This report aims to provide detailed insights into the global microplate market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
The growth of microplate market is mainly driven by factors such as the increasing R&D expenditure in the pharmaceutical industry, increasing focus on miniaturization, technological advancements, and growing prevalence of diseases.
Revenue Growth Analysis:
The global microplate market is expected to reach USD 996.9 million by 2022 from USD 820.3 million in 2017, at a CAGR of 4.0%.
The Microplate Readers Segment:
Based on product, the market is segmented into microplate readers, microplate pipetting systems and dispensers, microplate washers, and other products. In 2017, microplate readers segment is expected to account for the largest share of the microplate market as it is used in various applications such as investigation of new drug targets in the early stages of drug discovery as well as in research, bioassay validation, QC, and for the detection of biological, chemical, or physical processes in samples contained in microtiter plates.
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Multi-mode Microplate Reader Segment:
Based on type, microplate market is segmented into multi-mode microplate reader and single-mode microplate reader. The multi-mode microplate readers are expected to dominate the market in 2017. It is also expected to register the highest growth rate during the forecast period. The growth of this segment is attributed to the advantages associated with it such as increased throughput and efficiency.
Drug Discovery Segment:
Based on application, the market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and other applications (cell biology, food testing, and environmental monitoring). The drug discovery segment is estimated to hold the largest share of the microplate market in 2017. It is expected to register the highest CAGR during the forecast period. The need for high-/ultra-high-throughput screening and reduced time-to-market for drugs are the major drivers for the growth of the drug discovery segment.
North America and Europe to Dominate the Industry:
North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to increasing government investments to support the development of advanced diagnostic procedures, technological advancements, increasing ageing population, easy accessibility and high adoption of advanced research and diagnostic technologies (due to the significant per capita annual healthcare expenditure by the government) and rising prevalence of chronic and infectious diseases. In 2017, Europe is expected to account for the second-largest share of this market. Rising government support for research and innovation and expanding biotechnology industry are the major factors supporting the growth of the microplate systems market in this regional segment.