WASHINGTON, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Increasing Research and Development (R&D) expenditure in the pharmaceutical industry, increasing focus on miniaturization, in addition to the growing prevalence of diseases across the globe are anticipated to drive the market.
The Global Microplate Systems Market revenue is expected to reach a value USD 1163.6 Billion in 2028.
The Global Market revenue was valued at USD 893.6 Billion in 2021 and is expected to grow by exhibiting a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period; states Vantage Market Research, in a report, titled “Microplate Systems Market Size, Share & Trends Analysis Report by Product (Microplate Readers, Microplate Pipetting Systems & Dispensers, Microplate Washers, Microplate Accessories & Software), by Application (Drug Discovery, Clinical Diagnostics, Genomics & Proteomics Research, Others), by End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Microplate Systems Market was valued USD 893.6 Billion in 2021 and is all set to surpass USD 1163.6 Billion by 2028, exhibiting a CAGR of 4.5% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Microplate Systems industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Drivers:
Increasing R&D Expenditure in Biopharmaceutical Company
The Microplate Systems Market's top end customers are the pharmaceutical and biotechnology sectors. Modern drug discovery and development processes and genomic and proteomic research heavily rely on microplate systems as they improve test speed and accuracy, freeing up time and allowing researchers to concentrate on their primary objectives. As a result, a significant factor driving the Market's growth is the pharmaceutical industry's accelerating speed of Research and Development (R&D), which is demonstrated by increased spending in this sector.
According to PhRMA, the Research and Development (R&D) expenditure of PhRMA member companies in the U.S. increased from USD 26.0 billion in 2000 to USD 58.8 billion in 2015. In Europe, the pharmaceutical Research and Development (R&D) expenditure augmented from USD 16.5 billion (EUR 17.8 billion) in 2000 to USD 45.6 billion (EUR 37.5 billion) in 2019.
Growing Pharmaceutical and Biotechnology Industries Along with Increase in Prevalence of Chronic and Infectious Diseases
Pharmaceutical businesses have increased dramatically during the past ten years, particularly in emerging countries. There are around 1,131 publicly listed pharmaceutical and biotech businesses in the Asia Pacific as of 2019, indicating the region's considerable presence of domestic and foreign competitors. Also, the increasing prevalence of diseases, the growing focus on drug discovery, and the rising Research and Development (R&D) expenditure by pharmaceutical companies are the significant factors driving the market growth.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Microplate Systems Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
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Regional Analysis:
North America is expected to dominate the growth of Microplate Systems Market in 2021. The significant share of North America can be attributed to a number of things, including government initiatives for cell-based research, rising acceptance of personalized medicine, rising academic and governmental investments in diagnostic research, and rising emphasis on drug discovery and development. Also, the presence of major players in the region is one of the major factors driving the market growth in the region.
List of Prominent Players in Microplate Systems Market:
- Bio-Rad Laboratories Inc. (US)
- PerkinElmer (US)
- Danaher Corporation (US)
- Thermo Fisher Scientific (US)
- Agilent Technologies Inc. (US)
- Tecan (Switzerland)
- BMG Labtech (Germany)
- Promega Corporation (US)
- Enzo Life Sciences Inc. (US)
- Berthold Technologies (Germany)
- Biochrom (UK)
- Corning (US)
- Lonza (Switzerland)
- Brucker Corporation (US)
- Dynex Technologies (US)
- Bio-One International GmbH (Austria)
- Accuris Instruments (US)
- CTK Biotech Inc. (US)
- LTEK (South Korea)
- JASCO (Japan)
- Rayto (China)
- Micro Lab Instruments (India)
- Biohit Oyj (Finland)
- Mindray (China)
- Hudson Robotics (US)
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Microplate Systems Market Size, Share & Trends Analysis Report by Product (Microplate Readers, Microplate Pipetting Systems & Dispensers, Microplate Washers, Microplate Accessories & Software), by Application (Drug Discovery, Clinical Diagnostics, Genomics & Proteomics Research, Others), by End User (Biotechnology & Pharmaceutical Companies, Hospitals & Diagnostic Laboratories, Academic & Research Institutes), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
· In 2020, Agilent Technologies Inc. launched the Bench Cel Microplate Handler.
· In 2019, Agilent Technologies Inc. acquired Bio Tek Instruments to strengthen its product portfolio.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Microplate Systems Market for the base year and forecast period?
This report titled “Microplate Systems Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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