Microplate Systems Global Market Report 2024: From $1.15 Billion In 2023 To $1.93 Billion In 2028
Microplate Systems Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What's the current size of the Microplate Systems Market?
The microplate systems market size has rapidly expanded in recent years. It is expected to grow from $1.15 billion in 2023 to $1.28 billion in 2024 at a compound annual growth rate CAGR of 10.7%. Factors attributing to this growth over the historic period include the increasing prevalence of chronic diseases, rising government initiatives and funding, the focus on early diagnosis and personalized medicine, the development of healthcare infrastructure in emerging economies, and economic growth.
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What is the projected growth of the Microplate Systems Market in the coming years?
The microplate systems market size is projected to see a rapid rise in the upcoming years, growing to $1.93 billion in 2028 at a compound annual growth rate CAGR of 10.8%. This growth during the forecast period can be attributed to the increasing prevalence of chronic diseases, rising government initiatives and funding, the development of healthcare infrastructure in emerging economies, and economic growth. Major trends in the forecast period include increasing adoption of automation and robotics, rising demand for high-throughput screening HTS, advancements in microplate reader technologies, and a growing focus on personalized medicine and diagnostics and drug discovery development.
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What are the Key Growth Drivers of the Microplate Systems Market?
A significant growth driver of the microplate systems market is the increasing research and development activities. These activities involve efforts by companies, institutions, or governments to innovate and create new products, services, or processes that use a systematic approach to explore and expand scientific and technical knowledge. The rise in research and development activities is due to consumer demand, regulatory requirements, and government support and funding. Microplate systems enable high-throughput screening, reducing time and cost in drug discovery by testing thousands of compounds simultaneously and enhancing reproducibility with automated liquid handling and data analysis. This accelerates research and development.
Who are the Key Players in the Microplate Systems Market?
Major companies operating in the microplate systems market include Thermo Fisher Scientific Inc., Danaher Corporation, Corning Incorporated, Agilent Technologies Inc., Lonza Group AG, PerkinElmer, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Bio-Rad Laboratories Inc., Bruker Corporation, Horiba Scientific, Eppendorf SE, Tecan Group Ltd., Hamilton Company, Greiner Bio-One International GmbH, Promega Corporation, Molecular Devices LLC, Berthold Technologies GmbH & Co. KG, BMG Labtech, Biochrom Ltd., JASCO, Enzo Life Sciences Inc., Accuris Instruments, Hudson Robotics Inc., Kbiosystems Ltd.
What are the Emerging Trends in the Microplate Systems Market?
Companies within the microplate systems market are striving to develop advanced products, such as multi-mode microplate readers, to enhance the versatility and efficiency of laboratory research and diagnostics. Molecular Devices, LLC., a US-based research and development company, launched the SpectraMax Mini Microplate Reader, a compact and economical solution designed to save researchers benchtop space and budget. This multi-mode microplate reader caters to a wide range of biochemical and cell-based assays conducted using a single device, which enhances throughput in scientific research and diagnostics.
How is the Microplate Systems Market Segmented?
The microplate systems market under this report is segmented into:
1 By Product Type: Multi-Mode Microplate Readers, Single-Mode Microplate Readers, Microplate Washers, Microplate Handlers, Other Product Types
2 By Application: Drug Discovery, Clinical Diagnostics, Genomics And Proteomics Research, Other Applications
3 By End-User: Pharmaceutical And Biotechnology Companies, Hospitals And Diagnostic Laboratories, Academic And Research Institutes, Contract Research Organizations CROs, Other End-Users
What are the Regional Insights of the Microplate Systems Market?
North America was the largest region in the microplate systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the microplate systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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