The latest market report published by Credence Research, Inc. “Microplates Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global microplates market was valued at US$ 670.5 Mn in 2017 and expected to reach US$ 940.1 Mn by 2026, expanding at a CAGR of 3.8% from 2018 to 2026.
Browse the full report Microplates Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/microplates-market
Today, microplates are among the most common disposable labware. 96 well microplates arranged in eight rows and twelve columns with dimensions set by the American National Standards Institute. There are several types of microplates available in the market based on the well densities ranging from several numbers to thousands of wells in a single plate, clear and opaque bottom for fluorescence reading, to base material and so on. The annual global market for microplates is soon expected to reach the 900 Mn mark globally, and shall witness dominance from key companies having a stronghold on North America and Europe markets. Furthermore, this market shall also witness proliferation of small and local players, focusing on a specialty products designed for certain applications. With the growth in demand for microplates, the peripheral segments such as microplate readers and washers, particularly designed for pairing with microplates and further analysis.
Some prime factors driving the global microplates market are technological advancements focusing on enhancement of laboratory efficiencies, and growing need for lab automation. Other drivers of this market include increasing investments in life sciences research and R&D initiatives for rapid drug discovery, and growing adoption of high throughput screening technologies for swift analysis at reduced cost and turnaround time. North America represents as the largest market for microplates due to high prevalence of diseases, strong base of advanced research institutions, and domicile of several major market players in the region. Asia Pacific shall progress at the fastest growth rate during the forecast period. Major drivers of Asia Pacific market are rapidly progressing biotechnology industry in key countries of India, and China. The region is also progressively becoming a prominent hub of CRO activities, therefore assisting in swift adoption of newer microplates and peripheral equipment.
Key Market Movements:
- Rapid growth in investment for biotechnology applications and drug discovery and development
- Proliferation of CRO activities in Asia Pacific to boost demand in the region
- Growing investments for adoption of high throughput screening across several research applications to improve efficiencies and reduce time
- Large scale research and development activities focusing of novel drug molecules