Microplate Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Microplate Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The microplate systems market is projected to register a CAGR of 4.3% during the forecast period.

The COVID-19 pandemic had a significant impact on the growth of the market. This was due to the rising microplate product developments for the diagnosis of COVID-19 among patients to meet the high demand for effective diagnosis. For instance, in July 2020, Dia. Pro Diagnostics Bioprobes SRL launched four EIA microplate kits for the detection of COVID-19 antibodies in human serum and plasma. Such product developments are expected to have a significant impact on the growth of the market over the forecast period. However, the resumption of various research activities and drug discovery techniques during the post-pandemic period is expected to contribute to the growth of the market over the forecast period.

The microplate systems market is experiencing significant growth due to rising funding for laboratories, increasing R&D expenditure in the pharmaceutical industry, increased laboratory testing across the world, and the growing prevalence of diseases.

Microplates, commonly referred to as micro-well or microtiter plates, are created especially for use in analytical and clinical diagnostic laboratories for low to high-throughput applications. These vital tubes are frequently employed for sample mixing, centrifugation, filtration, and storage. Microplates, created from virgin polymers, have strong chemical and heat resistance, can survive low temperatures for lengthy sample storage, have low extractability, and have good biocompatibility. The microplate systems market's top end users are the pharmaceutical and biotechnology sectors. Modern drug discovery and development processes and genomic and proteomic research heavily rely on microplate systems because they improve test speed and accuracy, freeing up time and allowing researchers to concentrate on their primary objectives. As a result, a major factor driving the market's growth is the pharmaceutical industry's accelerating speed of R&D, which is demonstrated by increased R&D spending. As per an article published by Novartis in June 2020, using multi-well microplates, high-throughput screening (HTS) may effectively assess several discrete biological responses. The microplate is selected as a technical choice in the high-throughput screening for quantitative biology. The microplate's price would be decided on the factors such as the type of material used in the production, the kind of plate bottom (solid, clear, or permeable), necessary molds, overall production process, well density, barcodes, and any surface treatments or coatings. A microplate's retail price can range from USD 4 for a typical 6-well cell culture plate to USD 50 for a 1536-well plate with collagen coating to more than USD 300 for a 96-well permeable support plate, depending on several parameters. Thus, these factors accelerate the usage and demand for microplate systems in various industries and are expected to drive the market's growth.

The increasing product launches are expected to contribute to the market's growth over the forecast period. For instance, in February 2022, BMG Labtech launched the VANTAstar microplate reader for ease of use and flexibility for a wide range of applications in basic research and life sciences.

Thus, rising funding for laboratories and increasing product launches are expected to contribute to the growth of the market. However, the rising cost of advanced microplate systems and a lack of awareness about novel techniques in developing regions are restraining factors for the market's growth during the forecast period.

The rising demand for new approaches in proteomics and genomics is augmenting the growth of microplate systems. The microplate systems and readers are vastly used in genomics and proteomics research for DNA quantification methods, advanced genotyping assays, and some staining techniques and others. Multi-mode microplate readers are used for the ideal measurements of advanced genomics and proteomics techniques for efficient sensitivity and flexibility. Thus, the high usage of microplate systems in genomics and proteomics research due to various advantages is expected to drive the growth of the segment studied over the forecast period.

The increasing government funding for genomics and proteomics research is expected to contribute to the growth of the segment studied over the forecast period. For instance, in 2020, the Spanish government invested EUR 25 million in precision medicine, genomic medicine, and data science over the next three years under a new project called Precision Medicine Infrastructure Associated with Science and Technology (IMPACT). Such investments are expected to contribute to the increasing usage of microplate systems in various genomic and proteomics research activities, thereby contributing to the growth of the segment studied.

The market for microplate systems in North America is expected to grow rapidly and this region is believed to dominate the market. This region is witnessing a rise in drug discovery, and laboratories in North America are adopting novel technologies that are augmenting the demand for advanced microplates in this region.

Numerous factors, including governmental initiatives for biotechnology research, growing acceptance of personalized medicine, increasing academic and governmental investments in diagnostic research, and growing emphasis on drug discovery and development are expected to favor the growth of the market in this region. For instance, in September 2022, the United States announced new investments and resources to advance the National biotechnology and biomanufacturing initiative. As a part of this initiative, the Department of Health and Human Services will invest USD 40 million to expand the role of biomanufacturing. Such rising funding activities by the government are expected to contribute to the growth of the market in this region.

Furthermore, the increasing product launches by various market players in this region are also expected to contribute to the growth of the market in North America. For instance, in September 2022, Integra launched the WELLJET family of dispensers to reduce running costs, increase productivity and provide longer walk-away time for bulk microplate filling and reagent dispensing.

Thus, the above-mentioned factors such as governmental initiatives for biotechnology research, growing acceptance of personalized medicine, and increasing product launches by various market players are expected to contribute to the growth of the market over the forecast period in North America.

The market for microplate systems is moderately competitive, with the presence of international players, which grab the largest market share. The major market players include Bio-Rad Laboratories Inc., Agilent Technologies Inc., Mindray Medical International Limited, Thermo Fisher Scientific Inc., Danaher Corporation (Molecular Devices)​, and others.

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