The global microplate system market is expected to reach USD 996.9 Million by 2022 from USD 820.3 Million in 2017 at a CAGR of 4.0 percent. The growth of this market is mainly driven by growing prevalence of diseases, increasing focus on miniaturization of processes, technological advancements, and increasing R&D expenditure in the pharmaceutical industry.
This report segments the microplate systems market into product, application, end user, and region. Based on product, the market is segmented into microplate readers, microplate pipetting systems and dispensers, microplate washers, and other products. In 2017, microplate readers are estimated to account for the largest share of the total market, followed by microplate pipetting systems and dispensers. The growth of the microplate reader segment is attributed to the increasing number of applications of microplate readers in research and diagnostics.
Based on end user, microplate system market is segmented into biotechnology and pharmaceutical companies, hospitals and diagnostic laboratories, and research and academic institutes. The biotechnology and pharmaceutical companies segment is expected to be the fastest growing during the forecast period. This growth is attributed to the increasing government support in the form of funding for biotech and pharma research.
Based on application, microplate system market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and other applications. The drug discovery segment is expected to be the fastest growing during the forecast period. This growth is attributed to the rising need for high-throughput assays and ADME toxicity In 2017, North America is expected to dominate the market, followed by Europe. The high growth of the North American market is attributed to factors such as rising government funding for medical research and the need for early drug discovery, technological advancements, improving FDA approval levels and a positive sales outlook (allowing pharmaceutical companies to allocate more capital to R&D spending), rising prevalence of chronic and infectious diseases and increasing rising population. While North America is expected to dominate the market in 2017, Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to increasing healthcare investment, large geriatric population, and rapid economic growth in emerging APAC countries. screens for processing a huge number of compounds. – Markets and Markets