Microplate Readers Market: Current Analysis and Forecast (2022-2028)

Global Microplate Readers Market is expected to grow at a significant rate of around 4% during the forecast period. The global microplate readers market is anticipated to witness an uptick owing to the rapid technological advancement and rising investment in research & development of pharmaceutical & biotechnology companies. For instance, The Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached USD 83 billion worldwide, up from USD 79.6 billion in 2018. Furthermore, the market for microplate readers is expanding as a result of a number of key factors including the high prevalence of diseases like influenza, rising patient awareness, increasing R&D initiatives, the introduction of high-throughput screening (HTS) for drug discovery, and genetic technology.

Thermo Fisher Scientific, Inc., Danaher Corporation, Promega Corporation, Bio-Rad Laboratories, Agilent Technologies Inc., PerkinElmer, Inc., Enzo Life Sciences, QIAGEN, BioTek Instruments, BMG Labtech are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and advanced products.

Insights Presented in the Report

"Amongst type, multi-mode microplate readers category to witness higher CAGR during the forecast period"

Based on type, the microplate readers market is segmented into single-mode microplate readers and multi-mode microplate readers. The multi-mode microplate readers segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to its greater flexibility, cost efficiency, and compact sizing options. Moreover, apart from the fluorescence, absorbance, and luminescence capabilities, these readers also offer different configurable modes for fluorescence polarization, fluorescence resonance energy transfer, etc.

"Amongst application, genomics & proteomics segment to hold a significant share in the market in 2020"

Based on application, the microplate readers market is divided into genomics & proteomics, drug discovery, clinical diagnostics and others. The genomics & proteomics segment grabbed a considerable market share of the market in 2020. The growth of this segment can be attributed to the rise in genomics & proteomics research activities and the availability of a variety of reagent kits and microplate assays for protein library screening and assessment of cell viability. However, the drug discovery segment is also expected to grow with a lucrative CAGR during the forecast period.

"Amongst end-user, pharmaceutical & biotechnology companies segment to hold a significant share in the market in 2020"

Based on end-users, the market is fragmented into hospitals & clinical laboratories, pharmaceutical & biotechnology companies, academic & research institutions and others. The pharmaceutical & biotechnology companies segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to the increasing research & development activities in these companies and rising government support & funding for biotech and pharma research.

"North America to hold a significant share in the market"

North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, the presence of numerous biopharmaceutical and pharmaceutical companies in the region, a rising focus on drug discovery and rising R&D investments by various pharmaceutical key players. For instance, in 2019, the pharmaceutical industry spent USD 83 billion on R&D. These expenditures covered a wide variety of research activities including drug discovery and development.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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