Latest Study on “Microplate Systems Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Microplate Systems market size is expected to be worth around US$ 1,190 Million by 2027, according to a new report by nova one advisor.
The global Microplate Systems market size was valued at US$ 920 Million in 2020 and is anticipated to grow at a CAGR of 5.7% during forecast period 2021 to 2027.
Overview of Microplate Systems Market Study
Microplate Systems market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Growth of the market is driven mainly by the increasing R&D expenditure in the pharmaceutical industry, increasing focus on miniaturization, and the growing prevalence of diseases.
Microbial interactions are found in nearly all biological processes and interactions, which also include mixed infections from plants, animals, and humans. These are used in drug discovery, environmental monitoring, treatment of waste water, and fermented foods. Therefore, the life sciences and food industries need complete understanding of how micro-organisms interact, which will help pharmaceutical, biotechnology and food companies to develop molecule/drug entities and products against polymicrobial interactions and other applications. Currently, microplate system is one of the important devices available for studying how microbes interact. Microplate system is a laboratory equipment designed to discover and process chemical, physical, and biological reactions for research and experimental purpose. Microplate systems are quite useful in testing of gene expression reactions, biological reactions, and quantification of proteins. Most of these are frequently applied for bioassay, manufacturing process, and drug discovery. Microplate systems have the ability to analyze several samples simultaneously by using different well formats. Recent advancements in technology have made it possible to add an interactive user interface which can add data procurement from microplate systems. Generally, these are automatic or semi-automatic devices and work on the principle of luminescence, fluorescence, and absorbance.
Global Microplate Systems Market Dynamics
DRIVER: Increasing R&D expenditure in the biopharmaceutical company
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.
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. In Europe, the pharmaceutical R&D expenditure increased from USD 16.5 billion (EUR 17.8 billion) in 2000 to USD 45.6 billion (EUR 37.5 billion) in 2019 (Source: EFPIA).
OPPORTUNITY: Growth in the pharmaceutical and biotechnology industries
In the last decade, the number of pharma companies has grown significantly, especially in the emerging markets. As of 2019, there are 1,131 publicly listed pharmaceutical and biotech companies across the Asia Pacific, indicating a significant presence of local as well as international players in the region.
According to the Pharmaceutical Research and Manufacturers Association (PhRMA), US firms conduct a majority of the world’s R&D in pharmaceuticals and hold the intellectual property rights to most new medicines. In addition, the biopharmaceutical industry has developed over 5,000 new medicines around the world, with ~3,400 compounds currently being studied in the US—more than in any other region around the world.
CHALLENGE: Survival of small players and new entrants
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.
The microplate reader segment is expected to grow at the highest CAGR during the forecast period
Based on the product, the microplate systems market is segmented into microplate readers, microplate pipetting systems and dispensers, microplate washers, and microplate accessories & software. The consumables segment is projected to witness the highest growth during the forecast period. The increasing prevalence of diseases, the growing focus on drug discovery, and the rising R&D expenditure by pharmaceutical companies the major factors supporting the growth of this segment.
The application segment accounted for the largest share of the microplate systems market in 2020
By application, the microplate systems market is segmented drug discovery, clinical diagnostics, genomics and proteomics research, and other applications. The drug discovery segment accounted for the largest market share in 2020. The large share of this segment can be attributed to The need for high-/ultra-high-throughput screening and reduced time-to-market for drugs.
Biotechnology and pharmaceutical companies for the largest share of the microplate systems market in 2020
Based on end-users, the microplate systems market is segmented into biotechnology & pharmaceutical companies, hospitals & diagnostic laboratories, and academic & research institutes. The biotechnology and pharmaceutical segment accounted for the largest share of the microplate systems market in 2020. Increasing government support in the form of funding for biotech and pharma research are the major driving factor for this market.
North America accounted for the largest share of the microplate systems market in 2020
Based on the region, the microplate systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the microplate systems market. The large share of North America can be attributed to factors such as government initiatives for cell-based research, the increasing acceptance of personalized medicine, increasing academic and government investments in diagnostic research, and increasing focus on drug discovery and development.
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COVID-19 Impact on Microplate Systems Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Microplate Systems market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Microplate Systems market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Microplate Systems market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Microplate Systems market include:
Bio-Rad Laboratories Inc. (US), PerkinElmer (US), Danaher Corporation (US), Thermo Fisher Scientific (US), Agilent Technologies Inc. (US), Tecan (Switzerland), BMG Labtech (Germany), Promega Corporation (US), Enzo Life Sciences Inc. (US), Berthold Technologies (Germany), Biochrom (UK), Corning (US), Lonza (Switzerland), Brucker Corporation (US), Dynex Technologies (US), Bio-One International GmbH (Austria), Accuris Instruments (US), CTK Biotech Inc. (US), LTEK (South Korea), JASCO (Japan), Rayto (China), Micro Lab Instruments (India), Biohit Oyj (Finland), Mindray (China), and Hudson Robotics (US)
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- 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
- Drug Discovery
- Clinical Diagnostics
- Genomics and Proteomics Research
- Other Applications
- Biotechnology & Pharmaceutical Companies
- Hospitals & Diagnostic Laboratories
- Academic & Research Institutes
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Why Buy this Report?
The purpose of Nova one advisor’s Microplate Systems market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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