Global Microplate Readers Market Driven by Rising Incidence of Infectious Diseases
Posted on 14 Dec 2022
A microplate reader is a laboratory instrument that is used to measure chemical, biological or physical reactions, properties, and analytes within the well of a microplate. A microplate consists of small wells in which separated reactions take place. These reactions convert the presence of an analyte or the progression of biochemical processes into optical signals. The microplate reader detects these signals and thus quantifies the parameter of interest. The market for microplate readers is growing on account of the rising incidence of infectious diseases and increasing adoption of automated platforms in diagnostic laboratories. As a result, the global microplate readers market which was valued at USD 550 million in 2020 is expected to grow at a CAGR of around 12% from 2022-2028. These are the latest findings of UnivDatos Markets Insights (UP, India), a market research firm.
Based on type, the multi-mode microplate readers segment accounted for the largest share of the microplate readers market in 2020 and is expected to register the highest growth during the forecast period owing to their greater flexibility, cost efficiency, and compact sized options. In addition to their fluorescence, absorbance, and luminescence capabilities, these readers also offer different configurable modes for fluorescence polarization, fluorescence resonance energy transfer, etc. Based on application, the genomics & proteomics segment held the largest share of the microplate readers market in 2020 due to an increase 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 register a strong CAGR during the forecast period.
Based on end-users, the pharmaceutical & biotechnology companies segment accounted for the largest share of the microplate readers market in 2020 and is expected to register the highest growth during the forecast period owing to growing research & development activities in these companies and increasing government support & funding for biotech and pharma research. Geographically, the microplate readers market in North America is expected to register the highest growth during the forecast period due to the well-established healthcare infrastructure, presence of numerous biopharmaceutical and pharmaceutical companies in the region, and increasing focus on drug discovery and higher R&D investments by various pharmaceutical key players.
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