Microplate Systems Market to Reach US$ 2.4 bn by 2031, driven by increase in popularity for automated cell based and biochemical assays in biotechnology industries has boosted demand and requirement for microplate systems: Global Insight Services
New York, September 2022: According to a new research study by Global Insight Services (GIS), the global microplate systems market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 2.4 billion by 2031.
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Microplate Systems Market: Key Trends and Drivers
The rising geriatric population globally is the primary factor propelling the industry demand in the projected years. The geriatric population is more prone to various diseases and disorders, such as orthopedics disorders and neurological and cardiac diseases, which fosters the industry demand. For instance, as per the statistics published by the World Ageing, the world’s population aged above 60 years or more was 962 million in 2017, which was more than twice as large as the previous ten years when there were only 382 million older persons globally. The geriatric age population is anticipated to double, by 2050, to around 2.1 billion.
Additionally, the rising number of patients due to changing climatic conditions and lifestyles also stimulates industry growth. For example, according to Organization for Economic Co-operation and Development, in 2020, the number of patients is increasing rapidly globally. Accordingly, WHO is also estimated to invest nearly USD 370 billion per year in public healthcare thereby, these factors are witnessing the substantial demand for microplate systems, thus, in turn, augmenting the industry growth over the projected period.
Microplate Systems Market: Restraints & Challenges
Survival of small players and new entrants may hinders the market growth to some extent. The survival of small players and new entrants in the microplate systems market is a significant challenge. Huge investments are required for the R&D and launch of innovative products in the market. Thus, to remain competitive in the market, companies have to invest heavily. Moreover, market players have to reduce operational costs to successfully survive in the market, which is very difficult for small players and new entrants.
Microplate Systems Market Report Findings https://www.globalinsightservices.com/reports/microplate-systems-market/
The single-mode microplate readers segment is likely to hold a dominant microplate systems market share and grow at a substantial CAGR during the forecast period.
Based on product, it is segmented into multi-mode microplate readers, and single-mode microplate readers. In 2021, single mode microplate reader segment dominated the market and accounted for the largest revenue share in 2021. The growth of this segment is anticipated to single-mode readers are preferred for basic applications, with the most commonly used read modes including fluorescence, absorbance, and luminescence. A single-mode microplate reader is a good starting point. absorbance spectrophotometers and plate readers provide the versatility and convenience for a wide range of assays such as ELISAs, nucleic acid and protein quantitation, and microbial growth. Hence, aforementioned factors fuel the segmental growth.
The drug discovery segment is anticipated to hold a majority of the microplate systems market size throughout the study period.
Based on technology, it is segmented into drug discovery, clinical diagnostics, and other. Among them, drug discovery segment accounted for significant share in 2021. drug discovery applications are fueled by the high throughput screening capabilities of the instrument, while clinical diagnostic use is gaining traction due to the increasing use of enzyme-linked immunosorbent assays. Other applications such as monitoring microbial growth and enzyme activities for bioprocess operations are anticipated to grow due to a rapid increase in bio-manufacturing processes in recent years. Moreover, in 2021, Japan-based Bushu Pharmaceuticals Ltd. signed a deal with Suzuken Co. with an aim to offer comprehensive support to specialty pharma manufacturers that are planning to enter the Japanese market. Situations such as these could positively impact the adoption of microplate systems for drug discovery and development activities in the regional pharma sector.
The pharmaceutical and biotechnology companies segment is anticipated to hold a majority of the microplate systems market size throughout the study period.
Based test type, it is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic laboratories, research and academia and others. Biotechnology and pharmaceutical segment is expected to grow with the highest CAGR during the forecast period. Growing pharmaceutical and biotechnology industries along with increase in prevalence of chronic and infectious diseases. Pharmaceutical businesses have increased dramatically during the past ten years, particularly in emerging countries. There are around 1,131 publicly listed pharmaceutical and biotech businesses in the Asia Pacific as of 2019, indicating the region’s considerable presence of domestic and foreign competitors. Also, the increasing prevalence of diseases, the growing focus on drug discovery, and the rising Research and Development (R&D) expenditure by pharmaceutical companies are the significant factors driving the market growth.
The North America region is estimated to exhibit the highest growth rate during the microplate systems market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the significant market share and expected to register the fastest CAGR from 2022 to 2031. The significant share of North America can be attributed to a number of things, including government initiatives for cell-based research, rising acceptance of personalized medicine, rising academic and governmental investments in diagnostic research, and rising emphasis on drug discovery and development. Also, the presence of major players in the region is one of the major factors driving the market growth in the region.
The global microplate systems market report includes players such as Bio-Rad Laboratories Inc. (US), PerkinElmer (US), Danaher Corporation (US), Thermo Fisher Scientific (US), Agilent Technologies Inc. (US), Tecan (Switzerland), BMG Labtech (Germany), Promega Corporation (US), Enzo Life Sciences Inc. (US), Berthold Technologies (Germany), Biochrom (UK), Corning (US), and Lonza (Switzerland), among others.. In addition, major vendors are focused on developing smarter technologies for surface disinfections. For instance, in 2020, Agilent Technologies Inc. launched the Bench Cel Microplate Handler.
Recent Developments in the Microplate Systems Market:
- In April 2022, Molecular Devices launched new multi-mode microplate reader for academia and biotech laboratories.
- In May 2021, Beckman Coulter Life Sciences unveiled a new BioLector XT Microbioreactor, equipped with FlowerPlate microtiter plate technology, designed to enable high-throughput strain screenings, feeding strategy optimization, and cultivation parameter monitoring.
- In May 2021, Thermo Fisher Scientific launched a range of automated incubators and storage systems, Cytomat 24, for microplate incubation applications.
- In June 2020, Agilent Technologies Inc. launched the BenchCel Microplate Handler.
- In July 2019, Agilent Technologies Inc. acquired BioTek Instruments to strengthen its product portfolio.
Microplate Systems Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global microplate systems market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future microplate systems market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the microplate systems market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Microplate Systems Market Segments
- Multi-mode Microplate Readers
- Single-mode Microplate Readers
- Drug discovery
- Clinical diagnostics
- Biotechnology and Pharmaceutical Companies
- Hospitals and Diagnostic Laboratories
- Research and Academia
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
Key Players Profiled in the Report
• Bio-Rad Laboratories Inc. (US)
• PerkinElmer (US)
• Danaher Corporation (US)
• Thermo Fisher Scientific (US)
• Agilent Technologies Inc. (US)
• Tecan (Switzerland)
• BMG Labtech (Germany)
• Promega Corporation (US)
• Enzo Life Sciences Inc. (US)
• Berthold Technologies (Germany)
• Biochrom (UK)
• Corning (US)
• Lonza (Switzerland)