Microplate Systems Market: Current Analysis and Forecast (2021-2027)
Emphasis on Product (Microplate Reader, Microplate Washer, Microplate Accessories); Application (Genomics & Proteomics Research, Drug Discovery, Clinical Diagnostics, Others); End-User (Hospital & Diagnostic Laboratories, Biotechnology, Pharmaceutical Companies, Research & Academic Institutes); Region and Country
A microplate system is widely employed in laboratories for the measurement of chemical, biological or physical reactions, properties, and analytes within the well of a microplate. The demand for Microplate Systems is mainly increasing on account of the increasing incidence of chronic and lifestyle disorders, increasing R&D expenditure in the pharmaceutical industry, and increasing focus on miniaturization. Moreover, the rising incidence of infectious diseases led to the high demand for lab testing, and better reimbursement policies are further intensifying the market demand. For instance, as per the Centers for Disease Control and Prevention, the number of new tuberculosis cases was 9,025 and the number of new salmonella cases was 60,999 in the US region in 2018.
Current & Projected Total Global Spending on Pharmaceutical R&D, 2016-2026 (in USD billion)
Insights Presented in the Report
“Amongst Product, Microplate Reader segment holds the major share.”
Based on Product, the market is fragmented into Microplate Reader, Microplate Washer, and Microplate Accessories. Microplate Reader segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the rising prevalence of diseases, the growing focus on drug discovery, and the increasing R&D expenditure by pharmaceutical companies. For instance, in 2019, research and development spending in the pharmaceutical industry was USD 186 billion globally. In comparison, the R&D expenditures totaled USD 159 billion in 2016. Further, this spending is anticipated to reach USD 233 billion by 2026.
“Amongst Application, Drug Discovery is anticipated to grow at the highest CAGR during the analyzed period.”
Based on Application, the market is fragmented into Genomics and Proteomics Research, Drug Discovery, Clinical Diagnostics, and Other Applications. The drug discovery segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period due to the need for high-throughput screening techniques in computer-aided drug designs and to reduce the timeline of the development of the new drug. For instance, Synthetic Genetic Array (SGA) analysis is a type of high-throughput screening technique which involves the manipulation of high-density yeast arrays for the identification of synthetic genetic interactions.
“Amongst End-user, Biotechnology and Pharmaceutical Companies segment are anticipated to grow at the highest CAGR during the analyzed period.”
Based on End-user, the market is fragmented into Hospital and Diagnostic Laboratories, Biotechnology, and Pharmaceutical Companies, Research and Academic Institutes. The biotechnology and pharmaceutical companies segment holds the largest share in 2020 and is expected to register the highest CAGR in the upcoming period owing to the increasing government support in the form of funding for biotech and pharma research. As per IBISWorld, it’s evident that biotech is a multi-billion-dollar industry. Even before 2020 came to a close, the industry market size was over $100 billion.
“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Microplate Systems market.”
For a better understanding of the market adoption of Microplate Systems, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Microplate Systems market on account of the rising government initiatives for cell-based research, the high adoption of personalized medicine, rising academic and government investments in diagnostic research, and the high number of biotech companies in the US region coupled with their increasing focus on the research and development of new drugs. As per the USA Life Sciences, around 6,600 biotech companies are operating in the US region. A more in-depth analysis highlights therapeutics as the most common in the biotech landscape, making up 29.1% of all these companies. At 17.6%, analytics and diagnostics are the second most prominent field in biotech organizations. Some of the major players operating in the market include Bio-Rad Laboratories Inc., PerkinElmer, Danaher Corporation, Thermo Fisher Scientific, Agilent Technologies Inc., Tecan, BMG Labtech, Promega Corporation, Enzo Life Sciences Inc., Berthold Technologies. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Microplate Systems market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Microplate Systems market were the three major steps undertaken to create and analyze the adoption of Microplate Systems for the different applications across major End-users such as Hospital and Diagnostic Laboratories, Biotechnology and Pharmaceutical Companies, and Research and Academic Institutes. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Microplate Systems sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to.
Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Microplate Systems through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Microplate Systems market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Product, Applications, End-user, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Microplate Systems in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Microplate Systems. Further, we conducted factor analysis using dependent and independent variables such as the increasing R&D expenditure in the pharmaceutical industry, increasing focus on miniaturization, and the growing prevalence of diseases.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Microplate Systems Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of Microplate Systems across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Microplate Systems market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Microplate Systems market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product, Applications, End-user, and Region of the Microplate Systems market.
Main Objective of the Microplate Systems market Study
The current & future market trends of Microplate Systems were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Microplate Systems in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of Product, Applications, End-user, and Region
- Define and analysis of the regulatory framework for the Microplate Systems industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Microplate Systems market for the major region
- Major regions studied in the report include North America (United States, Canada and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of the World
- Company profiles of the Microplate Systems market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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