USD 601.24 million
Report ID:
SQMIG35H2188 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
97
|Figures:
70
Global Microplate Reader Market size was valued at USD 601.24 million in 2022 and is poised to grow from USD 625.29 million in 2023 to USD 855.75 million by 2031, growing at a CAGR of 4.00% in the forecast period (2024-2031).
The increasing global population and the consequential surge in the prevalence of diseases have led to a noticeable increase in government support for research endeavors. This support is anticipated to unlock numerous growth prospects in the field. Several governments have initiated policies and incentives that encourage foreign investments, creating attractive opportunities for key industry players to extend their global reach.
Furthermore, multiple major manufacturers and research entities are forging collaborations with local producers to harness the full potential of the global microplate reader market.
Global Market Size
USD 601.24 million
Largest Segment
single-mode readers
Fastest Growth
multi-mode
Growth Rate
4.00% CAGR
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The global microplate reader market is segmented into four major segments i.e. by product, application, end-use and region. Based on product the market is segmented as, single-mode readers, absorbance microplate readers, fluorescence microplate readers, luminescence microplate readers, others, multi-mode readers, filter-based microplate readers, monochromator-based microplate readers, hybrid microplate readers. Based on application the market is segmented as, genomics & proteomics research, drug discovery, clinical diagnostics, others. Based on end-use the market is segmented as, pharmaceutical & biotechnology companies & cros, academic & research institutions, others. Based on region, the market is segmented as, North America, Europe, Asia Pacific, Latin America.
Analysis by Product
In 2022, single-mode readers dominated the market, accounting for a substantial share of over 60.0%. This leadership position can be attributed to their extensive market penetration and well-established presence in diverse academic and industrial research and development environments. Single-mode readers are favored not only for their widespread usage but also for their cost-effectiveness when compared to their multi-mode counterparts.
The multi-mode readers segment is projected to experience the fastest CAGR over the forecast period. This growth can be attributed to manufacturers' efforts to provide greater flexibility and convenience through multi-modal instruments, which can perform multiple functions without the need for several dedicated instruments.
Analysis by Application
The drug discovery segment secured the largest market share, accounting for over 40.0% of the total share. This dominance is primarily driven by the extensive applicability of microplate reading devices in various facets of drug discovery processes. Notably, these instruments play a pivotal role in the automated detection and analysis of both labeled and label-free components during cell-based assays, streamlining and enhancing the drug development workflow.
The genomics and proteomics research segment is poised for substantial growth with a significant CAGR projected from 2023 to 2030. This growth can be attributed to the diverse range of signal reading techniques available for specific applications within the realms of genomics and proteomics.
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In 2022, North America emerged as the dominant market player, commanding a substantial share of over 40.0%. This market leadership can be attributed to the region's well-established biopharmaceutical and Contract Research Organization (CRO) industry, which has been a hub of extensive research and development (R&D) activities.
The Asia Pacific region is expected to experience the most rapid CAGR from 2023 to 2030. This growth trajectory is attributed to the burgeoning life sciences industry and the increasing attraction of contract service providers to the region. The Asia Pacific region is characterized by rapid economic development and substantial investments in research and development activities, particularly in emerging economies such as China and India.
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Drivers
Benefits Associated with the Use of Microplate Readers
Restraints
Storage Sensitivity to Restrain the Global Market Growth
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The competitive environment of the Global Microplate Reader Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
Global microplate reader market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. Moreover, microplate readers boast low maintenance requirements and an extended operational lifespan. While traditional microplate reader lamps have historically been susceptible to wear and tear, recent advancements have introduced more robust options, such as deuterium, halogens, Xenon flash lamps, and LEDs. These technological improvements have substantially increased the durability and longevity of microplate readers, enhancing their attractiveness to researchers and laboratories. As a result, the adoption of these instruments is poised to continue growing, driven by their enhanced reliability and sustainability.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 601.24 million |
Market size value in 2031 | USD 855.75 million |
Growth Rate | 4.00% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Million |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Microplate Reader Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microplate Reader Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microplate Reader Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microplate Reader Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35H2188