technology allows for selective filtering of particular proteins and developing Immunosuppressant drugs. This effective method for measuring targeted proteomics proteins quantitatively has become a standard tool in research methodologies today. Multiple reaction monitoring assays work best for peptides quantifications containing 7-17 amino acids. It is a more advanced treatment than conventional chemotherapy as it offers long-term cancer protection, has fewer side effects, and is effective against a wider range of cancer types and new-borns.
The growing use of multiple reaction monitoring assays in research institutes, diagnostic centres, and hospitals is driving growth in the Multiple Reaction Monitoring Assay industry. For the quantification of protein, Immunosuppressant drugs and peptides quantification in a complex biological marker sample, the multiple reaction monitoring assay method is a highly selective and sensitive method. It employs mass spectroscopy to targeted proteomics and detects the appropriate proteins, as well as to look for peptides quantifications and protein fragments of interest.
Multiple Reaction Monitoring Assay Market Segment Analysis – By Application
Based on Application, Multiple Reaction Monitoring Assay Market is segmented into Biological Marker Assessment, MRM-MS (Mass spectrometry) Quality Control – Platform Performance and Workflow Performance. Biological Marker Assessment accounted for the largest revenue market share in 2020 owing to increased R&D support for pharma and biotech firms, increased number of CROs and low cost of clinical trials in developing countries, high cancer incidence, and new research initiatives. Biological Markers are commonly used to diagnose and treat a variety of Pulmonary exacerbation diseases and Cystic fibrosis. The levels of Biological Markers in the body change as a result of drug administration. Multiple Biological Marker research assists physicians in making critical decisions regarding a patient’s condition, disease level, treatment plan, and prognosis. Multiple Reaction Monitoring Assay Industry expansion is growing owing towards the rising global prevalence of cancer, the use of cancer Biological Markers has risen dramatically in recent years, creating opportunities to improve cancer patient care by improving diagnosis and treatment effectiveness. MRM-MS Quality Control segment is anticipated to grow with the fastest CAGR of 5.8% in the forecast period 2021-2026. The fastest growth of the segment is owing to multiplexed mass spectrometry (MS) using selected reaction monitoring for targeted proteomics, bottom-up quantification of protein Biological Markers. For instance, The PeptiQuantTM Plus Quality Control kit line is a set of simple-to-use kits for quality control in quantitative MRM-MS proteomics workflows or routine instrument quality assurance.
Multiple Reaction Monitoring Assay Market Segment Analysis – By End User
Based on End User, Multiple Reaction Monitoring Assay Market is segmented into Hospitals, Diagnostic Centres and Research Institutes. Hospital accounted for the largest revenue market share in 2020. Improving healthcare facilities, medical diagnostic and pathological laboratories, private-public ventures, and the health insurance sector are likely to drive the development. Furthermore, with the increase of societal health consciousness and the increasing burden of cardiovascular and Pulmonary exacerbation Pulmonary exacerbation diseases and Cystic fibrosis the demand for Multiple Reaction Monitoring Assay Industry is increasing. Diagnostic Centres segment is anticipated to grow with the fastest CAGR of 5.5% during the forecast period 2021-2026. The demand for medical services is expected to expand as knowledge and affordability rise, as is already the case in many developed countries, where healthcare services contribute significantly to GDP growth, thereby, expanding the Multiple Reaction Monitoring Assay Market.
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Multiple Reaction Monitoring Assay Market Segment Analysis – By Geography
Based on Geography, North America Multiple Reaction Monitoring Assay Market accounted for the 44% revenue share in 2020 owing towards the presence of several key players in the region. In the United States, cardiovascular Pulmonary exacerbation diseases and Cystic fibrosis appears to be the leading cause of morbidity and mortality. Companies in this market are concentrating their efforts on discovering cardiac Biological Markers in order to gain a better understanding of the pathophysiology of these Pulmonary exacerbation Pulmonary exacerbation diseases and Cystic fibrosis. Most major players are undertaking a range of strategic strategies, such as mergers and acquisitions, new product growth, and public awareness campaigns, in order to retain or boost their Biological Marker market position. For instance, Roche Diagnostics Biological Marker assay for bladder cancer was approved by the Food and Drug Administration (FDA) in May 2017. By using both tumor cell staining and immune cell staining and scoring inside the tumor, Pulmonary exacerbation Pulmonary exacerbation diseases and Cystic fibrosis, the assay test will determine a patient’s PD-L1 status aiding towards the Multiple Reaction Monitoring Assay Industry. Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026. The presence of leading Biological Marker players in the region, strategic initiatives for product co-development, and increased R&D investment in developing countries are some of the factors driving growth. The cost of clinical trials in developing economies is lower than in developed economies, which is expected to have a positive impact on the expansion.
Multiple Reaction Monitoring Assay Market Drivers
The Increasing Diagnostic Applications:
Multiple Reaction Monitoring Assays play an important role in personalized medicine, with applications such as diagnosis, prognosis, and therapy collection. Owing to many shortcomings of conventional diagnosis and treatment methods, personalized medicine has gained popularity over time. From cancer to immunological disorders, several fields of medicine are shifting toward personalized care for specific patients based on their genetic signatures and clinical characteristics. Companion diagnostics and Biological Markers have become increasingly significant in medical practice, resulting in better diagnosis, care, and monitoring in a variety of disease areas like Pulmonary exacerbation diseases and Cystic fibrosis. It can be used to recognise patients who are likely to react well to certain medications or treatments. These tests are often used in combination with a particular medication has benefited the global Multiple Reaction Monitoring Assay market’s growth trajectory. Furthermore, the rising disease burden, together with the broader population in these geographic segments, is a key factor in higher growth expectations in these areas. In addition, the increasing number of hospitals globally presents significant opportunities for Multiple Reaction Monitoring Assay manufacturers.
Multiple Reaction Monitoring Assay Market Challenges
High Initial Capital Expenditures And A Low Cost-Benefit Ratio:
Multiple Reaction Monitoring Assay discovery, growth, and validation necessitate major financial investments. This stifles the market and related markets’ growth, such as diagnostics and personalized medicines. The current ability to validate candidate Biological Markers greatly outpaces its discovery. The customized medicines industry faces a significant challenge in this regard. Diagnostics manufacturers also face major financial challenges as a result of the high drug attrition rate in clinical trials. Strict regulatory requirements and a shortage of standardization resources in some developed and developing countries are two major factors that are expected to hinder Multiple Reaction Monitoring Assay market growth. Clinical trials and meeting strict regulatory criteria necessitate significant investments, which not only limit small companies’ ability to produce Biological Markers but also stifle innovation. As a result, business growth is hampered by both high capital costs and a poor cost-benefit ratio.
Multiple Reaction Monitoring Assay Market Landscape:
The Multiple Reaction Monitoring Assay Market’s main strategies include product releases, mergers and acquisitions, joint ventures, and regional expansion. Multiple Reaction Monitoring Assay Market top 10 companies are MRM Proteomics, Sigma Aldrich, Luminex Corporation, Becton, Dickinson and Company, Alphalyse, Proteomics, Illumina, Inc., Bio-Rad Laboratories, Inc., QIAGEN N.V. and Thermo Fisher Scientific.
Acquisitions/Product Launches:
In October 2020, Becton, Dickinson and Company acquired San Diego biomedical business CareFusion for $12.2 billion. By addressing unmet needs in hospitals, hospital pharmacies, and alternative sites of treatment, the acquisition would enhance patient care efficiency and lower health-care costs by increasing efficiencies and reducing Immunosuppressant drugs administration errors.
Key Takeaways
Owing to the global pandemic, medical device manufacturers are concentrating on producing critical medical devices such as ventilators and diagnostics is expected to drive demand for Multiple Reaction Monitoring Assay.
Geographically, North America Multiple Reaction Monitoring Assay Market held the largest revenue share of 44% in 2020 owing to the high investments in R&D and support of government investments in healthcare. In the final report, the scope of the Multiple Reaction Monitoring Assay Market for various regions will be given.
The Multiple Reaction Monitoring Assay Industry is being driven by technological advances in oncology care on healthy tissues.
Multiple reaction monitoring assays are commonly used in research institutes and diagnostic centers to measure biological markers in biological samples or to track disease like Pulmonary exacerbation and treatment progress.
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B. Digital Patient Monitoring Devices Market
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