Microplate Instrumentation And Supplies Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What CAGR Will the Microplate Instrumentation And Supplies Market Achieve During 2025–2034, and What Does It Indicate?
In recent years, the market size for microplate instrumentation and supplies has been expanding robustly. The market is set to increase from $6.96 billion in 2024 to $7.49 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. Factors such as the growth of biotech and pharmaceutical companies, escalating demand for drug discovery and development, heightened need for high-throughput screening tools, increased government funding, and the surge in automation have led to this growth during the historic period.
The market for microplate instrumentation and supplies is projected to experience robust growth in the near future, expanding to $9.93 billion by 2029 with a 7.3% compound annual growth rate (CAGR). Factors contributing to this expansion during the forecast period include an increase in demand for point-of-care diagnostic testing, substantial research and development investment, a surge in chronic disease prevalence, heightened emphasis on genetic studies, and a surge in personalized medicine demand. Prominent trends during the forecast period encompass the incorporation of artificial intelligence and machine learning, the use of 3D cell cultures and organoids in research, the development of cloud computing and the internet of things (IoT) in microplates, the inclusion of robotics, and advancements in drug discovery and life sciences.
How Are the key drivers expanding the growth of the Microplate Instrumentation And Supplies Market?
The surge in interest for personalized medicine, or precision medicine, is predicted to fuel the expansion of the microplate instrumentation and supplies market in the future. Personalized medicine is a healthcare strategy that customizes treatment for each patient based on their unique genetic, environmental, and lifestyle factors. The proliferating demand for personalized medicine can be attributed to the increasing prevalence of chronic diseases, consumer awareness, expectations, and cost-effectiveness. Microplate instrumentation and supplies serve an integral role in personalized medicine as they allow for accurate, large-scale testing and examination of biological specimens. This functionality is vital for customizing medical procedures for each patient, taking into account their unique genetic, biomolecular, and cellular characteristics. For example, in February 2024, as stated by the Personalized Medicine Coalition Reports, a US government agency, the U.S. Food and Drug Administration (FDA) granted approval for 16 new personalized treatments specifically designed for patients with rare diseases in 2023. This was a substantial leap from the 6 approvals in 2022. Consequently, the burgeoning demand for personalized medicine is propelling the growth of the microplate instrumentation and supplies market.
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Who Are the Key Firms Paving the Way for Growth in the Microplate Instrumentation And Supplies Market?
Major companies operating in the microplate instrumentation and supplies market are:
• Thermo Fisher Scientific Inc._x000D_
• Danaher Corporation_x000D_
• The Merck Group_x000D_
• Corning Incorporated_x000D_
• Agilent Technologies Inc._x000D_
What Are the Most Influential Trends Currently Shaping the Microplate Instrumentation And Supplies Market?
Leading organizations in the microplate instrumentation and supplies market are concentrating on the introduction of cutting-edge products, such as microplate readers using EDR technology, to enhance assay precision, boost throughput, and organize laboratory processes more efficiently. EDR (Extended Dynamic Range) technology-based microplate readers are sophisticated devices fashioned to augment the detection range and sensitivity in diverse assays, proving immensely beneficial in personalized medicine and various research-oriented applications. For example, in February 2022, BMG LABTECH, a firm based in Germany with a focus on the development of microplate readers, unveiled the new VANTAstar microplate reader. This innovative product makes use of EDR technology, enabling a dynamic range that extends over eight concentration decades in a single assessment. This capability removes manual gain alterations from the equation, as each plate is automatically scrutinized under the best sensitivity settings.
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Which Market Segments Are Driving Strategic Growth and Trends in the Microplate Instrumentation And Supplies Market?
The microplate instrumentation and supplies market covered in this report is segmented –
1) By Product Type: Microplate Readers, Microplate Washers, Microplate Dispensers, Microplate Accessories, Other Accessories
2) By Sales Channel: Direct Sales, Indirect Sales
3) By End-User Industries: Pharmaceuticals, Food And Beverages, Chemicals And Polymer, Other End-User Industries
Subsegments:
1) By Microplate Readers: Absorbance Readers Or Fluorescence Readers Or Luminescence Readers Or Multimode Readers
2) By Microplate Washers: Manual Microplate Washers Or Automated Microplate Washers
3) By Microplate Dispensers: Manual Microplate Dispensers Or Automated Microplate Dispensers
4) By Microplate Accessories: Sealing Films Or Plate Holders Or Plate Stands
5) By Other Accessories: Microplates (Well Plates) Or Microplate Racks Or Microplate Readers’ Calibration Kits
Which Regions Are Essential for the Growth of the Microplate Instrumentation And Supplies Market?
North America was the largest region in the microplate instrumentation and supplies market in 2023. The regions covered in the microplate instrumentation and supplies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Scope and Reach of the Microplate Instrumentation And Supplies Market Defined?
Microplate instrumentation and supplies refer to the equipment and consumables used with microplates, which are flat plates with multiple wells used as small test tubes. They are crucial for high-throughput screening, diagnostics, and various research applications, enabling simultaneous efficient, precise, and reproducible handling and analysis of multiple samples.
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