Microplate Reader Market to be Worth USD 704.4 million by 2027 - Leading companies BMG Labtech, Molecular Devices, Hercuvan Lab Systems

The microplate reader market was valued at US$ 534.5 million in 2019 and is projected to reach US$ 704.4 million by 2027; it is expected to grow at a CAGR of 3.6% from 2020 to 2027.

A microplate consists of small wells wherein separate reactions take place. A microplate reader is laboratory machine used for the estimation of biochemical or physical reactions, properties, and analytes within the microplate wells. It detects signals and quantifies the parameter of interest. The use of readers reduces operational time and saves reagent costs, allowing researchers to commit more time to analyze data analysis and derive actionable insights. The growth of microplate reader market is attributed to increasing research and development activities in the pharmaceuticals industry, and elevating incidence of infectious diseases. However, the high cost of advanced microplate readers is a major factor hindering the market growth.

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In 2019, North America dominated microplate reader market with more than one-third revenue share. The increase in the demand for advanced and quick processing technologies by biopharmaceutical and biotechnology companies; presence of key market players and their increasing number of product lunches; extensively expanding research activities in various fields of life sciences, such as genomic and proteomics research and drug discovery; and rise in clinical diagnostics conducted by various academic and research institutes are the prime factors contributing to the market growth in this region.

Further, the rise in personalized medicine development activities is propelling the demand for genetic studies, which, in turn is likely to contribute to the growth of the microplate reader market. The field of precision medicine requires genomic information of every individual to offer targeted treatment for a particular indication. The increasing prevalence of chronic diseases has increased the demand for biologics, orphan disease drugs, and personalized medicines. For instance, in 2019, the FDA approved 12 personalized medications to address the root cause of disease and integrate precision medicines with clinical care. Thus, increasing government efforts are strengthening personalized medicine research activities.

Biotek Instruments, Inc.; Hercuvan Lab Systems; Molecular Devices, Llc; Thermo Fisher Scientific; Bmg Labtech; Promega Corporation; Perkinelmer Inc; Bio-Rad Laboratories, Inc.; Tecan Trading Ag; and Lonza are key companies operating in the microplate reader market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.

In June 2018, Molecular Devices announced the launch of SpectraMax ABS and ABS Plus Microplate Readers, encompassing a wide range of absorbance-based applications such as ELISAs, microbial growth, and protein quantitation. These products can be easily integrated into full robotic systems.

In January 2019, BioTek Instruments introduced next-generation Epoch 2 Microplate Spectrophotometer, with added features that allow convenient absorbance measurements.

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