Microplate Readers Market to Witness CAGR of 12% (2022-2028) Due to The Growing Incidence of Infectious Diseases and Rising R&D In the Pharmaceutical Industry| UnivDatos Market Insights

NOIDA, India, Dec. 13, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights, the Microplate Readers Market was valued at USD 550 Million in 2020 and is expected to grow at a CAGR of around 12% from 2022-2028. The analysis has been segmented into Type (Single-Mode Microplate Readers and Multi-Mode Microplate Readers); Application (Genomics & Proteomics, Drug Discovery, Clinical Diagnostics, and Others); End-User (Hospitals & Clinical Laboratories, Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, and Others); Region/Country.

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The microplate readers market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Microplate Readers market. The microplate readers market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Microplate Readers market at the global and regional levels.

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Market Overview

A microplate reader is a laboratory instrument that is used to measure chemical, biological or physical reactions, properties, and analytes within the well of a microplate. A microplate consists of small wells in which separated reactions take place. These reactions convert the presence of an analyte or the progression of biochemical processes into optical signals. The microplate reader detects these signals and thus quantifies the parameter of interest. The market for microplate readers is growing on account of the growing demand for these readers in various industries including biochemical, pharmaceutical research, environmental research, food and cosmetic industry. Furthermore, the growing incidence of infectious diseases and the rising adoption of automated platforms in diagnostic laboratories are also prominent factors driving the microplate readers market globally. For instance, as per the WHO estimates, ~3–5 million people suffer from severe flu every year worldwide, and ~650,000 people die because of the disease. People with infectious diseases account for the majority of hospital admissions and clinical diagnostics.

The Microplate Readers Market is expected to grow at a steady rate of around 4% during the forecast period. Factors such as rapid technological advancement, increasing R & D activities across the pharmaceutical industry and promulgating strategic alliances among key industry players are some of the prominent factors contributing to the growth of the market.  

Some of the major players operating in the market include Thermo Fisher Scientific, Inc., Danaher Corporation, Promega Corporation, Bio-Rad Laboratories, Agilent Technologies Inc., PerkinElmer, Inc., Enzo Life Sciences, QIAGEN, BioTek Instruments, BMG Labtech.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The microplate readers market has been significantly impacted during these times owing to the surge in research and development, and diagnostics activities pertaining to the novel coronavirus.

The global microplate readers market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

• 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.
• 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.
• 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.

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Microplate Readers Market Geographical Segmentation Includes:

• North America (United States, Canada, and Rest of North America)
• Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
• Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World

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.

The major players targeting the market include

• Thermo Fisher Scientific, Inc.
• Danaher Corporation
• Promega Corporation
• Bio-Rad Laboratories
• Agilent Technologies Inc.
• PerkinElmer, Inc.
• Enzo Life Sciences
• QIAGEN
• BioTek Instruments
• BMG Labtech

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Microplate Readers market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the microplate readers market?
• Which factors are influencing the microplate readers market over the forecast period?
• What are the global challenges, threats, and risks in the microplate readers market?
• Which factors are propelling and restraining the microplate readers market?
• What are the demanding global regions of the microplate readers market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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Microplate Readers Market Report Coverage

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