The growth of microplate system market is mainly driven by growing prevalence of diseases, increasing focus on minituarisation of processes, technological advancements, and increasing R&D expenditure in the pharmaceutical industry.
The global microplate system market is expected to reach USD 996.9 Million by 2022 from USD 820.3 Million in 2017 at a CAGR of 4.0%.
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Biotechnology and Pharmaceuticals Companies are Fastest Growing End User Segment:
Microplate system market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic laboratories, and research and academic institutes. The biotechnology and pharmaceutical companies segment is expected to be the fastest growing during the forecast period. This growth is attributed to the increasing government support in the form of funding for biotech and pharma research.
Drug Discovery Segment:
The drug discovery segment is expected to be the fastest growing during the forecast period. This growth is attributed to the rising need for high-throughput assays and ADME toxicity screens for processing a huge number of compounds.
Geographical Growth Analysis:
North America is expected to dominate the market, followed by Europe. The high growth of the North American market is attributed to factors such as rising government funding for medical research and the need for early drug discovery, technological advancements, improving FDA approval levels and a positive sales outlook (allowing pharmaceutical companies to allocate more capital to R&D spending), rising prevalence of chronic and infectious diseases and increasing rising population.
Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to increasing healthcare investment, large geriatric population, and rapid economic growth in emerging APAC countries.