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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Increasing Incidence of Infectious Diseases Drives Microplate Reader 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.
The report assists in determining and analyzing the key market players’ portfolios with information such as company profiles, components and services offered, financial information for last three years, key developments in past five years, and helps in constructing strategies to gain competitive advantage. The market payers from Microplate Reader Market are anticipated to gain lucrative growth opportunities in the future with the rising demand for Microplate Reader at the global level. Below mentioned is the list of few companies engaged in the Microplate Reader market.
The report segments Microplate Reader market as follows:
Microplate ReaderMarket – by Application
Microplate Reader Market – by End User
Microplate Reader Market– by Geography
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