Biotechnology and Pharmaceutical Companies Segment, by End User to Account Largest Share in Microplate Reader Market during 2023–2031

According to our new research study on "Microplate Reader Market Forecast to 2031 – Global Analysis – by Type, Application, and End User," the market was valued at US$ 605.2 million in 2023 and is expected to reach US$ 916.8 million by 2031; it is expected to register a CAGR of 5.3% from 2023 to 2031. The microplate reader market report highlights the key factors driving the microplate reader market growth and prominent players with their developments in the market.

The microplate reader market analysis has been carried out by considering the following segments: type, application, end user, and geography. The market, based on type, is segmented into single-mode microplate readers and multi-mode microplate readers. Single-mode microplate readers held the largest share of the market in 2023; it is also expected to record the highest CAGR from 2023 to 2031. The microplate reader market, based on application, is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and others. The drug discovery segment held the largest share of the market in 2023; it is also expected to record the highest CAGR from 2023 to 2031. Based on end user, the microplate reader market is segmented into biotechnology and pharmaceutical companies, hospital and diagnostic laboratories, and research and academic institutes. The biotechnology and pharmaceutical segment held the largest share of the market in 2023.

The scope of the microplate reader market report covers North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, Japan, India, Australia, and the Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America is the biggest contributor to the global microplate reader market. In North America, the US is the largest market for microplate readers. The growth of the US microplate reader market is attributed to extensively increasing life science research activities such as genomic and proteomics research, drug discovery, and a rise in clinical diagnostics. In January 2020, Illumina, Inc. announced its strategic partnership with Roche to accelerate the adoption of genomic research and provide access to the same. The company also focuses on product and software introduction, which is expected to boost genomic research. This growth in genomic research is expected to have a positive impact on the adoption of microplate readers in the US. The increasing number of product launches due to the demand for advanced processing technologies is also estimated to offer a lucrative growth opportunity for the US microplate reader market during the forecast period. In November 2020, Enzo Biochem, a US-based diagnostic company, launched a compact and portable microplate reader for clinical diagnostics

BioTek Instruments Inc, Hercuvan Lab Systems, Molecular Devices LLC, THERMO FISHER SCIENTIFIC INC, BMG LABTECH, Promega Corporation, PerkinElmer Inc. BIO RAD LABORATORIES INC, Tecan Trading AG, and Lonza  are among the leading companies operating in the global microplate reader market.    

Companies operating in the microplate reader market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the microplate reader market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.

A few of the developments made by the companies operating in microplate reader market are as follows:

• In Aug 2023, Lonza introduced the Nebula Absorbance Reader, a new microplate reader designed for endotoxin and pyrogen testing. The Nebula Absorbance Reader served as a high-performance replacement, offering results comparable to the ELx808 and ensured the smooth continuation of testing programs.
• In April 2022, Molecular Devices, LLC launched the SpectraMax Mini Multi-Mode Microplate Reader. This compact and economical device was designed to save researchers both benchtop space and budget. Built on nearly four decades of expertise in delivering high-performance microplate reader technology, the SpectraMax Mini was robust enough to meet a lab's essential microplate reading needs. Its compact size made it ideal for integration into large workstation setups with multiple instruments

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