Microplate Reader Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The microplate reader market size is projected to reach US$ 916.8 million by 2031 from US$ 605.2 million in 2023. The market is expected to register a CAGR of 5.3% during 2023–2031. The introduction of new technologies in microplate readers to enhance optics, accuracy, and reduction of research and development costs is likely to act as a future trend in the market.

Microplate Reader Market Analysis

The growing focus on drug discovery, personalized medicine, and biotechnology research is driving the adoption of microplate readers, particularly in laboratories for automated testing with high accuracy for a wide variety of assays. Microplate readers are more versatile and adaptable for a range of applications, from small-scale research settings to large-scale diagnostic facilities. The demand for portable, high-performance systems is growing in both laboratory and clinical environments, where efficiency and cost-effectiveness are crucial.

Microplate Reader Market Overview

The market growth in North America is characterized by an increase in the demand for advanced and quick processing technologies by biopharmaceutical and biotechnology companies, the presence of key market players, and extensive research and development conducted by various academic and research institutes. Europe occupies a significant position in the global microplate reader market. It is expected to register a robust growth rate owing to government and private funding for research in biologics and pharmaceuticals and the launch of innovative technologies. The market is driven by extensive research projects undertaken by several research institutes and the availability of infrastructure and facilities for research.

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Microplate Reader Market: Strategic Insights

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Microplate Reader Market Drivers and Opportunities

Expanding Applications in Biopharmaceutical Research

A microplate reader is a laboratory instrument utilized to measure chemical, biological, or physical reactions within the wells of a microplate. It detects optical signals generated from these reactions, allowing for the quantification of specific analytes in the sample. Pharmaceutical and biotechnology research depends on variety of instrumentation. In high-throughput screening (HTS) and drug discovery, microplate-based assays assess large numbers of samples. A microplate reader detects signals and quantifies key parameters efficiently. These readers can handle up to 3,456 samples in minutes, minimizing operational time and reducing reagent costs. This efficiency allows researchers to focus more on data analysis and generating actionable insights, making microplate readers essential for various biological and chemical assays. Various market players, including Agilent Technologies, Inc.; Molecular Devices, LLC; and BMG LABTECH, offer innovative microplate readers for HTS and drug discovery research applications. BMG LABTECH's advanced detection technologies, such as TR-FRET and NanoBRET, can be used in high-throughput drug screening. In August 2023, Lonza launched the Nebula Absorbance Reader to improve endotoxin and pyrogen testing. The Nebula Absorbance Reader serves as a high-performance replacement, providing comparable results to the company's Nebula Multimode Reader. Designed to work seamlessly with Lonza reagents, the Nebula Absorbance Reader meets the specifications for Lonza's endotoxin assays, including the PYROGENT 5000 and Kinetic-QCL assays. It also supports readouts for monocyte activation tests, such as the PyroCell MAT System.

Growing Emphasis on Point-of-Care Testing

The rising adoption of point-of-care testing (POCT) is expected to create opportunities for portable microplate readers. These compact devices facilitate rapid diagnostics, enhancing patient care in hospitals and outpatient facilities. POCT involves conducting tests near the patient's bed, providing quick results for immediate clinical decisions. As healthcare systems focus on timely diagnosis and treatment, the demand for microplate readers and related technologies continues to grow. This inclination toward POCT emphasizes the need for efficient microplate readers to cater to rapid testing environments. The advancements in portable and user-friendly microplate readers are improving the practicality of POCT. Innovations, such as miniaturized devices, are facilitating the implementation of POCT across various settings, as they can perform multiple assays simultaneously. In November 2020, Enzo launched a portable microplate reader for use with the company's ELISA and other assay kits. The compact solid-state technology allows this instrument to be used in new settings. With this advancement, POCT can transition from centralized, complex clinical laboratories to locations closer to where patients receive care. Such innovations create new growth opportunities as healthcare providers seek efficient solutions for rapid diagnostics. Therefore, the increasing focus on POCT is expected to offer a significant market opportunity for microplate readers.

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 segmented into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment held a larger share of the market in 2023.
• By application, the microplate reader 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.
• Based on end user, the 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 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, South & Central America, and the Middle East & Africa. North America dominated the market in 2023. The microplate reader market in North America is segmented into the US, Canada, and Mexico. The US is the largest microplate reader market and is estimated to dominate the market in North America during the forecast period. The growth of the US microplate reader market is attributed to extensively increasing life science research activities such as genomic and proteomics research, drug discovery, and a rise in clinical diagnostics. In January 2020, Illumina, Inc. announced its strategic partnership with Roche to accelerate the adoption of genomic research and provide access to the same. The company also focuses on product and software introduction, which is expected to boost genomic research. This growth in genomic research is expected to have a positive impact on the adoption of microplate readers in the US. The increasing number of product launches due to the demand for advanced processing technologies is also estimated to offer a lucrative growth opportunity for the US microplate reader market during the forecast period. In November 2020, Enzo Biochem, a US-based diagnostic company, launched a compact and portable microplate reader for clinical diagnostics.

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 Report Scope

Microplate Reader 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 introduced the Nebula Absorbance Reader, a new microplate reader designed for endotoxin and pyrogen testing. The Nebula Absorbance Reader served as a high-performance replacement, offering results comparable to the ELx808 and ensuring the smooth continuation of testing programs. (Source: Lonza; Company Website; August 2023)
• Molecular Devices, LLC launched the SpectraMax Mini Multi-Mode Microplate Reader. This compact and economical device was designed to save researchers both benchtop space and budget. Built on nearly four decades of expertise in delivering high-performance microplate reader technology, the SpectraMax Mini was robust enough to meet a lab's essential microplate reading needs. Its compact size made it ideal for integrating large workstation setups with multiple instruments. (Source: Molecular Devices, LLC, Company Website, 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