Microplate Reader Market Size Worth $704.4 Million By 2027 | CAGR 3.6 %: The Insight Partners

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.

According to our new research study on "Microplate Reader Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Type, Application, and End User". The market growth is mainly attributed to the increasing research and development in the pharmaceuticals industry, and surging incidence of infectious diseases. However, the high cost of advanced microplate readers is the major factor hindering the market growth.

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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.

Increasing Incidence of Infectious Diseases Drives Microplate Reader Market Growth

Infectious diseases are among the leading causes of death worldwide. As per the WHO estimates, ~3-5 million people suffers from severe flu every year worldwide, and ~650,000 people die because of the disease. People with infectious diseases account for the majority of hospital admissions and clinical diagnostics. For instance, as per the CDC (Centers of Disease Control and Prevention), ~15.5 million people in the US consulted physicians in 2017, primarily for the diagnosis of infectious diseases. Clinical diagnostics help detect early signs and risk factors, making early intervention possible. Diagnostic tests have a decisive impact on each step of diagnosis-including screening, disease prevention, and early diagnosis, followed by identifying the responsible pathogen. The microplate reader market is driven by the growing incidence of infectious diseases and the increasing adoption of automated platforms in diagnostic laboratories.

The microplate reader market is witnessing considerable growth amid the COVID-19 pandemic. Surge in research and development, and diagnostics activities pertaining to the novel coronavirus is a key factor propelling the market growth. In addition, emphasis on vaccine development across the world is also estimated to offer lucrative opportunities for the market growth.

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On the basis of type, the microplate reader market is segmented into single-mode microplate readers and multi-mode microplate readers. Single-mode microplate readers segment is further segmented into absorbance plate readers, fluorescence plate readers, and luminescence plate readers.

Furthermore, the multi-mode microplate reader segment is subsegmented into filter-based readers, monochromator-based readers, and hybrid readers. The single-mode microplate readers segment held a larger share of the market in 2019; however, the multi-mode microplate reader segment is projected to register a higher CAGR in the market during the forecast period.
On the basis of application, the microplate reader market is segmented into genomics and proteomics research, drug discovery, clinical diagnostics, and other applications. The drug discovery segment held the largest share of the market in 2019; however, the clinical diagnostics segment is estimated to register the highest CAGR during the forecast period.

On the basis of end user, the microplate reader market is segmented into hospital and diagnostic laboratories, biotechnology and pharmaceutical companies, and research and academic institutes. The biotechnology and pharmaceutical companies segment held the largest share of the market in 2019, and it is estimated to register the highest CAGR during the forecast period.

Microplate Reader Market: Competitive Landscape and Key Developments
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 among the leading companies operating in the Microplate Reader market.

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