Microplate Reader Market is expected to reach US$ 0.92 Billion by 2031

Single-Mode Microplate Readers Segment to Bolster Microplate Reader Market Growth During 2023–2031

According to our new research study on "Microplate Reader Market Forecast to 2031 – Global Analysis – by Type, Application, and End User," the market was valued at US$ 0.61 billion in 2023 and is expected to reach US$ 0.92 billion by 2031; it is expected to register a CAGR of 5.3% from 2023 to 2031. The microplate reader market report emphasizes the trends prevalent in the global market, along with drivers and deterrents affecting its growth.

Increasing research and development in the pharmaceutical industry and expanding applications in biopharmaceutical research are among the factors contributing to the growing microplate reader market size. However, the high cost of advanced microplate readers hampers the market growth. Further, the rise in partnerships and collaborations is expected to bring new microplate reader market trends in the coming years. 

Microplate Reader Market Share, by Region, 2023 (%)

Source: The Insight Partners Analysis

Surging Research and Development Investments Propel Microplate Reader Market Growth

Pharmaceutical research and development are gaining attraction worldwide owing to the rising focus on drug discovery. The US biopharmaceutical industry has been the world leader in developing new therapeutics. The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the leading biopharmaceutical research companies in the US. In 2023, its member companies' research and development expenditures worldwide reached ~US$ 96 billion. Pharmaceutical companies are investing heavily in drug discovery, gene sequencing, and the development of targeted proteins to meet the growing demand from the healthcare sector.

The development of personalized medicine also leads to the increasing demand for genetic studies. Precision medicine utilizes an individual's genomic information to offer targeted treatment for a particular indication. The increasing prevalence of chronic diseases has increased the demand for biologics, drugs for orphan diseases, and personalized medicines. In February 2020, the National Human Genome Research Institute (NHGRI) announced the establishment of a new precision medicine and genomics program. This program will focus on the innovation of genomics and informatics tools to diagnose and treat diseases better. Advancements in genomics and proteomics are key trends driving the growth of the microplate reader market. Therefore, increased funding for drug discovery and development activities in the biotechnology and pharmaceutical sectors is driving the demand for microplate readers. Companies such as Pfizer and Novartis are investing heavily in research and development activities for new drugs. These companies rely on the high-throughput screening capabilities provided by modern microplate readers to accelerate their research processes.

The microplate reader market analysis has been carried out by considering the following segments: type, application, end user, and geography. Based on type, the market is segmented into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment held a larger market share in 2023; it is also expected to record a higher CAGR from 2023 to 2031. Single-mode microplate readers are categorized into absorbance plate readers, fluorescence plate readers, and luminescence plate readers. Among these, the absorbance plate reader is expected to witness the highest CAGR, as absorbance measurements are used in a wide range of applications, including immunoassays with colorimetric substrates, such as ELISA, and protein assays, such as Bradford and Lowry. Compared to single-sample colorimeters and spectrophotometers, absorbance microplate readers offer a much higher throughput. Absorbance microplate readers offer many advantages; for instance, Bio-Rad's iMark microplate absorbance reader offers fast reading speeds, extensive onboard software capabilities, a preprogrammed validation protocol, a wide-format internal thermal graphical printer, and simplified standalone operation.

Based on application, the market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and others. The drug discovery segment held the largest share of the market in 2023; it is also expected to record the highest CAGR from 2023 to 2031. The microplate reader market plays a crucial role in drug discovery, offering high-throughput screening capabilities essential for analyzing biological interactions and drug efficacy. These devices facilitate the measurement of various parameters, including absorbance, fluorescence, and luminescence, enabling researchers to process thousands of samples efficiently. For instance, in the early stages of drug development, microplate readers are instrumental in screening compound libraries to identify potential lead candidates. Companies such as Thermo Fisher and BioTek have developed advanced microplate readers that integrate with automation systems, streamlining workflows and enhancing data accuracy. In addition, companies are focusing on developing products that are used only in drug discovery. For instance, in February 2023, PerkinElmer Inc launched the EnVision Nexus system, the fastest and most sensitive multi-mode plate reader designed for demanding high-throughput screening (HTS) applications and accelerating drug discovery efforts.

Based on end user, the microplate reader market is segmented into biotechnology and pharmaceutical companies, hospital and diagnostic laboratories, and research and academic institutes. The biotechnology and pharmaceutical companies segment held the largest share of the market in 2023. Microplate readers have revolutionized the pharmaceutical industry in many ways. There have been improvements in the pharmaceutical industry's lab processes by utilizing applications that detect samples in seconds. Multi-mode microplate readers have been widely used by pharmaceutical companies; the latest advancements in these readers offer up to 13 different read modes. The next-generation microplate readers have many user-friendly characteristics, including autofocus and laser detectors. Moreover, with the increased detection speed, the upgradable choices are automated for more effortless operation and workflow. Microplate readers help reduce pharmaceutical and biotechnology industries' operational time and thus save costs. This way, the lab researchers can dedicate more time for analyzing data and generating insights. In pharmaceutical companies, the most frequently used and popular modalities are fluorescence intensity, absorbance, and luminescence. 

The geographic scope of the microplate reader market report includes the assessment of the market performance in North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), South & Central America (Brazil, Argentina, and Rest of South & Central America), and the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa). In terms of revenue, North America held the largest microplate reader market share in 2023. Further, Asia Pacific is anticipated to record the highest CAGR in the market during the forecast period. China, India, and Japan are three major contributors to the market's growth, driven by the increasing demand for microplate readers and growing emphasis on laboratory automation. The China microplate reader market is expected to witness the highest revenue growth, owing to g the increasing number of research activities and a rising focus on laboratory automation. The increase in partnerships between the government and scientists in China is creating a positive environment for the growth of the market. Moreover, drug developments by companies are driving the microplate reader market. For instance, in November 2023, Merck completed the second phase of the Biologics Testing Center in China, further developing its biosafety testing laboratories to meet the local demand. Such activities are estimated to play a vital role in the growth of the China microplate reader market during the forecast period.

Extensively growing drug discoveries and genomic research activities are expected to offer a lucrative opportunity for the growth of the China microplate reader market. In June 2020, Personalis, Inc., one of the leading players in the cancer genomics market, entered into a strategic agreement with Berry Genomics, a China-based genomic research company. The company made this tactical move to expand its business operation in China, as the country holds a major market potential. Such inorganic growth policies are likely to drive genomic research in China, which will eventually drive the growth of the China microplate reader market during the forecast period.

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