Microplate Systems Market

Global Microplate Systems Market Size (2023 to 2028)

The global market size for microplate systems is predicted to be worth USD 1.66 billion by 2028 from USD 1.22 billion in 2023, growing at a CAGR of 6.33% from 2023 to 2028.

Microplate systems are one of the essential tools for studying how bacteria behave. A microplate system is laboratory equipment designed to identify biological, natural, and physical processes for analysis and experimental purposes. Biological interactions and processes among bacteria are examples of microbial interactivity, and infections from plants, animals, and humans are all included. Medication development, environmental monitoring, wastewater treatment, and fermented foods employ the microplate system.

Impact of COVID-19 on the global microplate systems market:

With the World Health Organization (WHO) labeling the COVID-19 outbreak a pandemic, several established pharmaceutical and biopharmaceutical companies and tiny startups have stepped up to create therapies and vaccines to combat the infection caused by the novel coronavirus. As a result, the demand for microplate products in this field is expected to expand because of the current pandemic and the pharmaceutical and biotechnology sectors' participation in restricting the virus's spread by providing critical drugs, vaccinations, kits, and other supplies.

Following the coronavirus pandemic, the healthcare industry has experienced significant interruptions due to supply chain, raw material, and manufacturing concerns. In addition, several basic sciences and clinical research efforts at academic, government, and commercial institutions were reduced because of the pandemic, which may have damaged the microplate systems market. However, the shift in emphasis from fundamental studies to COVID-19-related research to meet the increased need for pharmaceuticals, diagnostics, and vaccines may benefit the market outlook over the forecast period.

MARKET DRIVERS:

Due to increased financing for laboratories, increased R&D expenditure in the pharmaceutical industry, increased laboratory testing across the globe, and the growing occurrence of diseases, the microplate systems market is seeing substantial expansion.

Researchers are constantly attempting to improve the technology utilized in microplates, resulting in enhanced products on the market. Furthermore, there has been a significant impact on the market studied because of increasing innovation in microplate systems. Tests such as ELISA, better reimbursement regulations in developed countries, and increased automation in health are being performed using microplate systems. As a result, technological improvements have a favorable impact on the market.

Several firms are developing microplates for the drug discovery process, attracting researchers because it makes their procedure easier with the use of such microplates. Microplate systems market trends will be amplified by the rising incidence of infectious diseases and increased funding in medical research in countries such as the United States through 2028. Tuberculosis, influenza, and viral hepatitis continue to remain the leading causes of illness and mortality in the United States, according to the Healthy People 2020 Report. Given the importance of microtiter plate readers in virology research, such factors could help the sector grow. In the next few years, the market will benefit from the expanded production of various liquid handlers that allow for miniaturized or low-volume genotyping reactions and zero cross-contamination in source wells.

MARKET RESTRAINTS:

Increases in the cost of technologically advanced products and a lack of understanding about the availability of upgraded features in microplate systems are projected to hinder the growth of the global microplate systems market to some extent over the forecast period. The microplate systems market presents considerable challenges for small firms and new entrants. R&D and market launch of innovative items necessitate large amounts of money.

REPORT COVERAGE:

This research report on the global microplate systems market has been segmented and sub-segmented based on the product, application, end-user & region.

Microplate Systems Market – By Product:

• 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
• Microplate Pipetting Systems and Dispensers
• Microplate Washers
• Microplate Accessories & Software

Microplate washers are devices that clear excess liquid from microwell plates during testing. Washers are essential laboratory equipment since different formats are required for executing specific experiments.

Microplate Systems Market – By Application:

• Drug discovery
• Clinical diagnostics
• Genomics and Proteomics research

Microplate Systems' Drug Discovery applications are expected to expand in the future. Pharmaceutical R&D is attracting the attention of governments worldwide, resulting in significant financing. However, regarding society's medical needs, the market has yet to reach contentment. The high failure rate and longer time required for drug development are key factors promoting the growth of novel drug discovery techniques. Microplate technologies are becoming more popular as the demand for innovative drug discovery methodologies grows. Several firms are developing microplates for the drug discovery process, attracting researchers because it makes their procedure easier with the use of such microplates.

Microplate Systems Market – By End-User:

• Biotechnology and Pharmaceutical Companies
• Hospitals and Diagnostic Laboratories
• Research and Academia

In 2021, the biotechnology and pharmaceutical companies held the most significant proportion of the microplate systems market. The key driving driver for this market is increased government support in financing for biotech and pharma research.

Microplate Systems Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The microplate systems market in North America was the largest globally in 2022. Government initiatives for cell-based research, growing acceptance of personalized medicine, expanding academic and government funding in diagnostic research, and a growing focus on drug discovery and development favor the North American region to register a solid share in the global market during the forecast period. Furthermore, drug discovery is rising in the United States, and laboratories are embracing novel technologies, driving demand for advanced microplates in the country. Because of advancements in microplate absorbance reader technology for lab applications ranging from ELISAs to cell imaging, the Microplate Systems Market Size is predicted to rise significantly from 2022 to 2027. Furthermore, the pharmaceutical industry's increased spending on research and development will affect the entire market dynamics in the coming years.

Europe is expected to dominate the worldwide microplate systems market during the forecast period. The region's dominance is ascribed to technical improvements, rapid acceptance of new treatments, and improved healthcare infrastructure, all of which are aided by government regulations. Furthermore, important companies in the microplate systems market with large investment plans, the need for early drug discovery, and the FDA's approval levels for new pharmaceuticals and medical equipment are all factors to consider.

Asia-Pacific is expected to grow at the fastest rate during the forecast period due to affordable labor, increased focus on curbing the rising prevalence of chronic diseases, increased healthcare infrastructure, increased geriatric population, and growth in the healthcare and biotechnology industries.

KEY MARKET PARTICIPANTS:

Agilent Technologies, Inc., Biochrom, Bio-Rad Laboratories, Inc., BioTek Instruments, Inc., Corning Incorporated, Danaher Corp., PerkinElmer Inc., Promega Corporation, Tecan Trading AG, and Thermo Fisher Scientific Inc. are some of the prominent companies operating in the global microplate systems market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• BioTek introduced Agilent's BenchCel Microplate Handler for full workflow automation in 2020.
• The BioLector XT Microbioreactor was announced to be available in 2021 from Beckman Coulter Life Sciences.