Wilmington, Delaware, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global microplate reader market was projected to attain US$ 461.3 million in 2022. It is anticipated to garner a 7% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 843.4 million by 2031.
Microplate readers have evolved because of technological breakthroughs, which have improved their features and broadened their range of applications. Modern technology integration has been essential in increasing the versatility and effectiveness of these instruments.
Advancements in microplate readers nowadays include multi-mode detection capabilities that enable the measurement of absorbance, fluorescence, and luminescence all at once. Furthermore, increased sensitivity and signal-to-noise ratios are made possible by sophisticated detectors, better light sources, and precise optics, all of which present profitable prospects for market growth.
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Key Findings of the Market Report
- It is anticipated that the market for clinical trials would grow at a pace of 10% annually, creating a substantial need for advanced laboratory equipment.
- In 2022, the single-mode readers segment dominated the market.
- Microplate readers with a single mode are made for particular detection modes, such luminescence, fluorescence, or absorbance.
- Dedicated instruments are desirable for applications requiring specialized measurements, including enzyme assays, cell viability tests, or the detection of certain biomolecules, due to their precision and accuracy.
- Measurements with higher sensitivity and specificity are possible thanks to single-mode readers, which are frequently tailored for a specific detection technique.
Global Microplate Reader Market: Key Players
In order to bolster their positions, major companies in the industry are concentrating on tactics such as partnerships, collaborations, mergers, and the introduction of new products.
Organizations are adhering to the most recent developments in the microplate reader industry in order to seize profitable prospects. The following companies are well-known participants in the global microplate reader market:
- Bio-Rad Laboratories, Inc.
- Merck KgaA
- Thermo Fisher Scientific
- Dynex Technologies Inc.
- Grifols, S.A.
- Tecan Group Ltd.
- Monobind
- Transasia Bio-Medicals
- MeCan Medical Equipment
- CTK Biotech
Market Trends for Microplate Readers
- According to the microplate reader market data, the pharmaceutical & biotechnology firms & CROs category held a sizable part of the end-user market in 2022. Large-scale HTS campaigns are frequently conducted by pharmaceutical and biotechnology businesses.
- CROs frequently assist several clientele with various research requirements. Microplate readers' adaptability, particularly that of multi-mode detection models, enables CROs to effectively accommodate a range of test needs.
- In 2022, the drug discovery sector held a dominant position in the global microplate reader market. Since they enable high-throughput screening (HTS) and facilitate a variety of experiments to find prospective drug candidates, microplate readers are essential tools in the drug development process.
- In HTS campaigns, which screen vast libraries of chemicals for biological activity, microplate readers are essential. They make it possible for researchers to quickly and simultaneously measure a number of samples, which enables them to find the chemicals that have the necessary pharmacological effects.
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Global Market for Microplate Reader: Regional Outlook
- In 2022, North America led the global industry. The region's market dynamics are being driven by the presence of major companies and improved infrastructure in research laboratories. Two key drivers of the market are the rise in the number of clinical trials and the sizable government funding of current R&D projects.
- North America is home to a state-of-the-art and firmly established healthcare system that includes prestigious hospitals, research centers, and biotechnology businesses. The need for advanced laboratory equipment, such as microplate readers, is fueled by this infrastructure.
- The pharmaceutical and biotechnology industries are centered mostly in the United States. The need for microplate readers is driven by these industries' ongoing innovation and expansion, which is important for a variety of uses, including drug research and screening.
Global Microplate Reader Market Segmentation
Product Type
- Single-mode Readers
- Fluorescence Microplate Readers
- Absorbance Microplate Readers
- Luminescence Microplate Readers
- Multi-mode Readers
- Filter-based Microplate Readers
- Monochromator-based Microplate Readers
- Hybrid Microplate Readers
Application
- Drug Discovery
- Genomics & Proteomics Research
- Clinical Diagnostics
- Others
End User
- Pharmaceutical & Biotechnology Companies & CROs
- Academic & Research Institutions
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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