Microplate Reader Market Value Worth $704.4 Million by 2027, Says The Insight Partners – Impact of COVID-19 Pandemic and Global Analysis -…

Pune, India, April 08, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Microplate Reader Market Forecast to 2027 COVID-19 Impact and Global Analysis by Type, Application, and End User 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% during 20202027. The high cost of advanced microplate readers is the major factor hindering the market growth.

Microplate Reader Market: Key InsightsIn 2019, North America dominated microplate reader market with more than one-third revenue share. The increase in the demand for advanced and quick processing technologies by biopharmaceutical and biotechnology companies; presence of key market players and their increasing number of product lunches; extensively expanding research activities in various fields of life sciences, such as genomic and proteomics research and drug discovery; and rise in clinical diagnostics conducted by various academic and research institutes are the prime factors contributing to the market growth in this region.

Pharmaceuticals R&D is gaining traction worldwide owing to the rising focus on drug discovery. The US biopharmaceutical industry has been the forefront of the development of new therapeutics worldwide. 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 and advanced approaches in drug discovery is bolstering the adoption of microplate readers.

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Various companies are developing microplate readers for the drug discovery process to make the research easier and faster. For instance, BioTek Instruments, Inc. offers Synergy HT, a unique multi-detection microplate reader, for high-throughput screening (HTS) and drug discovery. Moreover, pharmaceutical companies are investing heavily in the drug discovery, gene sequencing, and targeted protein development to meet the growing demands of the healthcare sector. Understanding the proteindrug interactions is a crucial and vital parameter in drug discovery.

Further, the rise in personalized medicine development activities is propelling the demand for genetic studies, which, in turn is likely to contribute to the growth of the microplate reader market. The field of precision medicine requires genomic information of every individual to offer targeted treatment for a particular indication. The increasing prevalence of chronic diseases has increased the demand for biologics, orphan disease drugs, and personalized medicines. For instance, in 2019, the FDA approved 12 personalized medications to address the root cause of disease and integrate precision medicines with clinical care. Thus, increasing government efforts are strengthening personalized medicine research activities.

Microplate Reader Market: Segmental OverviewOn 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 held a larger market share in 2019, while the multi-mode microplate readers segment is anticipated to register a higher CAGR in the market during the forecast period. The market share of multi-mode microplate readers segment is estimated to increase exponentially in the coming years owing to their ability to detect two or more applications. Most of the microplate readers can be upgraded to powerful multi-mode microplate readers, on demand. Moreover, the multi-mode microplate readers allow supplementary detection modes, reagent injectors, and other features to be upgraded at any time.

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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 market share in 2019; however, the clinical diagnostics segment is anticipated to register the highest CAGR in the market during the forecast period. The projected growth of the market for clinical diagnostics segment is mainly attributed to the fact that microplate readers offers a broad portfolio of genetic tests with well-known applications such as non-invasive prenatal testing (NIPT), hereditary cancer screening, cardiovascular disease predisposition testing, rare diseases diagnosis, and personalized medicine applications, further allowing patients and their care providers to select individualized treatment based on their genetic and metabolic profiles.

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 further expected to register fastest CAGR during the forecast period. The future growth of the market for this segment is ascribed to the ability of microplate readers to improve the laboratory processes in pharmaceutical industries by utilizing applications that detect samples in seconds. Moreover, along with the increased detection speeds, the upgradable choices are automated for more effortless operation and workflow.

Microplate Reader Market: Competition Landscape & Key DevelopmentsBiotek 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 key companies operating in the microplate reader market. The market leaders are continuously looking forward to expanding and diversifying their market presence and reaching out to new customers, thus tapping prevailing business opportunities.

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In January 2019, BioTek Instruments introduced next-generation Epoch 2 Microplate Spectrophotometer, with added features that allow convenient absorbance measurements.

In June 2018, Molecular Devices announced the launch of SpectraMax ABS and ABS Plus Microplate Readers, encompassing a wide range of absorbance-based applications such as ELISAs, microbial growth, and protein quantitation. These products can be easily integrated into full robotic systems.

About Us:The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Sameer JoshiE-mail: sales@theinsightpartners.comPhone : +1-646-491-9876Press Release - https://www.theinsightpartners.com/pr/microplate-reader-market

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Microplate Reader Market Value Worth $704.4 Million by 2027, Says The Insight Partners - Impact of COVID-19 Pandemic and Global Analysis -...