Microplate Instrumentation and Systems Market to reach a valuation of ~US$ 1.6 Billion by the year 2033
[312 Pages Report] The global market is expected to be valued at US$ 1.0 billion by the end of 2023, and to grow at a CAGR of 4.9% to a valuation of US$ 1.6 billion by the end of 2033. According to a recent study by Future Market Insights, microplate readers are expected to lead the market with a share of approximately 33.7% in 2023.
During the forecast period, the microplate instrumentation and systems market is expected to grow at a CAGR of 4.9%. The microplate instrumentation and systems market is anticipated to grow from US$ 927 million in 2021 to USD 1,170 million in 2026.
The global microplate instrumentation and systems market is expected to grow at a CAGR of 4.8 percent over the forecast period, from USD 927 million in 2021 to USD 1,170 million in 2026. The pharmaceutical industry’s expanding R&D expenditure, the growing focus on miniaturization, and the rising prevalence of diseases are all driving the demand for microplate systems.
Microplate systems market trends are expected to be amplified by the rising incidence of infectious diseases and increased funding in medical research in countries such as the United States through 2028.
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According to the Healthy People 2020 Report, tuberculosis, influenza, and viral hepatitis continue to be the country’s leading causes of sickness and death. Given the use of microtiter plate readers as an essential instrument in virology research, such considerations could boost the share of the microplate readers market.
In the coming years, the increased manufacturing of a variety of liquid handlers that allow for miniaturized or low volume genotyping reactions as well as zero cross-contamination in source wells is anticipated to further help the sector grow.
Microplate systems are widely employed in contemporary drug discovery and development, as well as genomic and proteomic research, because they speed up and enhance test accuracy, allowing researchers to focus on more vital tasks.
As a result, the growing R&D activities in the pharmaceutical industry may be seen as a key growth driver for healthcare medical devices.
The microplate instrumentation and systems market is likely to be driven by growing demands in the biotechnology industry for automated cell-based and biochemical assays, as well as a rising incidence of chronic conditions.
Microplate systems are extremely useful for analyzing gene expression reactions, biochemical pathways, and protein measurements. Microplate systems can evaluate many samples at once.
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This capability is predicted to boost the microplate systems market even further.
Furthermore, the microplate instrumentation and systems market is predicted to rise significantly owing to increase pharmaceutical R&D spending, a greater focus on miniaturization, technical improvements, and rising ailment prevalence.
The demand for microplate systems is expected to grow as a result of the current pandemic and the pharmaceutical and biotechnology sectors’ participation in restricting the virus’s spread by providing critical drugs, vaccinations, kits, and other supplies.
The market for microplate systems is expected to be limited by the increasing prices of technologically sophisticated items and a lack of awareness about enhanced quality in microplate systems.
The systems market presents a considerable barrier for small firms and new entrants. As a result, corporations must invest extensively in order to compete in the market. Furthermore, in order to succeed in the market, the microplate instrumentation and systems market players must minimize operational expenses, which is extremely challenging for small firms and new entrants.
- In 2020, the drug discovery category held the greatest microplate instrumentation and systems market share. The necessity for high-/ultra-high-throughput screening and decreased time-to-market for pharmaceuticals can be linked to this segment’s considerable share.
- During the forecast period, the consumables segment is expected to increase the most. The expanding prevalence of diseases, the increased focus on drug discovery, and the increasing Research expenditure by pharmaceutical corporations are all driving this segment’s rise.
- After a detailed examination of the pandemic’s commercial ramifications and the resulting economic crisis, the Pipetting Systems & Dispensers segment’s growth is revised to a revised 3.6 percent CAGR for the next seven years. This systems market sector now controls 27% of the worldwide Microplate Systems market.
- In the year 2022, the microplate systems market in the United States is expected to be worth $366.8 million. In the global market, the country currently holds a 37.66 percent stake.
- China, the world’s second-largest economy, is expected to reach a market size of US$160.7 million in 2026, with an annual growth rate of 8.2% over the analyzed period.
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Danaher Corporation (US), Agilent Technologies Inc. (US), and Thermo Fisher Scientific Inc. are some of the key competitors in this industry (US). In the year 2020, Danaher Corporation was the market leader.
The corporation has a significant presence in North America, Europe, and the Asia Pacific. Furthermore, the company’s significant strength in the microplate systems market is its strong brand awareness and broad product portfolio. In 2020, Agilent Technologies Inc. (US) ranked second in the microplate systems market.
Beckman Coulter Life Sciences introduced the BioLector XT Microbioreactor in May 2021, which is equipped with FlowerPlate microtiter plate technology and is designed to allow high-throughput strain screens, feeding strategy optimization, and cultivation parameter monitoring.
Thermo Fisher Scientific introduced the Cytomat 24 line of automated incubators and storage systems for microplate incubation applications in May 2021.
- Pipetting Systems and Dispensers
- Other Product Types
- Biotechnology & Pharmaceutical
- Hospitals & Diagnostic Laboratories
- Research Institutes
- Academic Institutes
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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