Microplate Reader Market Report 2031 by Segments, Geography, Dynamics, Recent Developments, and Strategic Insights

The microplate reader market size is projected to reach US$ 857.02 million by 2031 from US$ 535.28 million in 2023. The market is expected to register a CAGR of 6.06% during 2023–2031. The integration of microplate readers with automation and robotics is likely to serve as key trends in the market.

Microplate Reader Market Analysis

The growth of the market is mainly fueled by the increasing R&D expenditure in the pharmaceutical industry, increasing focus on miniaturization, and the increasing prevalence of diseases. In addition, advantages offered by microplate readers, such as rising speed and efficiency in analytical workflows and the availability of a wide range of reading functions, are likely to support the market growth. The usage of microplate readers is stimulated by the growth in the biotechnology sector and the growing scope of applications in drug discovery, genomics, and proteomics research.

Microplate Reader Market Overview

The increase in the incidences of infectious diseases and chronic diseases, such as cancer, fuels the demand for efficient drugs such as cell-based regenerative and personalized medicines. The rising research activities are expected to increase drug development activities worldwide. Also, pharmaceutical, biopharmaceutical, biotechnology, and life science research industries are growing exponentially worldwide. Furthermore, integrating appropriate analytical technologies with microplate systems provides new opportunities for market growth. For instance, Biotek Instruments, Inc. launched its new Cytation 7 Cell Imaging Multi-Mode Reader in January 2020. It offers a combination of microscopy and multi-mode detection capabilities in a single instrument. Such innovations can facilitate the multipurpose use of microplate readers and enhance the market's growth in the future.

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Microplate Reader Market: Strategic Insights

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Microplate Reader Market Drivers and Opportunities

Increasing Research and Development in Pharmaceutical Industry to Favor Market

Pharmaceutical R&D is gaining popularity worldwide due to the growing focus on drug discovery. Pharmaceutical companies are investing profoundly in drug discovery, gene sequencing, and development of targeted proteins to meet the growing demand of the healthcare sector. The growing demand for new approaches in drug discovery is boosting the growth of microplate readers. Various companies are developing microplate readers for drug discovery to make the research process easier and faster. For instance, BioTek Instruments, Inc. offers Synergy HT, a unique multi-detection microplate reader for HTS and drug discovery.

Moreover, the increasing emphasis on R&D in pharmaceutical sectors triggers the demand for microplate readers for various applications, including drug discovery, bioassays, and protein analysis. Microplate systems are widely used in modern drug discovery and development activities, genomics, and proteomics research, as they increase the test speed and accuracy, reducing time and enabling researchers to focus on core tasks. A noteworthy increase in investments in the pharmaceutical industry has increased drug screening activities to discover novel therapeutics. Since microplate readers are an important component of drug screening and target identification & validation workflows; thus, the demand for these instruments is expected to increase, acting as a major driver of the global microplate reader market.

Technological Advancement in Microplate Readers

Due to the rising innovation in the microplate reader, it has become possible to handle up to 3456 samples in minutes or seconds. A microplate reader minimizes operational time, reduces costs, and allows researchers to dedicate more time to data analysis. Multi-mode plate readers have become popular among researchers. The advancements in microplate reader technology, such as improved sensitivity, detection capabilities, and automation, are enabling these instruments to be more versatile and efficient, leading to greater adoption. Market demand has driven manufacturers to progress from developing single-mode plate readers to multiple modes of detection. PerkinElmer Inc. EnSight multi-mode plate reader offers fast, well-imaging, and high sensitivity to perform target-based and phenotypic screening to gain valuable insights. They are ideal for a broad range of applications, such as cell viability, drug screening, biomarkers, protein-protein interaction, pathway analysis, gene expression, and epigenetics.

Microplate Reader Market Report Segmentation Analysis

Key segments that contributed to the derivation of the microplate reader market analysis are type, application, and end user.

• Based on type, the microplate reader market is divided into single-mode microplate readers and multi-mode microplate readers. Absorbance plate readers, fluorescence plate readers, and luminescence plate readers are subsegments under the single-mode microplate readers segment. The single-mode microplate readers segment held a larger market share in 2023. The multi-mode microplate readers segment is anticipated to register a higher CAGR during the forecast period.
• By application, the market is segmented into genomics and proteomics research, clinical diagnostics, drug discovery, and others. The drug discovery segment held the largest share of the market in 2023. The clinical diagnostics segment is projected to register the highest CAGR during the forecast period.
• In terms of end user, the market is categorized into hospital and diagnostic laboratories, biotechnology and pharmaceutical companies, and research and academic institutes. The biotechnology and pharmaceutical companies segment held a significant share of the market in 2023.

Microplate Reader Market Share Analysis by Geography

The geographic scope of the microplate reader market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the market. The growth of the market in this region is attributed to an increase in the demand for advanced and quick processing technologies by biopharmaceutical and biotechnology companies, the presence of important market players, and extensively expanding life science research activities such as genomic & proteomics research, drug discovery, and rise in clinical diagnostics. For instance, in January 2020, Illumina, Inc., and Roche entered into a strategic partnership to accelerate the adoption and access to genomic research in the market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.

Microplate Reader Market Regional Insights

The regional trends and factors influencing the Microplate Reader Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Microplate Reader Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Microplate Reader Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Microplate Reader Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Microplate Reader Market are:

1. BioTek Instruments, Inc,
2. Hercuvan Lab Systems,
3. Molecular Devices, LLC,
4. THERMO FISHER SCIENTIFIC INC,
5. BMG LABTECH,
6. Promega Corporation,

Disclaimer: The companies listed above are not ranked in any particular order.

Microplate Reader Market News and Recent Developments

The microplate reader market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the microplate reader market are listed below:

• Lonza launched the Nebula Absorbance Reader, a new absorbance microplate reader that joins the company’s portfolio of optimized instruments for streamlined endotoxin and pyrogen testing. The Nebula Absorbance Reader features high-performance optics and monochromator-based wavelength selection to enable precise and accurate measurements of endotoxin levels. Its compact design requires minimal laboratory space and allows for workflow flexibility. (Source: Lonza, Press Release, August 2023)
• Molecular Devices, LLC., a leading provider of high-performance life science solutions and a company of Danaher Corporation, launched its SpectraMax Mini Multi-Mode Microplate Reader, a compact and economical solution designed to save researchers benchtop space and budget. The SpectraMax Mini reader is available globally to advance research around the world. (Source: Molecular Devices, LLC, Press Release, April 2022)

Microplate Reader Market Report Coverage and Deliverables

The “Microplate Reader Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Microplate reader market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Microplate reader market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST and SWOT analysis
• Microplate reader market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the microplate reader market
• Detailed company profiles