Microplate Reader Market Trends

Microplate readers are used in gene expression, testing of biochemical reactions and quantification of proteins. Technically, these readers, which takes few minutes or even seconds to analyze information, can handle multiple samples at a time, allowing researchers to analyze more amount of data in a single shot. With the rising competition among biotechnology companies to develop products using genomic technology, the demand for microplate readers is anticipated to increase over the coming years. Owing to these factors, the global microplate readers market is anticipated to record a noteworthy CAGR during the forecast period, i.e., 2021-2028. The market is segmented by end user into diagnostic laboratories, biotechnology companies, pathology labs, life sciences & research institutes and others. Among these segments, the life sciences & research institutes segment is anticipated to grow at a significant rate over the forecast period on account of rising rate of diseases such as influenza and the inclination of the researchers towards microplate readers to produce more reliable and flexible outputs. 

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Growth Drivers

Increasing Frequency of Diseases and High Throughput Screening Rates to Propel the Market Growth

Microplate reader helps in diagnosis of diseases such as influenza by measuring chemical, biological or physical reactions, and properties within the well of a microplate. The diagnosis process requires collection of appropriate respiratory samples and thereafter the application of a laboratory diagnostic test. In biotechnology, high throughput screening (HTS) is a procedure which is used for the discovery of a drug. The process allows a researcher to quickly conduct millions of chemical, genetic, or pharmacological tests. This process helps to quickly identify active compounds, or genes which modulate a particular bio-molecular pathway. For conducting HTS, a microplate which has numerous testing vessels is used. Backed by the increasing frequency of diseases, there is a rising need for the diagnosis of these diseases, which in turn is anticipated to create growth opportunities for the microplate readers market over the coming years.

Increasing Research and Development Activities to Drive the Market Growth

According to the statistics by the World Bank, research and development expenditure (% of GDP) around the world grew from 1.995% in the year 2013 to 2.274% in the year 2018.

The research and development sector experiences continuous growth in various industries including the pharmaceutical industry, backed by the support of the rising expenditure of both public and private entities. The technological advancements in medical equipment such as microplate reader offer flexibility and ease of use over a broad range of applications. Microplate readers facilitate research by reducing operational time, improving processes and efficiency, and saving costs. Moreover, for quick assessment of enzyme activity or protein and nucleic acid quantification, microplate reader is a reliable choice for any laboratory. Such factors are anticipated to drive the growth of the global microplate readers market.

Restraints

High Cost of Microplate Reader

Microplate readers play a vital role in the success of an experiment in a laboratory, enabling targets to be quickly identified in a reproducible manner. The price of a microplate reader depends on the type of technical equipment and the number of detection modes that the device can measure. Benefits associated with microplate readers such as ease of use, optimization functions, integrated software and built-ins comes with a high price. Therefore, the high cost of microplate readers is anticipated to hamper the growth of the market over the coming years.

Lack of Awareness Among the Working Professionals Regarding Microplate Readers

Many low- and middle-income countries lack access to advanced technologies owing to the lack of awareness among the working professionals and allocation of small budget for research and development activities. Owing to this lack of awareness, microplate readers are not accessible to some low- and middle-income countries. This acts as a challenging factor for the growth of microplate readers market over the coming years.