The single-mode microplate reader segment by type is estimated to lead the market growth during the forecast period.
According to The Insight Partners market research study of “North America Microplate Reader Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, Application, End User and Country.” The North America microplate readers market is expected to reach US$ 322.75 million by 2027 from US$ 240.51 million in 2019; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The report highlights trends prevailing in the North America microplate reader market and the factors driving market along with those that act as hindrances.
Based on Type, the North America microplate readers market is segmented into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate reader segment held the largest share of the market in 2019, however, the multi-mode microplate readers segment is estimated to register the highest CAGR in the market during the forecast period.
Pharmaceutical R&D is gaining attraction worldwide owing to the rising focus on drug discovery. The US biopharmaceutical industry has been the world leader in the development of new therapeutics. As per the Pharmaceutical Research and Manufacturers of America (PhRMA), the biopharmaceutical industry invested US$83 billion in R&D in 2019. The increasing demand for new approaches in drug discovery is bolstering the growth of microplate readers. Various companies are developing microplate readers for the drug discovery process to make the research process easier and faster. Moreover, pharmaceutical companies are investing heavily in the drug discovery, gene sequencing, and development of targeted protein to meet the growing demand of the healthcare sector. Further, the development of personalized medicine is leading to increasing demand for genetic studies, which, in turn is likely to contribute to the growth of the microplate reader market.
The outbreak has highly affected the North American region. Currently, the COVID-19 diagnostic testing industry is witnessing upsurge on account of a growing number of cases coupled with the increasing emergency use authorizations from the regulatory bodies. In addition, several diagnostic companies are engaged in the development of COVID-19 point-of-care rapid diagnostics tests having higher sensitivity and low turn-around time, which is restricting the microplate reader market. Increasing research activities in the region are driving the growth of the microplate reader in the forecast period.
The growth of the North America microplate readers market is attributed to some key driving factors such as increasing research and development in the pharmaceutical industry and rising development of personalized medicine leading to demand for genetic studies. However, high cost of advanced microplate reader is the major factor hindering the market growth.
BioTek Instruments, Inc, Hercuvan Lab Systems, Molecular Devices, LLC, THERMO FISHER SCIENTIFIC INC, BMG LABTECH, Promega Corporation, PerkinElmer Inc., BIO-RAD LABORATORIES INC, Tecan Trading AG, and Lonza are among the leading companies operating in the North America microplate readers market.
The report segments in North America Microplate Reader Market as follows:
By Type
- Single-Mode Microplate Reader
- Absorbance Plate Readers
- Fluorescence Plate Readers
- Luminescence Plate Readers
- Multi-Mode Microplate Reader
- Filter-Based Readers
- Monochromator-Based Readers
- Hybrid Readers
By Application
- Genomics & Proteomics Research
- Drug Discovery
- Clinical Diagnostics
- Other
By End User
- Pharmaceutical & Biotechnology Companies
- Research & Academic Institutes
- Hospital & Diagnostic Laboratories
By Country
- US
- Canada
- Mexico
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