The global microplate market size was significantly large in 2022, and is expected to continue to register a rapidly inclining revenue CAGR between 2023 and 2032. Key factors responsible for driving market revenue growth are rising incidence of chronic illnesses, increased focus on miniaturization, and surging R&D spending in the pharmaceutical sector.
A microplate, also known as a microtiter plate, is a flat plate containing numerous wells that serve as miniature test tubes. It is a common tool in both diagnostic and research facilities. Microplates are mostly used in Enzyme-linked Immunosorbent Tests (ELISA). They come in a variety of sizes and well densities, including 6, 24, 96, 384, and 1536 wells. The most popular microplate is stated to be 96 well plates.
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Microplates and microplate equipment are very important tools for cell culture and other types of research. These tools, which were once solely utilized in laboratory settings for study, are now increasingly being employed in diagnosis of various illnesses. As a result, they have established a strong presence in laboratory testing and hospitals. Microplates are therefore utilized in different types of studies to better comprehend drug discovery and development, as well as biological responses. Microplates are consequently crucial in testing procedures and are also used in production. They are in high demand from research settings because of their capacity to evaluate many samples at once.
Major Factors Driving Growth Of The Global Microplate Market:
Revenue growth of the global microplate market is significantly driven by increasing incidence of serious conditions such as cancers & autoimmune diseases, need to prevent & manage various infectious diseases, and rising diagnosis & monitoring of various microorganism-related infectious diseases. Two of the most significant users of microplates are pharmaceutical and biotech industries. Microplates are widely used in contemporary drug discovery and development, as well as proteomic and genomic research, since they improve test efficiency and speed, thereby allowing researchers to focus on more important activities. As a result, the pharmaceutical sector is focusing more on R&D activities by investing huge sums. Lastly, development of new technologies such as sequencing and polymerase chain reaction would also drive the microplate market growth in the near future.
Factors Restraining Growth Of The Global Microplate Market:
Imposition of excise charges, unavailability of qualified personnel, and rising prices of microplates are factors limiting the industry\’s expansion. The microplates industry presents a substantial barrier for small businesses and new competitors. R&D activities and launch of innovative products need high initial investments. As a result, firms must invest substantially in order to remain competitive in the industry. Furthermore, in order to succeed in the market, key participants must cut operational expenses, which is extremely challenging for small businesses and new competitors.
Opportunities For Players Operating In The Global Microplate Market:
The number of pharmaceutical businesses has increased dramatically in the previous decade, particularly in emerging countries. There were 1,131 publicly listed biotech and pharmaceutical firms in Asia Pacific as of 2019, thereby suggesting that the region has a major footprint of both local and foreign enterprises.
As per the Pharmaceutical Research and Manufacturers Association (PhRMA), pharmaceutical companies based in the United States mainly perform most of the global R&D and own the intellectual property rights to the majority of new drugs. Furthermore, the biopharmaceutical sector has created over 5,000 novel medications throughout the globe, with over 3,400 compounds currently being researched in the United States—more than any other area. It is expected to generate new growth opportunities for the microplate market participants.
Global Microplate Market Revenue Led By Product Segment:
Based on product, the microplate readers segment is expected to reach the highest revenue share over the forecast period. Rising R&D investments by pharmaceutical firms, increased focus on new drug development, and rising incidence of various illnesses are contributing to the segment\’s growth. Besides, the demand for genetic research is also expected to surge, owing to rising number of customized medicine developmental projects, thereby driving the segment ahead.
Global Microplate Market Leading End-use Segment:
Based on end-use, the biotechnology and pharmaceutical companies segment is expected to dominate all other segments in terms of revenue generation over the forecast period. Increased government assistance in the form of financing for biotechnology and pharmaceutical research is one of the major factors driving the segment’s growth. Additionally, adoption of advanced technologies for diagnosis & monitoring and increasing expansion of various sectors are also set to propel this segment’s growth.
North America Accounts For Largest Revenue Share In Global Microplate Market:
Among regional markets, North America emerged as the largest market for microplates in 2020, with the highest revenue share. The region’s high adoption levels of technically advanced goods, and presence of significant market participants, are driving the microplate market growth in this region. Apart from that, growing focus on drug discovery and development, increased government & academic funding in diagnostics, higher adoption of personalized medicines, and increasing efforts by governments to conduct cell-based research are other factors contributing to market growth.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
The Asia Pacific microplate market is expected to register the fastest CAGR over the forecast period. The rapidly developing biotech sector in China and India is a primary driver of the Asia Pacific market. The region is also increasingly establishing itself as a major center for CRO operations, thereby facilitating the introduction of improved microplates & peripheral equipment. Apart from that, availability of a trained workforce, advancements in production facilities, and technological developments are anticipated to propel growth of the microplate market in APAC.
Major Companies Profiled In The Report:
- Thermo Fisher Scientific
- BMG Labtech
Strategies And Objectives Of Major Companies:
- Agilent Technologies Inc. introduced the BenchCel Microplate Handler in 2022.
- Agilent Technologies Inc. bought BioTek Instruments in 2022 to expand its product line.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, the global microplate market is segmented on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2023-2032)
- Microplate Readers
- Multi-mode Microplate Readers
- Filter-based Readers
- Monochromator-based Readers
- Hybrid Readers
- Single-Mode Microplate Readers
- Fluorescence Plate Readers
- Absorbance Plate Readers
- Luminescence Plate Readers
- Multi-mode Microplate Readers
- Microplate Pipetting Systems and Dispensers
- Microplate Washers
- Microplate Accessories & Software
Application Outlook (Revenue, USD Billion; 2023-2032)
- Drug Discovery
- Clinical Diagnostics
End-use Outlook (Revenue, USD Billion; 2023-2032)
- Biotechnology & Pharmaceutical Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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