Microplate Readers Market Forecast 2023 - 2030

Report ID : CBI_1146 |  Category : Pharmaceuticals And Healthcare   | Published Date:     |  Format :   ms word  ms Excel  PDF

Segments Covered :
By Product Type Single-mode Readers and Multi-mode Readers
By Application Genomics & Proteomics Research, Drug Discovery, Clinical Diagnostics, and Others
By End User Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, and Others
By Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Report Snapshots :
Base Year: 2022
CAGR: 5.7%
Forecast Year: 2023 - 2030
Revenue 2022: $527.78 Mn
Revenue 2030: $822.33 Mn

Microplate Readers Market Forecast 2023 - 2030

Market Overview :

Consegic Business Intelligence analyzes that the Microplate Readers Market is growing with a healthy CAGR of 5.7% during the forecast period (2023-2030), and the market is projected to be valued at USD 822.33 Million by 2030 from USD 527.78 Million in 2022.

Market Definition :

The microplate reader is laboratory equipment that is utilized to measure chemical, properties, biological or physical reactions, and ensure efficient sampling. The microplate is equipped with small wells to undertake separated reactions. These reactions in the microplate transform the presence of a sample or the development of biochemical processes within optical signals.

The microplate reader efficiently detects these signals and thus calibrates the parameter of interest. The prominent features of microplate readers include assay-specific features, sensitivity and read speed, and easy upgradability, among others. These features ensure superior user-friendliness of the microplate reader. As a result of the superior performance properties mentioned above, microplate readers are utilized in various applications, including drug discovery, genomics & proteomics research, clinical diagnostics, and others.

Microplate Readers Market :

Microplate Readers Market

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Market Dynamics :

Microplate Readers Market Dynamics

Drivers :

  • The increasing adoption of microplate readers in academic & research institutions

    The microplate readers can efficiently handle up to 3,456 samples in minutes or seconds. Thus, the plate reader minimizes operational time and saves reagent costs. This enables the researchers in academic & research institutions to efficiently focus more on data analysis and the generation of accurate actionable insights. The increasing prevalence of chronic diseases, increasing demand for advanced research centers for healthcare, and others are some of the vital aspects contributing to the rise in the development of new academic and research institutes. For instance, in October 2022, the University of Leicester, located in the United Kingdom launched the Institute for Precision Health for the accurate diagnoses study. Hence, the development of new academic and research institutes at the global level is spurring the demand for microplate readers to efficiently detect biological. This, in turn, is driving the growth of the microplate readers market.

  • Growth of the pharmaceutical manufacturing activities is accelerating the market growth

    Microplate readers are frequently utilized in the pharmaceutical industry for ensuring high-throughput drug screening. The growth of pharmaceutical manufacturing is attributed to factors, including the development of a new range of drugs, and increasing research & development activities, among others. For instance, according to the recent 2022 report named pharmaceutical industry figures published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2020, Europe pharmaceutical drug production was Euro 286,697 million (USD 320,950.1 million). In 2021, the Europe production of pharmaceuticals increased to Euro 300,000 million (USD 335,842.5 million), an increase of 4.6% over 2020. Hence, the growth of pharmaceutical manufacturing is accelerating the scanning activities of pharmaceutical drugs, which, in turn, is boosting market growth.

Restraint :

  • Limitations associated with filters utilized in microplate readers are restraining the growth of the market

    The microplate readers are equipped with various diverse range of features, including integral dispensers, shakers, and efficient temperature control, among others. These features help in maintaining and driving reactions. As a result, microplate readers are often deployed in various end uses such as pharmaceutical & biotechnology companies, and academic & research institutions, among others. However, on the contrary, the limitations associated with filters utilized in microplate readers have several limitations, which are impacting the market growth. For illustration, filters employed in the manufacturing of microplate reader limits the wavelength range in the range of 400 and 750 nm. This impacts the functioning performance of the microplate reader. Thus, the limitations associated with filters utilized in microplate readers are restraining the growth of the market. 

Opportunities :

  • Booming technological developments associated with microplate readers

    The key players dealing in the microplate readers product range are substantially investing in the technological innovations of microplate readers, which are utilized for improved drug discovery and development, efficient diagnosis, and other similar applications in various industries such as pharmaceutical companies, research institutes, and others. As a result of this, microplate reader manufacturers are continuously leveraging their technological potential to develop new products with updated technological advancements. For instance, in February 2023, BMG LABTECH launched Advanced Assay Stability (AAS) system for microplate readers. Thus, the launch of new products with upgraded technology will create a potential opportunity for the expansion of the global microplate readers market.

 

Microplate Readers Market Report Coverage :

Report Attributes Report Details
Study Timeline 2017-2030
Market Size in 2030 USD 822.33 Million
CAGR (2023-2030) 5.7%
By Product Type Single-mode Readers and Multi-mode Readers
By Application Genomics & Proteomics Research, Drug Discovery, Clinical Diagnostics, and Others
By End User Pharmaceutical & Biotechnology Companies, Academic & Research Institutions, and Others
By Region North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
Key Players Molecular Devices, LLC., Thermo Fisher Scientific, Inc., BMG Labtech, PerkinElmer, Inc., Promega Corporation, Bio-Rad Laboratories, Lonza, Agilent Technologies, Inc., Enzo Life Sciences, and Berthold Technologies GmbH & Co. KG

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Market Segmentation :

By Product Type :

The product type segment is categorized into single-mode readers and multi-mode readers. In 2022, the single-mode readers segment accounted for the highest market share in the microplate readers market. The single-mode microplate readers can efficiently measure and detect technology. The single-mode microplate readers are utilized in laboratories to perform all the applications in one mode. For instance, with an absorbance microplate spectrophotometer, the single-mode microplate reader can efficiently measure enzyme activities, cell viability, the quantity of DNA & proteins, and many more. Therefore, due to the above benefits, the adoption of single-mode microplate readers is increasing, which, in turn, is driving segment growth.

This is due to the development of a new range of multi-mode readers. For instance, in April 2022, Molecular Devices, LLC., headquartered in the United States that manufactures microplate readers launched SpectraMax, a cost-effective multi-mode microplate reader. The product is ideal for application in academia and biotech laboratories. The prime aim of the company was to expand its product offering in the United States market.

By Application :

The application segment is categorized into genomics & proteomics research, drug discovery, clinical diagnostics, and others. In 2022, the drug discovery segment accounted for the highest market share in the microplate readers market. Microplate readers are an ideal solution for drug discovery, enabling researchers to quantify nucleic proteins and acids, efficiently assess how proteins & drugs interact, and study protein-protein interactions. Thus, microplate readers enable superior basic scientific inquiry for drug development. For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2019, the research and development associated with pharmaceutical and drug discovery in Europe were valued at Euro 37,754 million (USD 42,264.66 million), and in 2020, it was Euro 39,656 million (USD 44393.9 million), an increase of 5%. Hence, the increasing research and development for new drug discovery to efficiently measure physical reactions. This, in turn, is propelling the growth of the market.

However, genomics & proteomics research is expected to be the fastest-growing segment during the forecast period because of the increasing research and development activities.

By End User :

The end user segment is categorized into pharmaceutical & biotechnology companies, academic & research institutions, and others. In 2022, the pharmaceutical & biotechnology companies segment accounted for the highest market share of 42.77% in the overall microplate readers market. Microplate readers are employed by pharmaceutical & biotechnology companies to ensure efficient drug screening, target identification, and validation workflows. Furthermore, the utilization of microplate readers ensures the highest standards of quality as these systems focus on the details. This results in ensuring that the data for pharmaceuticals is accurate and consistent. For instance, according to India Brand Equity Foundation (IBEF), in the year 2020, the pharmaceuticals market in India was valued at USD 42.0 billion, and by the year 2024, it is projected at USD 65.0 billion, an increase of 54.8%. Henceforth, the growth of pharmaceutical production is accelerating the demand for microplate readers to improve routine laboratory processes. This prominent factor is accelerating market growth.

However, the academic & research institutions segment is expected to be the fastest-growing segment in the microplate readers market during the forecast period. This is due to increasing investment in new manufacturing facilities, rising research & development activities, and others.

Global Microplate Readers Market, By End-Use Industry, 2022

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By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

 
North America Microplate Readers Market, 2022 (USD Million)

Regional Growth Insights

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In 2022, North America accounted for the highest market share at 36.75% and was valued at USD 193.96 million, and is expected to reach USD 302.86 million in 2030. In North America, the U.S. accounted for the highest market share of 68.15% during the base year of 2022. This is due to the growth of drug discovery, increasing institutional & healthcare research, and others. For instance, according to the recent data published by the United States National Center for Science and Engineering Statistics, in 2020, the research and development in the United States healthcare sector were valued at USD 25,372 million, and in 2021, it was USD 27,532 million. The year-on-year growth rate of United States research and development in the healthcare sector was 8.5% in 2021. Thus, the increase in research and development in the North America healthcare sector is boosting the growth of academics and research institutes, which, in turn, is proliferating the microplate readers market growth in the region.

Furthermore, Asia Pacific is expected to witness significant growth over the forecast period, growing at a CAGR of 6.2% during 2023-20230. This is attributed to the growing demand for microplate readers from various end users, including pharmaceutical & biotechnology companies, academic & research institutions, and others.

North America Microplate Readers Market, By Countries (2022)

Details Countries Growth Insights

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Microplate Readers Market Competitive Landscape:

The microplate readers market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-

Recent Developments :

  • In February 2022, BMG LABTECH, a Germany-based medical device manufacturer introduced a new range of VANTAstar products. The microplate reader ensures simplified workflows. The primary focus of BMG LABTECH with this launch was to expand its market position in the global microplate readers industry.
 

Frequently Asked Question

What was the market size of the microplate readers industry in 2022?+

In 2022, the market size of microplate readers was USD 527.78 million.

What will be the potential market valuation for the microplate readers industry by 2030?+

In 2030, the market size of microplate readers will be expected to reach USD 822.33 million.

What are the key factors driving the growth of the microplate readers market?+

Growth of the pharmaceutical manufacturing activities is accelerating the market growth.

What is the dominating segment in the microplate readers market by end user?+

In 2022, the pharmaceutical & biotechnology companies segment accounted for the highest market share of 42.77% in the overall microplate readers market.

Based on current market trends and future predictions, which geographical region is the dominating region in the microplate readers market?+

North America accounted for the highest market share in the overall microplate readers market.