Microplate Systems Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Microplate Systems Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The microplate systems market size has grown rapidly in recent years. It will grow from $1.15 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate (CAGR) of 10.7% The growth in the historic period can be attributed to the increasing prevalence of chronic diseases, rising government initiatives and funding, increasing focus on early diagnosis and personalized medicine, the development of healthcare infrastructure in emerging economies, and economic growth.

The microplate systems market size is expected to see rapid growth in the next few years. It will grow to $1.93 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to the increasing prevalence of chronic diseases, rising government initiatives and funding, increasing focus on early diagnosis and personalized medicine, the development of healthcare infrastructure in emerging economies, and economic growth. Major trends in the forecast period include increasing adoption of automation and robotics, rising demand for high-throughput screening (HTS), advancements in microplate reader technologies, growing focus on personalized medicine, and development in diagnostics and drug discovery.

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Market Drivers and Trends:

The increasing research and development activities are expected to propel the growth of the microplate systems market going forward. Research and development activities involve efforts by companies, institutions, or governments to innovate and create new products, services, or processes that use a systematic approach to explore and expand scientific and technical knowledge. The rise in research and development activities is due to consumer demand, regulatory requirements, and government support and funding. Microplate systems enable high-throughput screening, reducing time and cost in drug discovery by testing thousands of compounds simultaneously and enhancing reproducibility with automated liquid handling and data analysis, accelerating research and development. For instance, in January 2024, according to the National Center for Science and Engineering Statistics, a US-based statistical agency, estimates for 2022 indicate that U.S. research and development spending is expected to rise to $886 billion, following an increase of $72 billion in 2021 that brought the total to $789 billion. Therefore, increasing research and development activities are driving the growth of the microplate systems market.

Major companies operating in the microplate systems market are focusing on developing advanced products, such as multi-mode microplate readers, to enhance the versatility and efficiency of laboratory research and diagnostics. A multi-mode microplate reader is an advanced laboratory instrument that performs multiple detection methods. It enables a wide range of biochemical and cell-based assays conducted using a single device, which enhances throughput in scientific research and diagnostics. For instance, in April 2022, Molecular Devices, LLC., a US-based research and development company, launched the SpectraMax Mini Microplate Reader, a compact and economical solution designed to save researchers benchtop space and budget. It supports UV-visible absorbance, fluorescence, and luminescence detection modes. It is user-upgradeable from two to three modes, providing flexibility as research needs evolve. The reader accommodates plate formats from 6 to 384 wells and features an extended wavelength range of 250 to 850 nm using xenon flash lamps. This allows for measurements in the UV range, which is beneficial for applications like tryptophan assays. It includes microplate reader control and data analysis software, SoftMax Pro Software, which comes with time-saving, pre-written procedures for regularly used applications.

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Major Key Players of the Market:

Thermo Fisher Scientific Inc., Danaher Corporation, Corning Incorporated, Agilent Technologies Inc., Lonza Group AG, PerkinElmer, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Bio-Rad Laboratories Inc., Bruker Corporation, Horiba Scientific, Eppendorf SE, Tecan Group Ltd., Hamilton Company, Greiner Bio-One International GmbH, Promega Corporation, Molecular Devices LLC, Berthold Technologies GmbH & Co. KG, BMG Labtech, Biochrom Ltd., JASCO, Enzo Life Sciences Inc., Accuris Instruments, Hudson Robotics Inc., Kbiosystems Ltd.

Microplate Systems Market 2024 Key Insights:

• The microplate systems market size is expected to see rapid growth in the next few years. It will grow to $1.93 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%.
• Increasing Research And Development Activities Propel Growth Of The Microplate Systems Market
• Advancement In Multi-Mode Microplate Readers Enhances Laboratory Versatility And Efficiency
• North America was the largest region in the microplate systems market in 2023

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