Microplate Systems Market Analysis And Forecast To 2031: By Product (Multi-Mode Microplate Readers, Single-Mode Microplate Readers), By Application (Drug Discovery, Clinical Diagnostics), By End-use (Biotechnology And Pharmaceutical Companies, Hospitals A

Microplate Systems Market Analysis And Forecast To 2031: By Product (Multi-Mode Microplate Readers, Single-Mode Microplate Readers), By Application (Drug Discovery, Clinical Diagnostics), By End-use (Biotechnology And Pharmaceutical Companies, Hospitals And Diagnostic Laboratories, Research And Academia) And Region

The global microplate systems market was valued at USD 1.2 billion in 2021 and it is anticipated to grow up to USD 2.4 billion by 2031, at a CAGR of 7.2% during the forecast period.

Microbial interactivity is found in biological interactions and process among bacteria. It includes infections from plants, animals and also humans. Microplate systems are known as one of the most significant devices available to examine how the microbes act together. Microplate system is an apparatus used in the laboratory which is developed for finding out biological, chemical process and physical reactions for research and experimental activities. These systems are very useful for testing of gene expression reactions, biological reactions and quantification of proteins. Microplate system has its applications in drug discovery, environmental monitoring, treatment of waste water and fermented foods.

Market Trends and Drivers

Increasing R&D expenditure in the biopharmaceutical company will positively impact the market growth.The pharmaceutical and biotechnology industries are among the major end users in the microplate systems market. Microplate systems find high use in modern drug discovery and development activities and genomic & proteomic research, as they increase the test speed and accuracy, thus saving time and enabling researchers to focus on core tasks. Consequently, the increasing pace of R&D in the pharmaceutical industry—as evidenced by the rising expenditure in this area—can be taken as a key growth driver for the market. For instance, according to PhRMA, the R&D expenditure of PhRMA member companies in the US increased from ~USD 26.0 billion in 2000 to USD 58.8 billion in 2015. Similarly, as per EFPIA, in Europe, the pharmaceutical R&D expenditure increased from USD 16.5 billion in 2000 to USD 45.6 billion in 2019.

Market Restraints and Challenges

Survival of small players and new entrants may hinders the market growth to some extent. The survival of small players and new entrants in the microplate systems market is a significant challenge. Huge investments are required for the R&D and launch of innovative products in the market. Thus, to remain competitive in the market, companies have to invest heavily. Moreover, market players have to reduce operational costs to successfully survive in the market, which is very difficult for small players and new entrants.

Global Microplate Systems Market Segmental Overview

The report analyses the global microplate systems market based on product, application, end-use, and region.

Global Microplate Systems Market by Product

Based on product, it is segmented into multi-mode microplate readers and single-mode microplate readers. Among these, multi=mode microplate segment accounted for significant market share in 2021. demand for multi-mode readers is gaining impetus due to the greater flexibility, cost efficiency, and compact sizing options offered by them. Moreover, in addition to fluorescence, absorbance, and luminescence capabilities, multi-mode readers currently offer several configurable modes for fluorescence polarization, fluorescence resonance energy transfer, time-resolved fluorescence, and amplified luminescent proximity homogeneous assays, among others. These capabilities are strengthening the growth prospects for multi-mode readers in the near future.

Global Microplate Systems Market by Application

Based on application, it is segmented into drug discovery, clinical diagnostics, and others. Among them, clinical diagnostics segment is expected to experience the fastest growth rate during the forecast period. clinical diagnostics segment will hold a major share in the microplate systems market by 2028. The segment growth is driven by the ability of microplate instrumentation to ensure high efficiency and performance for improved clinical diagnostic workflows. Microplate instruments and software of Agilent BioTek, for example, have been developed for ease of use in operation and setup of ELISA microplate readers, among other uses. In addition, the commendable increase in the number of diagnostic and medical laboratories in the U.S. will further propel the deployment of microplate equipment to boost laboratory workflow.

Global Microplate Systems Market End-use

Based on end--use, it is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic laboratories, research and academia and others. Laboratories segment is anticipated to witness the fastest CAGR over the forecast period. High-throughput screening using MR can minimize the operational time required and save reagent costs by enabling analysis of up to 3456 samples at a time. This allows for greater flexibility with sample handling and provides more time for data analysis and interpretation, which form an important aspect of research activities. Hence, research applications of these instruments are expected to rise, as evident by the launch of new products suitable for research laboratories. For instance, in April 2022, Molecular Devices, LLC (Danaher Corporation) launched its SpectraMax Mini Multi-Mode Reader with a compact and economical benchtop design ideal for academic laboratories. Similarly, in February 2022, BMG LABTECH launched the VANTAstar microplate reader suitable for use in life sciences research activities.

Geographical Analysis of Global Microplate Systems Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific microplate systems market will amass substantial profits by 2031, as a result of the high burden of infectious diseases and favorable business landscape for biopharma companies in China, Japan, and other countries. In 2021, Japan-based Bushu Pharmaceuticals Ltd. signed a deal with Suzuken Co. with an aim to offer comprehensive support to specialty pharma manufacturers that are planning to enter the Japanese market. Situations such as these could positively impact the adoption of microplate systems for drug discovery and development activities in the regional pharma sector.

Major Players in the Global Microplate Systems Market

COVID-19 Impact

Increase in COVID-19-related research activities to impact microplate systems market Trends. In the wake of the coronavirus pandemic, the healthcare domain has showcased severe disruptions due to issues regarding supply chain and raw material availability and manufacturing. Several academic, government, and industry research activities related to basic science as well as clinical studies also dwindled amid the pandemic, which may have impacted the microplate systems industry. However, the shifting focus from basic studies to COVID-19-related researches to address the growing demand for medications, diagnostics, and vaccines may create a positive impact on the industry outlook during the forecast timeline.

Recent Developments

• In April 2022, Molecular Devices launched new multi-mode microplate reader for academia and biotech laboratories.
• In May 2021, Beckman Coulter Life Sciences unveiled a new BioLector XT Microbioreactor, equipped with FlowerPlate microtiter plate technology, designed to enable high-throughput strain screenings, feeding strategy optimization, and cultivation parameter monitoring.
• In May 2021, Thermo Fisher Scientific launched a range of automated incubators and storage systems, Cytomat 24, for microplate incubation applications.
• In June 2020, Agilent Technologies Inc. launched the BenchCel Microplate Handler.
• In July 2019, Agilent Technologies Inc. acquired BioTek Instruments to strengthen its product portfolio.

Frequently Asked QuestionsQ1. How big is the microplate systems market?Ans. The global microplate systems market size was USD 1.2 billion in 2021 and is anticipated to reach USD 2.4 billion in 2031, growing at a rate of 7.2% from 2022 to 2031.Q2. What is the microplate systems market growth rate?Ans. The growth rate of the microplate systems market is 7.2%.Q3. Which region holds a major market share for the microplate systems market?Ans. North America holds a major market share of the microplate systems market in 2021.Q4. Which segment accounted for the largest microplate systems market share?Ans. By end user, the laboratories segment accounted for the largest microplate systems market share.Q5. Who are the key players in the microplate systems market?Q6. What are the factors driving the microplate systems market growth?Ans. The major factors driving the growth of the market are the increase in popularity for automated cell based and biochemical assays in biotechnology industries has boosted demand and requirement for microplate systemsQ7. What are the key growth strategies of microplate systems market players?Ans. The key growth strategies of microplate systems market players are product launch and product approval.Q8. Which region will provide more business opportunities for the microplate systems market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the microplate systems market during the forecast period.

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