Microplate Systems : Analysis of Potential Market Opportunity Worth USD 1,170 mn
Microplate Systems Market Research Report Gives in Detailed Analysis of Industry Segments, Opportunities, Growth and Size That Will Help Your Business Grow.
This report aims to provide detailed insights into the global microplate systems market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Revenue Growth Analysis:
[270 Pages Report] The microplate systems market size is projected to reach USD 1,170 million by 2026 from USD 927 million in 2021, at a CAGR of 4.8%.
Key Factors Driving Market Growth:
Growth of the market is driven mainly by the increasing R&D expenditure in the pharmaceutical industry, increasing focus on miniaturization, and the growing prevalence of diseases.
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Growth in Pharmaceuticals and Biotechnology Industries:
In the last decade, the number of pharma companies has grown significantly, especially in the emerging markets. As of 2019, there are 1,131 publicly listed pharmaceutical and biotech companies across the Asia Pacific, indicating a significant presence of local as well as international players in the region.
According to the Pharmaceutical Research and Manufacturers Association (PhRMA), US firms conduct a majority of the world’s R&D in pharmaceuticals and hold the intellectual property rights to most new medicines. In addition, the biopharmaceutical industry has developed over 5,000 new medicines around the world, with ~3,400 compounds currently being studied in the US—more than in any other region around the world.
Drug Discovery Application:
By application, the microplate systems market is segmented drug discovery, clinical diagnostics, genomics and proteomics research, and other applications. The drug discovery segment accounted for the largest market share in 2020. The large share of this segment can be attributed to The need for high-/ultra-high-throughput screening and reduced time-to-market for drugs.
Regional Growth Analysis:
Based on the region, the microplate systems market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). In 2020, North America accounted for the largest share of the microplate systems market. The large share of North America can be attributed to factors such as government initiatives for cell-based research, the increasing acceptance of personalized medicine, increasing academic and government investments in diagnostic research, and increasing focus on drug discovery and development.
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Some of the major players operating in this market are Danaher Corporation (US), Agilent Technologies Inc. (US), Thermo Fisher Scientific Inc.(US). In 2020, Danaher Corporation held the leading position in the market. The company has a strong geographic presence across North America, Europe, and the Asia Pacific. Moreover, the company’s strong brand recognition and comprehensive product portfolio in the microplate system market is its key strength. Agilent Technologies Inc.(US) held the second position in the microplate system market in 2020.
Considering the current pandemic and the contribution of the pharmaceutical and biotechnology industry in controlling the spread of the virus by providing essential drugs, vaccines, kits, and other supplies, the demand for microplate products is expected to increase in this industry.