July 2022
26 Jul 2024
The global microplates market revenue was valued at USD 1.04 billion in 2023 and is poised to grow from USD 1.09 billion in 2024 to USD 1.72 billion by 2034, at a CAGR of 4.7% during the forecast period 2024 – 2034. The growing need for high-throughput screening is attributed to the growth of the microplates market.
The microplates market deals with the manufacturing and distribution of miniature versions of test tubes generally used to carry out diagnostic testing and analytical research in healthcare laboratories. Microplates are the standard equipment for analytical work utilizing microplate readers. A typical example of the application of microplates is ELISA. The increasing demand for microplates owing to the filter, storage assay, and other applications and increasing research and development spending in the biopharmaceutical company are expected to enhance the growth of the market.
In addition, the increasing application and adoption of microplates, increasing pressure of infectious diseases, and the growing production of liquid handlers facilitating low-volume or miniaturized genotyping reactions are further anticipated to accelerate the growth of the microplates market during the forecast period.
The increasing prevalence of chronic illnesses fuels market growth
The increasing incidence of serious conditions such as autoimmune and cancer diseases is expected to drive the growth of the microplates market. The increasing need to manage and prevent various infectious diseases and the rising monitoring and diagnosis of various microorganisms regarding infectious diseases are also helping to enhance the market growth. Two of the most significant consumers of microplates are the biotech and pharmaceutical industries.
Microplates are highly used in contemporary drug development and discovery, as well as genomic and proteomic research, since they improve speed and test efficiency, therefore enabling researchers to focus on more essential activities. As a result, the pharmaceutical sector is focusing more on research and development activities by investing a high amount. These are some driving factors anticipated to accelerate the growth of the microplates market.
However, increasing prices of microplates, unavailability of qualified personnel, and imposition of excise charges may restrain the growth of the market. The microplates industry creates a significant challenge for new competitors and small businesses. The launch of innovative products and R&D activities need high initial investments. As a result, companies must invest significantly in order to stay competitive in the industry. In addition, to succeed in the market, key players must cut operational costs, which is extremely challenging for new competitors and small businesses. These factors may be responsible for restraining the growth of the microplates market.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 1.09 billion |
| Market Revenue by 2034 | USD 1.72 billion |
| Market CAGR | 4.7% from 2024 to 2034 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Innovation in the Microplates Market by Lonza
Recent Innovation in Microplates Market by PerkinElmer, Inc.
Asia Pacific is expected to grow fastest during the forecast period. The highly emerging biotech sector in India and China is a major driver of the microplates market in the Asia Pacific. The region is also highly developing itself as a major center for CRO operations, thereby enhancing the introduction of improved peripheral and microplate equipment. The rising technological developments, advancements in production facilities, and availability of a trained workforce in the Asia Pacific market. China is the fastest-growing country and has the largest market share.
North America dominated the microplates market in 2023. The increased growth of the microplates industry in the region is explained by the increased research and development activities in the region. The increasing focus on drug development and discovery, increasing government and academic investments in diagnostic research, the increasing acceptance of personalized medicine, and government initiatives for cell-based research are playing a significant role in the market in North America.
In addition, the regions have various research hospitals and institutes, driving the demand for microplates. The U.S. and Canada are the major countries in the region. Because of the top-notch German engineering, microplates from Greiner Bio-one are known throughout the industry as of the highest quality. U.S. manufacturing companies proudly bring German engineering to support manufacturing with a workforce of almost 300 people. These are the major factors expected to drive the growth of the microplates market in North America.
AI technology and future opportunities for market players in the microplates industry
AI methods such as supervised and unsupervised learning are widely used to explore the results from a wide range of experiments using microplates. Artificial intelligence helps manufacturers to produce microplates efficiently and effectively. In addition, the number of pharmaceutical businesses has surged rapidly over the years, particularly in developing countries. There were thousands of pharmaceutical and biotech firms in the Asia Pacific. Therefore, the region has a significant presence of both foreign and local enterprises. These are the major factors that are attributed to the growth of the microplates market in the coming years.
Market Segmentation
By Product
By Application
By End User
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2853
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
July 2022
May 2024
February 2024
February 2024