New York, July 18, 2023 (GLOBE NEWSWIRE) -- The global Microplate Readers Market is expected to witness significant growth at a remarkable CAGR of 5.7% during the forecast period of 2023-2030. The factors such as the increasing development of new healthcare research facilities, and growth in new drug discovery, among others, are accelerating the demand for microplate readers, which benefits the market growth. In addition, the rising development of a new range of microplate reader product categories will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the microplate readers market is poised for strong expansion and is expected to reach USD 822.33 Million by 2030. The market, which was valued at USD 527.78 Million in 2022, is predicted to grow at a compound annual growth rate of 5.7% during the period 2023-2030. The report highlights the increasing adoption of microplate readers by pharmaceutical & biotechnology companies, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the microplate readers market.
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A microplate reader is used for the quantification of several biological and chemical assays in a microplate. Microplate readers reduce operational time and ensure that researchers in academic & research institutions efficiently focus on data analysis and the generation of accurate actionable insights. Hence, the microplate readers can efficiently handle up to 3456 samples in minutes or seconds. This makes it an ideal solution for academic & research institutions.
The increasing prevalence of chronic diseases, rising demand for advanced research centers for healthcare, and others are key factors contributing to the rise in the development of new academic and research institutes. For instance, in November 2022, the University of Calgary’s Faculty of Science developed Alberta Centre for Advanced Diagnostics (ACAD) in Canada. The USD 14.6 million research center aims for an efficient study of advanced diagnostics. Therefore, the prime factors such as increasing spending on research & development in healthcare, development of a new range of microplate readers, and expansion of academic and research institutes are accelerating the growth of the academic and research institutes. As a result, the demand for microplate readers is increasing. This, in turn, is boosting the revenue growth of the microplate readers market.
The global players in the microplate readers industry are increasingly 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 improving their technological potential to develop new products with updated technological advancements. Thus, the launch of new products with upgraded technology will create a lucrative opportunity for the positive growth outlook of the microplate readers market during the projected forecast period.
Global Microplate Readers Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 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 |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, 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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Global Microplate Readers Market Segmentation Details:
Based on Product Type, the single-mode readers segment contributed the largest shares to the market growth in 2022. The single-mode microplate readers are ideal for accurately measuring and detecting technology. These readers are beneficial for just one application. The single-mode microplate readers are deployed in laboratories to perform various applications in one mode. For illustration, the single-mode microplate reader can efficiently measure enzyme activities, cell viability, the quantity of DNA & proteins, and many more with an absorbance microplate spectrophotometer. Thus, due to the aforementioned factors, the deployment of single-mode microplate readers is increasing, which, in turn, is driving segment growth.
Based on Application, the drug discovery segment accounted for the largest market share in the year 2022. Microplate readers are primarily deployed in drug discovery to ensure researchers quantify nucleic proteins and acids, efficiently assess how proteins & drugs interact, and study protein-protein interactions. Thus, microplate readers increase superior basic scientific inquiry for drug development. Therefore, the increasing research and development for new drug discovery are boosting the demand for microplate readers to efficiently measure physical reactions. This, in turn, is propelling the growth of the market.
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Based on End User, the pharmaceutical & biotechnology companies segment is anticipated to offer substantial shares in the global microplate readers market growth during the forecast period. Microplate readers are frequently utilized by pharmaceutical & biotechnology companies to increase drug screening, target identification, and validation workflows. Moreover, the use of microplate readers ensures the highest standards of quality as these systems focus on the details. This leads to ensuring superior accuracy and consistency for pharmaceutical companies. Hence, the growth of pharmaceutical production is propelling the demand for microplate readers to improve routine laboratory processes. This vital factor is accelerating market growth.
Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. This is due to the increasing research and development activities in the region. For instance, in November 2022, the government of Canada announced an investment of USD 2 million in healthcare research. Furthermore, in March 2022, the government of the United Kingdom announced an investment of Euro 260 million (USD 273.8 million) for research activities in the healthcare sector in the country. The above investments in the research field of the healthcare segment will benefit the growth of the microplate readers market in the long run. This is due to the increasing research and development activities in the region. For instance, in November 2022, the government of Canada announced an investment of USD 2 million in healthcare research. Furthermore, in March 2022, the government of the United Kingdom announced an investment of Euro 260 million (USD 273.8 million) for research activities in the healthcare sector in the country. The above investments in the research field of the healthcare segment will benefit the growth of the microplate readers market in the long run.
Competitive Landscape
As per the research, Molecular Devices, LLC., Thermo Fisher Scientific, Inc., BMG Labtech, and PerkinElmer, Inc. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of microplate readers. Further, the microplate readers market is expected to grow steadily due to rising demand from academics and research institutes to ensure superior accuracy in sampling, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing development of new pharmaceutical manufacturing facilities will boost the demand for microplate readers in the upcoming years, thereby anticipated to increase the competition in the market.
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.
Key Market Takeaways
- North America accounted for the highest market share at 36.75% and was valued at USD 193.96 million in 2022, and is expected to reach USD 302.86 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 68.15% during the base year of 2022.
- Based on product type, the single-mode readers segment accounted for the highest share contribution to the microplate readers market statistics in 2022.
- In the context of application, the drug discovery segment is expected to contribute significant shares to the growth of microplate readers market statistics during the forecast period.
- By end user, the pharmaceutical & biotechnology companies segment is anticipated to contribute the largest shares to the market growth in 2022.
- North America is expected to boost the market demand for microplate readers due to the increasing investments in new biotechnology manufacturing.
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List of Major Global Microplate Readers Market:
- Molecular Devices, LLC.
- Thermo Fisher Scientific, Inc.
- BMG Labtech
- PerkinElmer, Inc.
- Promega Corporation
- Bio-Rad Laboratories
- Lonza
- Agilent Technologies, Inc.
- Enzo Life Sciences
- Berthold Technologies GmbH & Co. KG
Global Microplate Readers Market Segmentation:
- By Product Type
- Single-mode Readers
- Multi-mode Readers
- By Application
- Genomics & Proteomics Research
- Drug Discovery
- Clinical Diagnostics
- Others
- By End User
- Pharmaceutical & Biotechnology Companies
- Academic & Research Institutions
- Others
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Frequently Asked Questions in the Microplate readers Market Report
- 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.
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