Global Microplate Reader Market To Grow At A CAGR Of 4% During The Forecast Period

The global microplate reader market size was worth over USD 550 million in 2021 and is predicted to grow to around USD 700 million by 2028 with a compound annual growth rate (CAGR) of roughly 4% between 2022 and 2028.

Microplate readers are instruments used in laboratories that are capable of measuring physical, biological, and chemical properties, reactions, and analytes contained within microplate wells. Separated reactions take place in microplates that are made of small wells. In these reactions, optical signals are generated due to the conversion of analyte presents or due to the biochemical progression. The emitted signals are detected by microplate readers and can quantify the interest parameter.

In the life sciences and pharmaceutical industries, scientists are working vigorously for the improvisation of day-to-day laboratory processes and enhancing the efficiency of the process by consuming less time with the help of instruments. A microplate reader is capable of handling samples ranging up to 3456 within seconds or minutes. It aids the reduction of operational time which ultimately reduces the reagents cost, which allows scientists to invest more resources for data interpretation and creation of future insights. 

As of current times, the expanding number of reagent kits has allowed the exploration of microplate readers in various fields and applications. The use of microplate readers is not restricted to the pharmaceutical and healthcare sector or for research purposes only. There is a significant demand for these products in the food and cosmetic sector as well.

Covid-19 aided the growth momentum in the global market owing to the increase in research activities for vaccine development and studying the virus. The pandemic also resulted in laboratories and research institutes undertaking advanced measures to predict any future biomedical disasters that may have tagged along with Covid-19.

The key factor driving the global microplate reader market growth is the increase in the number of infectious and chronic diseases along with other medical conditions which require extensive research for the development of their treatment plans. The growing number of the elderly population, along with changing lifestyles, eating habits, stressful work environment, consumption of drugs, alcohol, etc. are some of the leading causes of rising pressure on the healthcare sector because of millions of daily hospital admissions. The healthcare sector is looking for measures to deal with the mounting duress which may assist global market growth. In 2019, there were over 32.6 million hospital admissions in the USA alone, where the largest share was held by the geriatric population. The number is anticipated to have crossed over 50 million as of 2021 creating growth opportunities for growth in the global market

The storage sensitivity of microplate readers is expected to restrain the global market growth. However, the growing advancements in research may provide lucrative growth opportunities during the forecast period. Nonetheless, the high cost of microplate readers is anticipated to pose a challenge for global market expansion.

The global microplate reader market is segmented based on mode type, enterprise size, end-user, application, and region.

By mode type, the global market segments are multi-mode and single-mode. The rising need to study various samples simultaneously is expected to propel the demand for multi-mode microplate readers, however, the high cost of these readers may impact the overall growth and is a point of consideration when tracking the growth graph.

By enterprise size, SMEs and large enterprises are the two segments. Large enterprises possess the necessary funds to assist the installation of manufacturing units and may lead the segment during the forecast period.

By end-user, education, computer & electronics, healthcare, manufacturing, pharmaceuticals, energy & utility, biotechnology, and others are the global market segments. Biotechnology is expected to lead the segment because of growing investments and research in the segment.

By application, the global market segments are nucleic acid quantification, protein colorimetric assays, enzyme kinetics, enzyme-linked immunosorbent assays, and others. Nucleic acid quantification can be used for ultrasensitive protein detection and has high growth potential during the forecast period.

The global microplate reader market is expected to be dominated by North America during the forecast period owing to the increasing initiatives undertaken by private players for the enhancement of research activities conducted in the region. Research facilities in the USA are highly funded and are equipped to afford the high expenses associated with microplate readers thus propelling regional growth. The high prevalence of diseases along with the rising disposable income of the population may also assist in aiding the region in holding the largest global market share.

Asia-Pacific and Europe may also register high CAGR during the forecast period because of increasing research activities. In Asia-Pacific, China is expected to lead the regional growth owing to increased excellent initiatives undertaken by the government to encourage domestic players and empower them to compete with international manufacturers of microplate readers.

The global microplate reader market is dominated by leaders like BMG Labtech, Molecular Devices, LLC., Promega Corporation, Thermo Fisher Scientific, Lonza, Bio-Rad Laboratories, Inc., Hercuvan Lab Systems, Tecan Trading AG, and PerkinelmerInc.

Recent Developments:

• In February 2021, VANTAstar ™ was launched by BMG Labtech aiding the company in expanding its already existing range of made-in-Germany, high-quality instruments for medical purposes. The product is a compact multi-mode microplate reader that has three features enabling effortless detection setup and improving data quality. VANTAstar claims to be flexible and extremely easy to use for various applications.
• In April 2022, Molecular Devices launched a new multi-mode microplate reader specially designed for academia and biotech laboratories. The product is called SpectroMax Mini Multi-Mode Microplate Reader and is compact as well as economical, designed for researchers' budget and benchtop space. The new range adds to the SpectroMax line of microplate readers to aid biotechnology organizations with their research advancements.

Browse the full “Global Microplate Reader Market By Application (Nucleic Acid Quantification, Protein Colorimetric Assays, Enzyme Kinetics, Enzyme-Linked Immunosorbent Assays, and Others), By Mode-Type (Multi-Mode and Single-Mode), By End-User (Education, Computer & Electronics, Healthcare, Manufacturing, Pharmaceuticals, Energy & Utility, Biotechnology, and Others), By Enterprise Size (SMEs and Large Enterprise), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/microplate-readers-market

The global microplate reader market is segmented as follows:

By Application

• Nucleic acid quantification
• Protein colorimetric assays
• Enzyme kinetics
• Enzyme-linked immunosorbent assays
• Other

By Mode-Type

• Multi-Mode
• Single-Mode

By End-User

• Education
• Computer & Electronics
• Healthcare
• Manufacturing
• Pharmaceuticals
• Energy & Utility
• Biotechnology
• Other

By Enterprise Size

• SMEs
• Large Enterprise

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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