Global Microplate Systems Market to Reach $1.1 Billion by 2026
A microplate system is essentially an apparatus that is used for discovering physical, biological and chemical
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Global Microplate Systems Market to Reach $1.1 Billion by 2026 A microplate system is essentially an apparatus that is used for discovering physical, biological and chemical process reactions for experimental and research activities. The microplate systems are extremely helpful in testing biological reactions, gene expression reactions and quantification of proteins.
They find use in drug discovery, fermented foods treatment, wastewater treatment and environmental monitoring. Microplate systems is a growing market driven by factors such as increasing incidence of infectious and chronic diseases, as well as accelerated demand for automated biochemical and cell-based assays by the biotechnology industry.
The increasing prevalence of several chronic diseases has largely driven demand for advanced diagnostic equipment, including microplate systems. The market also stands to benefit from factors such as growing investments in R&D activities in genomics and proteomics domains;
increasing usage of immunoassays in the development of innovative therapies for combating various diseases; increasing usage of single-mode and hybrid microplate systems in immunoassays; and integration of microplate systems with various other automation technology in the healthcare sector. The coronavirus outbreak and the ensuing rise in lab testing is also driving demand for microplate systems.
Amid the COVID-19 crisis, the market for Microplate Systems estimated at US$990.9 Million in the year 2022, is projected to reach a revised size of US$1.1 Billion by 2026, growing at a CAGR of 4.5% over the analysis period. Readers, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$708.9 Million by the end of the analysis period.
After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Pipetting Systems & Dispensers segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 27% share of the global Microplate Systems market.
The U.S. Market is Estimated at $366.8 Million in 2022, While China is Forecast to Reach $160.7 Million by 2026 The Microplate Systems market in the U.S. is estimated at US$366.8 Million in the year 2022. The country currently accounts for a 37.66% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$160.7 Million in the year 2026 trailing a CAGR of 8.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.6% and 4.2% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market (as defined in the study) will reach US$169.7 Million by the end of the analysis period. Increasing prevalence of several chronic diseases is driving demand for advanced diagnostic equipment, including microplate systems.
Growth is also benefiting from rising demand from biotech firms for automated cell-based as well as biochemical assays, growing funding for laboratories, intensifying government initiatives in both developed and developing nations for adopting automated and sophisticated diagnostics in the healthcare sector, and favorable reimbursement policies in developed economies.. Other equally important growth factors include growing investments in R&D activities in genomics and proteomics domains;
Increasing usage of immunoassays in the development of innovative therapies for combating various diseases; increasing usage of single-mode and hybrid microplate systems in immunoassays; and integration of microplate systems with various other automation technology in the healthcare sector. Persistent industry focus on the miniaturization trend for diagnostic assays, and the development of high-throughput assays are likely to offer significant growth opportunities for microplate systems market.
Washers Segment to Reach $125.1 Million by 2026 Microplate washers are instruments used to clean the overrun liquid from microwell plates while testing. Washers are vital laboratory equipment, as various formats of these are invariably required for running certain assays. For instance, enzyme-based ELISA assays require removal of liquid and washing of plates prior to advancing each step of the test. Washers essentially form part of total lab automation solution for screening applications, and microplate manufacturers generally offer a complete solutions portfolio.
In the global Washers segment, USA, Canada, Japan, China and Europe will drive the 3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$91.3 Million will reach a projected size of US$112.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$10.3 Million by the year 2026, while Latin America will expand at a 4.3% CAGR through the analysis period. More
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