Custom Assays Market Size, Share, Industry Trends and Forecast to 2030

Custom Assays Market Size & CAGR in 2021

The global custom assays market is expected to witness a steady growth rate with a CAGR of 4.5% in 2021. The market size is projected to reach USD 3.5 billion by the end of the year. Custom assays play a crucial role in various industries such as pharmaceuticals, biotechnology, and research laboratories, driving the market growth significantly. The increasing demand for personalized medicine and the rise in investment in research and development activities contribute to the expansion of the custom assays market.

COVID-19 Impact on the Custom Assays Market

The COVID-19 pandemic has had a mixed impact on the custom assays market. While the global healthcare crisis has led to disruptions in the supply chain and manufacturing of custom assays, it has also created opportunities for market growth. The increased focus on diagnostic testing and the development of novel assays for COVID-19 detection have driven demand in the market. Additionally, the adoption of custom assays for drug discovery and development to combat the virus has further boosted market dynamics.

Custom Assays Dynamics

The custom assays market is driven by factors such as technological advancements in assay development, increasing prevalence of chronic diseases, and growing investments in personalized medicine. Custom assays offer tailored solutions for specific research needs, thereby enhancing efficiency and accuracy in experimental results. Moreover, collaborations between key market players and research institutions for the development of novel assays propel market growth. However, challenges such as high costs associated with custom assay development and limited availability of skilled professionals may hinder market expansion.

Segments and Related Analysis

By Type:

The custom assays market is segmented based on type into DNA sequencing assays, protein assays, cell-based assays, and others. DNA sequencing assays hold the largest market share due to their applications in genetic testing, personalized medicine, and drug development. Protein assays are expected to witness significant growth owing to the rising demand for biomarker discovery and validation in various disease conditions.

By Application:

On the basis of application, the custom assays market is categorized into drug discovery, clinical diagnostics, research, and others. The drug discovery segment dominates the market due to the increasing focus on developing new therapeutic agents for various diseases. The clinical diagnostics segment is anticipated to grow rapidly, driven by the demand for precision medicine and diagnostics.

By Region Analysis

North America

North America leads the custom assays market, attributed to the presence of key market players, advancements in technology, and robust healthcare infrastructure. The region witnesses high investments in research and development activities, fostering market growth.

Europe

Europe follows North America in market share, driven by the increasing focus on personalized medicine, growing prevalence of chronic diseases, and strong regulatory framework for assay development. The presence of academic and research institutions further fuels market expansion in the region.

Asia Pacific

Asia Pacific is anticipated to witness significant growth in the custom assays market, owing to the increasing healthcare expenditure, rising adoption of precision medicine, and growing pharmaceutical industry. The region offers lucrative opportunities for market players to expand their presence and explore untapped markets.

Key Market Players and Competitive Landscape

Leading companies in the custom assays market include Thermo Fisher Scientific, PerkinElmer, QIAGEN, Agilent Technologies, and Bio-Rad Laboratories. These players focus on product innovation, strategic collaborations, and acquisitions to strengthen their market position and enhance their product portfolio. The competitive landscape is characterized by intense competition, with players striving to offer advanced technologies and customized solutions to cater to evolving customer needs.

Recent Happenings in the Custom Assays Market

1. In September 2021, Thermo Fisher Scientific announced the launch of a new range of custom assays for gene expression analysis, catering to the growing demand for personalized genetic testing. 2. PerkinElmer collaborated with a leading research institution in November 2021 to develop advanced cell-based assays for drug discovery applications, showcasing its commitment to innovation and research excellence. 3. QIAGEN introduced a novel protein assay platform in February 2022, aimed at providing high-throughput solutions for protein quantification and analysis, marking a significant milestone in the company's product development strategy. 4. Agilent Technologies expanded its footprint in the custom assays market through the acquisition of a specialized assay development company in May 2022, enhancing its capabilities in assay customization and delivery. 5. Bio-Rad Laboratories invested in cutting-edge assay technologies in July 2022 to address the evolving needs of the diagnostic market, demonstrating its dedication to advancing healthcare solutions through innovative assay development.