Microplate Readers Market: Segmented By Modality (Filter Microplate, Monochromatic Microplate, Portable Microplate, and Bench Top Microplate), By Application (Oncology, Molecular Biology, Biotechnology, Cellular Biology, and Others): By End-User (Pharmaceutical, Hospitals, Life Science Research Laboratories, and Academic Research Institutes), and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Microplate Readers Market to surpass USD 734.2 million by 2030 from USD 542.4 million in 2020 at a CAGR of 4.01% within the coming years, i.e., 2020-30.
A microplate reader is laboratory equipment used to measure chemical, biological or physical reactions, characteristics, and analytes in microtiter plates. Microtiter plates consist of small wells where individual reactions occur. These reactions convert the presence of analytes or the development of biochemical processes into light signals. The microplate reader recognizes these signals to quantify the parameters of interest. The microplate reader is used to quantify various biological and chemical analyses on microplates. In addition to biology, biochemistry, and pharmaceutical research in academic and industrial environments, tablet readers are also used in environmental research and the food and cosmetic industries. The multi-mode microplate reader provides flexibility and ease of use for a variety of applications
Microplate Readers Market is predicted to project a notable CAGR of 4.01% in 2030.
Awareness, growing R&D programs, the emergence of high-throughput high-speed screening (HTS) for drug discovery, and genomic technology are key drivers of the growth of the microplate reader market. Aims to promote the growth of the Microplate Reader Market. The growth of the entire Microplate Reader Market is driven by the increase in research and development in the pharmaceutical industry and the increase in infectious diseases. An expansion of research, development and diagnostic activities related to the novel coronavirus is a key driver of Microplate Reader Market growth. In addition, it is estimated that the global focus on vaccine development will provide lucrative opportunities for market growth. With the development of Microplate Reader and the growing demand for them in laboratories, the Microplate Reader Market will definitely grow.
Recent News and Developments
Life Science Research Laboratories segment to grow with the highest CAGR during 2020-30
Microplate Readers Market is segmented by End User into Pharmaceutical, Hospitals, Life Science Research Laboratories, and Academic Research Institutes. The Life Science Research Laboratories segment is anticipated to dominate the Microplate Readers Market. The life science research laboratory department is expected to promote the growth of the Microplate Readers Market. Increased government initiatives and support for research and laboratory work are important factors leading to the significant growth of the Microplate Readers Market. This market segment is expected to grow the fastest during the forecast period. This growth is attributed to increased government support in the form of funding for biotechnology and pharmaceutical research.
Biotechnology segment to grow with the highest CAGR during 2020-30
Microplate Readers Market is segmented by Application into Oncology, Molecular Biology, Biotechnology, Cellular Biology, and Others. The Biotechnology segment is projected to dominate the Microplate Readers Market. Due to the increase in global research and technology funding, biotechnology is a fast-growing field, which has greatly promoted the growth of the microplate reader market.
Mounting incidence of infectious diseases
The increase in infectious diseases has driven the demand for the development of fast and effective treatments, vaccines, and other drugs, thereby increasing the demand for microplate readers. Promote the growth of the global microplate reader market. According to data from the World Health Organization (WHO), the incidence of dengue fever increased significantly in 2017, which is equivalent to approximately 390 million people infected with dengue fever worldwide each year. In 2015, there were approximately 212 malaria cases and 429,000 deaths worldwide.
Increasing attention to drug research
Due to increasing attention to drug research, drug research and development have gained momentum on a global scale. Diseases have increased the demand for biologics, and sweat medicines have driven the growth of the microplate reader market.
Sensitivity towards storage conditions
The sensitivity to storage conditions limits the market for microplate readers. In addition, unlabeled technology also limits market growth. However, the high cost of modern multi-mode microplate readers is a major obstacle to market growth. Sensitivity issues will also hinder the growth of the multi-mode microplate reader market.
COVID-19 Impact on the Microplate Readers Market
The healthcare industry has been severely affected by the COVID19 pandemic and will continue to grow during the forecast period. The increase in infectious diseases has led to the demand for microplate readers in the research market, especially in hospital laboratories. The market is positively affected by increased automation and increased R&D investment. During the COVID19 pandemic, the microplate reader market is experiencing significant growth.
Biotek Instruments, Inc.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Microplate Readers Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. North America is expected to dominate the Microplate Readers Market, followed by Europe. The strong growth of the North American market can be attributed to several factors, such as Increasing government funding for medical research and technological advancement, increasing FDA approvals, and increasing demand for advanced and rapid processing technologies by some biopharmaceutical companies that promote growth. Microplate reader market. The existence of major players in the market and its increasing number of foods; the extensive expansion of research activities in various fields of life sciences, such as genome and proteomic research and drug discovery; the increase in the number of clinical diagnoses in various academic and research institutions, chronic diseases and The increase in the prevalence of infectious diseases and the increase in population are the main factors driving the growth of the microplate reader market in this region.
Microplate Readers Market is further segmented by region into:
|Market size value in 2020||USD 542.4 million|
|Revenue forecast in 2030||USD 734.2 million|
|Growth Rate||CAGR of 4.01% from 2021 to 2030|
|Base year for estimation||2020|
|Quantitative units||Revenue in USD million and CAGR from 2021 to 2030|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Modality, Application, End-User, and Region|
|North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)|
|Key companies profiled||Biotek Instruments, Inc., Hercuvan Lab Systems, Molecular Devices, LLC, Thermo Fisher Scientific, BMG Labtech, Promega Corporation, PerkinelmerInc, Bio-Rad Laboratories, Inc., Tecan Trading AG, Lonza|
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