The microplate reader market was valued at US$ 534.5 million in 2019 and is projected to reach US$ 704.4 million by 2027; it is expected to grow at a CAGR of 3.6%from 2020 to 2027.
A microplate consists of small wells wherein separate reactions take place. A microplate reader is laboratory machine used for the estimation of biochemical or physical reactions, properties, and analytes within the microplate wells. It detects signals and quantifies the parameter of interest. The use of readers reduces operational time and saves reagent costs, allowing researchers to commit more time to analyze data analysis and derive actionable insights. The growth of microplate reader market is attributed to increasing research and development activities in the pharmaceuticals industry, and elevating incidence of infectious diseases. However, the high cost of advanced microplate readers is a major factor hindering the market growth.
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Biotek Instruments, Inc., Hercuvan Lab Systems, Molecular Devices, Llc, Thermo Fisher Scientific, BMG Labtech, Promega Corporation, Perkinelmer Inc, Bio-Rad Laboratories, Inc., Tecan Trading AG, and Lonza are among the leading companies operating in the microplate reader market.
On the basis of type, the microplate reader market is segmented into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment is further segmented into absorbance plate readers, fluorescence plate readers, and luminescence plate readers. The multi-mode microplate readers segment is subsegmented as filter-based readers, monochromator-based readers, and hybrid readers. The single-mode microplate readers segment held a larger market share in 2019, and the multi-mode microplate reader segment is estimated to register a higher CAGR during the forecast period. The rising number of research and development activities for the management of chronic conditions, and accelerating pace of drug discoveries offer lucrative opportunities for the growth of the multi-mode microplate reader market.
The microplate reader market is witnessing considerable growth amid the COVID-19 pandemic. Surge in research and development, and diagnostics activities pertaining to the novel coronavirus is a key factor propelling the market growth. In addition, emphasis on vaccine development across the world is also estimated to offer lucrative opportunities for the market growth.
Infectious diseases are among the leading causes of death worldwide. As per the WHO estimates, ~3–5 million people suffers from severe flu every year worldwide, and ~650,000 people die because of the disease. People with infectious diseases account for the majority of hospital admissions and clinical diagnostics. For instance, as per the CDC (Centers of Disease Control and Prevention), ~15.5 million people in the US consulted physicians in 2017, primarily for the diagnosis of infectious diseases. Clinical diagnostics help detect early signs and risk factors, making early intervention possible. Diagnostic tests have a decisive impact on each step of diagnosis—including screening, disease prevention, and early diagnosis, followed by identifying the responsible pathogen. The microplate reader market is driven by the growing incidence of infectious diseases and the increasing adoption of automated platforms in diagnostic laboratories.
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