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HEALTHCARE & PHARMACEUTICAL

Microplate Readers Market Segmentation By Product Type (Single-Mode and Multi-Mode Microplate Reader); By Technology (Nanotechnology, Biologic Targeting, Microfluidics, Supramolecular Chemistry, Protein Engineering and Others); By Application (Oncology, Biotechnology, Enzyme Kinetics, Neurology and Others) and By End User (Diagnostic Laboratories, Biotechnology Companies, Pathology Labs, Life Sciences & Research Institutes and Others) – Global Demand Analysis And Opportunity Outlook 2028

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • February 2019: BMG LABTECH introduced their latest microplate reader, CLARIOstar Plus, which is a multi-mode microplate reader with advanced LVF Monochromator technology. It is also equipped with highly sensitive filters and an ultra-fast UV/vis spectrometer.

Introduction to Microplate Readers

A microplate reader is an instrument which is used to measure chemical, biological or physical reactions, and properties within the well of a microplate. A microplate is comprised of small wells in which separate reactions take place. These reactions convert the progression of biochemical processes into optical signals, which are detected by microplate readers. A microplate reader is popularly utilized in drug discovery, quality control, bioassay validation, and research and manufacturing processes in different industries. It has become a popular tool in clinical testing laboratories and analytical research. Additionally, it is commonly used in enzyme linked immunosorbent assay which forms the basis of most of the medical diagnostic tests in animals as well as in humans.

Market Size and Forecast

Microplate readers are used in gene expression, testing of biochemical reactions and quantification of proteins. Technically, these readers, which takes few minutes or even seconds to analyze information, can handle multiple samples at a time, allowing researchers to analyze more amount of data in a single shot. With the rising competition among biotechnology companies to develop products using genomic technology, the demand for microplate readers is anticipated to increase over the coming years. Owing to these factors, the global microplate readers market is anticipated to record a noteworthy CAGR during the forecast period, i.e., 2021-2028. The market is segmented by end user into diagnostic laboratories, biotechnology companies, pathology labs, life sciences & research institutes and others. Among these segments, the life sciences & research institutes segment is anticipated to grow at a significant rate over the forecast period on account of rising rate of diseases such as influenza and the inclination of the researchers towards microplate readers to produce more reliable and flexible outputs. CLICK TO DOWNLOAD SAMPLE REPORT

Microplate-Readers-Market

Growth Drivers

Increasing Frequency of Diseases and High Throughput Screening Rates to Propel the Market Growth

Microplate reader helps in diagnosis of diseases such as influenza by measuring chemical, biological or physical reactions, and properties within the well of a microplate. The diagnosis process requires collection of appropriate respiratory samples and thereafter the application of a laboratory diagnostic test. In biotechnology, high throughput screening (HTS) is a procedure which is used for the discovery of a drug. The process allows a researcher to quickly conduct millions of chemical, genetic, or pharmacological tests. This process helps to quickly identify active compounds, or genes which modulate a particular bio-molecular pathway. For conducting HTS, a microplate which has numerous testing vessels is used. Backed by the increasing frequency of diseases, there is a rising need for the diagnosis of these diseases, which in turn is anticipated to create growth opportunities for the microplate readers market over the coming years.

Increasing Research and Development Activities to Drive the Market Growth

According to the statistics by the World Bank, research and development expenditure (% of GDP) around the world grew from 1.995% in the year 2013 to 2.274% in the year 2018.

Microplate Readers Market Graph

The research and development sector experiences continuous growth in various industries including the pharmaceutical industry, backed by the support of the rising expenditure of both public and private entities. The technological advancements in medical equipment such as microplate reader offer flexibility and ease of use over a broad range of applications. Microplate readers facilitate research by reducing operational time, improving processes and efficiency, and saving costs. Moreover, for quick assessment of enzyme activity or protein and nucleic acid quantification, microplate reader is a reliable choice for any laboratory. Such factors are anticipated to drive the growth of the global microplate readers market.

Restraints

High Cost of Microplate Reader

Microplate readers play a vital role in the success of an experiment in a laboratory, enabling targets to be quickly identified in a reproducible manner. The price of a microplate reader depends on the type of technical equipment and the number of detection modes that the device can measure. Benefits associated with microplate readers such as ease of use, optimization functions, integrated software and built-ins comes with a high price. Therefore, the high cost of microplate readers is anticipated to hamper the growth of the market over the coming years.

Lack of Awareness Among the Working Professionals Regarding Microplate Readers

Many low- and middle-income countries lack access to advanced technologies owing to the lack of awareness among the working professionals and allocation of small budget for research and development activities. Owing to this lack of awareness, microplate readers are not accessible to some low- and middle-income countries. This acts as a challenging factor for the growth of microplate readers market over the coming years.

Market Segmentation

Our in-depth analysis of the microplate readers market includes the following segments:

By Product Type

  • Single-Mode Microplate Reader
  • Multi-Mode Microplate Reader

By Technology

  • Nanotechnology
  • Biologic Targeting
  • Microfluidics
  • Supramolecular Chemistry
  • Protein Engineering
  • Others

By Application

  • Oncology
  • Biotechnology
  • Enzyme Kinetics
  • Neurology
  • Others

By End User

  • Diagnostic Laboratories
  • Biotechnology Companies
  • Pathology Labs
  • Life Sciences & Research Institutes
  • Others

By Region

On the basis of regional analysis, the microplate readers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

The market in North America is anticipated to hold the largest share in the year 2019 on the back of availability of advanced treatment methods and rapidly improving healthcare infrastructure, backed by the rising healthcare expenditure from nations, such as the United States. According to the statistics by the Centers for Medicare & Medicaid Services (CMS), in 2019, the national health expenditure growth of the United States was 4.8% on an average and is estimated to touch about USD 6 trillion by 2027. On the other hand, the market in Asia-Pacific is anticipated to hold significant market share on account of increasing demand for laboratories, backed by increasing population and rising awareness among individuals regarding their health.

The global microplate readers market is further classified on the basis of regions as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis.
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis.
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis.
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis.

Top Featured Companies Dominating the Market

  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis

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