The growing R&D activities in the pharmaceuticals industry for managing chronic conditions globally have led to the market's growth. The microplate reader has been in huge demand lately because of the increase in research, development, and diagnostics activities associated with the new coronavirus. Therefore, these factors have enhanced the market's growth during the forecasted period.
According to Data Bridge Market Research, the Global Microplate Reader Market was valued at USD 579.22 million in 2021 and is expected to reach USD 798.83 million by 2029, registering a CAGR of 4.1% during the forecast period of 2022-2029.
"Increasing Demand of Single-mode Readers Surge the Market Growth"
The wide use of single-mode users in numerous academic and industrial research and development settings boosts the market growth. Furthermore, these instruments are less expensive than multi-mode readers. Companies such as Biotek Instruments, Inc. and Tecan Group Ltd. provide modular single-mode reader designs, which can be modified as required. In addition, these readers are comparatively easy to operate and are provided by a number of manufacturers. Thus, the availability of an extensive range of alternatives is estimated to boost the market's growth.
What restraints the growth of the Global Microplate Reader Market?
"High Cost of Readers"
The elevating cost of both the readers will hinder or restrict the adoption of the devices, which will impede the market growth. The increase in the price of multi-mode microplate readers and developed microplate readers is anticipated to hinder the market growth. Furthermore, the huge investments needed for research and development to launch several innovative products will obstruct the market's total growth. These all these major factors impede the growth of the market.
Segmentation: Global Microplate Reader Market
The global microplate reader market is segmented on the basis of well system, product type, application, end user, and distribution channel.
- On the basis of well system, the microplate reader market is segmented into 96 wells, 384 wells, 1536 wells and others.
- On the basis of product type, the microplate reader market is segmented into multi-mode microplate readers, automated ELISA systems, automated nucleic acid purification systems and single-mode microplate readers. Multi-mode microplate readers are sub-segmented as filter-based readers, monochromator-based readers and hybrid readers.
- On the basis of end user, the microplate reader market is segmented into biotechnology and pharmaceutical companies, contract research organizations, diagnostic laboratories, hospital, research and academic institutes and others.
- On the basis of distribution channel, the microplate reader market is segmented into direct tenders and retail sales.
Regional Insights: North America is expected to dominate the Global Microplate Reader Market
North America dominates the market because of the presence of an established biopharmaceutical and CRO industry in the region and a huge extent of R&D activities. Furthermore, local presence of major market companies such as Danaher Corporation; Agilent Technologies, Inc.; and PerkinElmer, Inc. is anticipated to boost the market in the region.
Asia-Pacific is expected to grow in the forecast period of 2022-2029 due to the increasing life sciences industry and growing interest in contract R&D and development activities in developing economies, such as China and India, which are anticipated to boost the market growth.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-microplate-reader-market
Recent Developments in Global Microplate Reader Market
- In 2020, Biotek Instruments, Inc. (Agilent Technologies, Inc.) launched its new Cytation 7 Cell Imaging Multi-Mode Reader that combines microscopy and multi-mode detection capabilities in a single instrument.
- In 2020, Enzo Biochem launched a portable microplate reader compatible with the company's immunoassays and molecular diagnostic assays. As microwell plates are regularly used in enzyme-linked immunosorbent assays and molecular tests, this launch is anticipated to boost the demand for COVID-19-related offerings of microplate readers.
The Prominent Key Players Operating in the Global Microplate Reader Market Include:
- Bio-Rad Laboratories Inc. (U.S)
- PerkinElmer (U.S)
- Danaher (U.S)
- Thermo Fisher Scientific (U.S)
- Agilent Technologies Inc. (U.S)
- Biotron Healthcare Pvt. Ltd., (Germany)
- Promega Corporation (U.S)
- Enzo Life Sciences Inc. (U.S)
- Berthold Technologies GmbH & Co. K.G. (Germany)
- Biochrom (U.K.)
- Corning Incorporated (U.S)
- Lonza (Switzerland)
- Brucker (U.S)
- Dynex Technologies (U.S)
- Bio-One International GmbH (Austria)
- Accuris Instruments (U.S.)
- CTK Biotech Inc. (U.S)
- LTEK (South Korea)
- JASCO (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global microplate reader market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Microplate Reader Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
