The microplate reader market was valued at US$ 534.5 million in 2019 and is projected to reach US$ 704.4 million by 2027; it is expected to grow at a CAGR of 3.6%during 2020-2027.

The market is attributed to increasing research and development in the pharmaceuticals industry, and escalating incidence of infectious diseases. However, high cost of advanced microplate reader is a key factor hindering the market growth.

Pharmaceutical R&D is gaining traction worldwide owing to the rising focus on drug discovery. The US biopharmaceuticals industry has been at the forefront of the development of new therapeutics. As per the Pharmaceutical Research and Manufacturers of America (PhRMA), the biopharmaceutical industry invested US$ 83 billion in R&D in 2019. The increasing demand for new approaches in drug discovery is bolstering the growth of microplate readers. Various companies are developing microplate readers for the drug discovery process to make the research process easier and faster. BioTek Instruments, Inc. offers Synergy HT, a unique multi-detection microplate reader for HTS and drug discovery. Moreover, pharmaceutical companies are investing heavily in the drug discovery, gene sequencing, and target protein development. Understanding the protein-drug interactions is a crucial and vital part of the drug discovery process. Furthermore, the development of personalized medicines is leading to increasing demand for genetic studies, which, in turn, is likely to contribute to the growth of the microplate reader market.

Precision medicine utilizes genomic information of an individual to offer targeted treatment for a particular indication. The increasing prevalence of chronic diseases has increased the demand for biologics, drugs for orphan diseases, and personalized medicines. For instance, in 2019, the FDA approved 12 personalized medications to address the root cause of diseases and to integrate precision medicine with clinical care. Also, increasing government efforts are strengthening personalized medicine research. In February 2020, the National Human Genome Research Institute (NHGRI) announced a new precision medicine and genomics program to focus on bringing innovations in genomics and informatics tools for better disease diagnosis and treatment. Advancements in genomics and proteomics is a key trend driving the growth of the microplate reader market.

The microplate reader market is witnessing considerable growth amid the COVID-19 pandemic. Surge in research and development, and diagnostics activities pertaining to the novel coronavirus is a key factor propelling the market growth. In addition, emphasis on vaccine development across the world is also estimated to offer lucrative opportunities for the market growth.

On the basis of type, the microplate reader market is segmented into single-mode microplate readers and multi-mode microplate readers. Single-mode microplate readers segment is further segmented into absorbance plate readers, fluorescence plate readers, and luminescence plate readers. Furthermore, the multi-mode microplate reader segment is subsegmented into filter-based readers, monochromator-based readers, and hybrid readers. The single-mode microplate readers segment held a larger share of the market in 2019; however, the multi-mode microplate reader segment is projected to register a higher CAGR in the market during the forecast period.

The microplate reader market, by application, is segmented into genomics and proteomics research, drug discovery, clinical diagnostics, and other applications. The drug discovery segment held the largest share of the market in 2019, and the clinical diagnostics segment is estimated to register the highest CAGR in the market during 2020-2027.

On the basis of end user, the microplate reader market is segmented into hospitals and diagnostic laboratories, biotechnology and pharmaceutical companies, and research and academic institutes. The biotechnology and pharmaceuticals companies segment held the largest share of the market in 2019, and it is further estimated to register the highest CAGR during the forecast period.

The World Health Organization (WHO), Food and Drug Administration (FDA), National Health Service (NHS), and Centers for Disease Control and Prevention (CDC) are among the major primary and secondary sources referred to while preparing this report.