Report Ocean has recently published an extensive report on the Microplate Readers market, providing valuable insights into the various factors influencing its growth. This comprehensive report covers essential information about market drivers, constraints, and opportunities, allowing readers to gain a profound understanding of the market dynamics. Furthermore, it provides a detailed analysis of industry developments and emerging trends in the Microplate Readers market, along with an in-depth assessment of the market at both the global and regional levels, offering comprehensive insights for businesses and stakeholders.
In 2021, the global Microplate Readers market reached a significant size, with a total value of $544.1 million. The market is projected to experience substantial growth, with a forecast to reach approximately $731.2 million by 2030. This remarkable growth is expected to occur at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.
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Key Factors Influencing the Market
Several critical factors are anticipated to drive the growth of the Microplate Readers market:
- Growing Cases of Infectious Diseases: The increasing prevalence of infectious diseases is expected to be a primary driver of the Microplate Readers market during the study period. As the cases of infectious diseases continue to rise, there is a significant demand for fast and effective treatments, vaccines, and other drugs. For example, the World Health Organization (WHO) reported nearly 390 million cases of dengue fever in 2017. The recent COVID-19 pandemic has also highlighted the importance of addressing infectious diseases. These factors are expected to fuel the growth of the Microplate Readers market.
- Rapidly Rising R&D Activities: The acceleration of research and development (R&D) activities is another factor that is expected to benefit the Microplate Readers market. With the increasing demand for novel products, drug R&D activities have been rapidly accelerating. For instance, BioTek Instruments introduced its next-generation Epoch 2 Microplate Spectrophotometer in 2019, featuring outstanding features that allow for easy and accurate absorbance measurements. These advancements in R&D will contribute to the growth of the Microplate Readers market.
- Sensitivity to Storage Conditions: Sensitivity to storage conditions may limit the growth of the Microplate Readers market during the study period.
COVID-19 Impact Analysis
The Microplate Readers market has been positively impacted by the COVID-19 pandemic, primarily due to the increased cases of infectious diseases and the substantial growth in R&D activities to develop effective devices. This has driven the demand for Microplate Readers. The market also witnessed significant growth opportunities resulting from increased automation and R&D investment.
Regional Analysis
- North America: North America is expected to dominate the Microplate Readers market, driven by growing government funding for medical research, technological advancements, and the rapid approval of medical devices by the FDA. The region’s advanced healthcare infrastructure will further increase the demand for advanced and rapid processing technologies, contributing to the growth of the Microplate Readers market.
Key Market Players
Prominent players in the Microplate Readers market include:
- Biotek Instruments, Inc.
- Hercuvan Lab Systems
- Molecular Devices, LLC
- Thermo Fisher Scientific
- BMG Labtech
- Promega Corporation
- Perkinelmer Inc
- Bio-Rad Laboratories, Inc.
- Tecan Trading AG
- Lonza
- Other Prominent Players
Market Segmentation
The global Microplate Readers market is segmented based on:
Modality:
- Filter Microplate
- Monochromatic Microplate
- Portable Microplate
- Benchtop Microplate
Application:
- Oncology
- Molecular Biology
- Biotechnology
- Cellular Biology
- Others
End-User:
- Pharmaceutical
- Hospitals
About Report Ocean
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