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.
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.
Lucrative Regions for Microplate Reader Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
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.
Type-Based Insights
On the basis of type, the microplate reader market is segmented into single-mode microplate readers and multi-mode microplate readers. Single-mode microplate readers segment is further segmented into absorbance plate readers, fluorescence plate readers, and luminescence plate readers. Furthermore, the multi-mode microplate reader segment is subsegmented into filter-based readers, monochromator-based readers, and hybrid readers. The single-mode microplate readers segment held a larger share of the market in 2019; however, the multi-mode microplate reader segment is projected to register a higher CAGR in the market during the forecast period.
Microplate Reader Market, by Type – 2019 and 2027
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Application-Based Insights
On the basis of application, the microplate reader market is segmented into genomics and proteomics research, drug discovery, clinical diagnostics, and other applications. The drug discovery segment held the largest share of the market in 2019; however, the clinical diagnostics segment is estimated to register the highest CAGR during the forecast period.
End User-Based Insights
On the basis of end user, the microplate reader market is segmented into hospital and diagnostic laboratories, biotechnology and pharmaceutical companies, and research and academic institutes. The biotechnology and pharmaceutical companies segment held the largest share of the market in 2019, and it is estimated to register the highest CAGR during the forecast period.
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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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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
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 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystThe microplate reader market players adopt the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Microplate Reader Market – by Type
- Single-Mode Microplate Readers
- Absorbance Plate Readers
- Fluorescence Plate Readers
- Luminescence Plate Readers
- Multi-Mode Microplate Readers
- Filter-Based Readers
- Monochromator-Based Readers
- Hybrid Readers
Microplate ReaderMarket – by Application
- Drug Discovery
- Clinical Diagnostics
- Genomics and Proteomics Research
- Others
Microplate Reader Market – by End User
- Biotechnology and Pharmaceutical Companies
- Hospital and Diagnostic Laboratories
- Research and Academic Institutes
Microplate Reader Market– by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
- Asia Pacific(APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
- South Americaand Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Biotek Instruments, Inc.
- Hercuvan Lab Systems
- Molecular Devices, LLC
- Thermo Fisher Scientific
- BMG Labtech
- Promega Corporation
- PerkinelmerInc
- Bio-Rad Laboratories, Inc.
- Tecan Trading AG
- Lonza
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
A microplate reader is laboratory machine used to estimate bio-chemical or physical reactions, properties, and analytes within the microplate well. A microplate consists of small wells in which separate reactions take place. The microplate reader detects signals and quantifies the parameter of interest. It reduces operational time to save reagent costs, allowing researchers to commit more time to data analysis and create actionable insights.
The growth of microplate reader market is attributed to some key driving factors such as increasing research and development in the pharmaceutical industry and increasing incidence of infectious diseases.
The microplate reader market majorly consists of the players such as 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 amongst others.
The List of Companies - Microplate Reader Market
- 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
- Lonza
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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