Microplate Reader Market Trends and Scope 2031
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
Market Size Value in US$ 534.5 Million in 2019 Market Size Value by US$ 704.4 Million by 2027 Growth rate CAGR of 3.6% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Microplate Reader Market: Strategic Insights
| Market Size Value in | US$ 534.5 Million in 2019 |
| Market Size Value by | US$ 704.4 Million by 2027 |
| Growth rate | CAGR of 3.6% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application , and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the microplate reader market in 2023.
Increasing research and development in the pharmaceutical industry and increasing incidence of infectious diseases are the most influential factors responsible for market growth.
BioTek Instruments, Inc.; THERMO FISHER SCIENTIFIC INC; Hercuvan Lab Systems; Molecular Devices, LLC; BMG LABTECH; PerkinElmer Inc.; BIO-RAD LABORATORIES INC; Promega Corporation; Tecan Trading AG; and Lonza are the key players in the microplate reader market.
The estimated value of the microplate reader market accounted for US$ 857.02 million in 2031.
The global microplate reader market is estimated to register a CAGR of 6.06% during the forecast period 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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