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.

Get More Information

Download Sample Report

By Region :

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

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.