Microplate Reader Market Value Worth $704.4 Million by 2027, Says The Insight
Pune, India, April 08, 2021 (GLOBE NEWSWIRE) — According to our new research study on “Microplate Reader Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Application, and End User” the Microplate Reader Market was valued at US$ 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 high cost of advanced microplate readers is the major factor hindering the market growth.
Microplate Reader Market: Key Insights
In 2019, North America dominated microplate reader market with more than one-third revenue share. The increase in the demand for advanced and quick processing technologies by biopharmaceutical and biotechnology companies; presence of key market players and their increasing number of product lunches; extensively expanding research activities in various fields of life sciences, such as genomic and proteomics research and drug discovery; and rise in clinical diagnostics conducted by various academic and research institutes are the prime factors contributing to the market growth in this region.
Pharmaceuticals R&D is gaining traction worldwide owing to the rising focus on drug discovery. The US biopharmaceutical industry has been the forefront of the development of new therapeutics worldwide. 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 and advanced approaches in drug discovery is bolstering the adoption of microplate readers.
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Various companies are developing microplate readers for the drug discovery process to make the research easier and faster. For instance, BioTek Instruments, Inc. offers Synergy HT, a unique multi-detection microplate reader, for high-throughput screening (HTS) and drug discovery. Moreover, pharmaceutical companies are investing heavily in the drug discovery, gene sequencing, and targeted protein development to meet the growing demands of the healthcare sector. Understanding the protein–drug interactions is a crucial and vital parameter in drug discovery.
Further, the rise in personalized medicine development activities is propelling the demand for genetic studies, which, in turn is likely to contribute to the growth of the microplate reader market. The field of precision medicine requires genomic information of every individual to offer targeted treatment for a particular indication. The increasing prevalence of chronic diseases has increased the demand for biologics, orphan disease drugs, and personalized medicines. For instance, in 2019, the FDA approved 12 personalized medications to address the root cause of disease and integrate precision medicines with clinical care. Thus, increasing government efforts are strengthening personalized medicine…