Microplate Readers Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Single-Mode Microplate Readers and Multi-Mode Microplate Readers); Application (Genomics & Proteomics, Drug Discovery, Clinical Diagnostics and Others); End-User (Hospitals & Clinical Laboratories, Pharmaceutical & Biotechnology Companies, Academic & Research Institutions and Others); and Region/Country
Global Microplate Readers Market is expected to grow at a significant rate of around 4% during the forecast period. The global microplate readers market is anticipated to witness an uptick owing to the rapid technological advancement and rising investment in research & development of pharmaceutical & biotechnology companies. For instance, The Pharmaceutical Research and Manufacturers of America (PhRMA) trade group represents the leading biopharmaceutical research companies in the United States. In 2019, the research and development (R&D) expenditure of its member companies reached USD 83 billion worldwide, up from USD 79.6 billion in 2018. Furthermore, the market for microplate readers is expanding as a result of a number of key factors including the high prevalence of diseases like influenza, rising patient awareness, increasing R&D initiatives, the introduction of high-throughput screening (HTS) for drug discovery, and genetic technology.
Thermo Fisher Scientific, Inc., Danaher Corporation, Promega Corporation, Bio-Rad Laboratories, Agilent Technologies Inc., PerkinElmer, Inc., Enzo Life Sciences, QIAGEN, BioTek Instruments, BMG Labtech are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new and advanced products.
Insights Presented in the Report
“Amongst type, multi-mode microplate readers category to witness higher CAGR during the forecast period”
Based on type, the microplate readers market is segmented into single-mode microplate readers and multi-mode microplate readers. The multi-mode microplate readers segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to its greater flexibility, cost efficiency, and compact sizing options. Moreover, apart from the fluorescence, absorbance, and luminescence capabilities, these readers also offer different configurable modes for fluorescence polarization, fluorescence resonance energy transfer, etc.
“Amongst application, genomics & proteomics segment to hold a significant share in the market in 2020”
Based on application, the microplate readers market is divided into genomics & proteomics, drug discovery, clinical diagnostics and others. The genomics & proteomics segment grabbed a considerable market share of the market in 2020. The growth of this segment can be attributed to the rise in genomics & proteomics research activities and the availability of a variety of reagent kits and microplate assays for protein library screening and assessment of cell viability. However, the drug discovery segment is also expected to grow with a lucrative CAGR during the forecast period.
“Amongst end-user, pharmaceutical & biotechnology companies segment to hold a significant share in the market in 2020”
Based on end-users, the market is fragmented into hospitals & clinical laboratories, pharmaceutical & biotechnology companies, academic & research institutions and others. The pharmaceutical & biotechnology companies segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to the increasing research & development activities in these companies and rising government support & funding for biotech and pharma research.
“North America to hold a significant share in the market”
North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as well-established healthcare infrastructure, the presence of numerous biopharmaceutical and pharmaceutical companies in the region, a rising focus on drug discovery and rising R&D investments by various pharmaceutical key players. For instance, in 2019, the pharmaceutical industry spent USD 83 billion on R&D. These expenditures covered a wide variety of research activities including drug discovery and development.
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 global microplate readers 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
Research Methodology for the Microplate Readers Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global microplate readers market were the three major steps undertaken to create and analyze the adoption of microplate readers in major regions globally. 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 global microplate readers market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting 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 of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the microplate readers market 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 readers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that 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 the microplate readers market. Further, we conducted factor analysis using dependent and independent variables such as various. A type, applications, and end-user of microplate readers thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the microplate readers market sector across the globe.
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 global microplate readers 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/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the microplate readers market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global microplate readers market in terms of products 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, 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
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global microplate readers market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, and end-user in the global microplate readers market.
The main objective of the Global Microplate Readers Market Study
The current & future market trends of the global microplate readers market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the microplate readers market 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 type, application, and end-users.
- Define and analysis of the regulatory framework for the microplate readers
- 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 readers market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the microplate readers 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
Related Reports
Customers who bought this item also bought
Antibiotic Resistance Market: Current Analysis and Forecast (2024-2032)
Emphasis on Disease Type (Urinary Tract Infections, Intra-Abdominal Infections, Blood Stream Infections, Clostridium Difficile Infections, And Others); Pathogen Type (Acinetobacter baumannii, Pseudomonas aeruginosa, Staphylococcus aureus, Streptococcus pneumoniae, and Others); Drug Class (Oxazolidinones, Lipoglycopeptides, Tetracyclines, and Others); and Region/Country
October 8, 2024
