The latest market report published by Credence Research, Inc. “Microplate Instrumentation and Supplies Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global microplate instrumentation and supplies market was valued at US$ 4,552.8 Mn in 2017 and expected to reach US$ 6,583.3 Mn by 2026, expanding at a CAGR of 4.1% from 2018 to 2026.
Browse the full report Microplate Instrumentation and Supplies Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://bit.ly/2WhgwxI
Microplate instrumentation and supplies are used in several life science industries and play a vital role in laboratory settings. The growth of the global microplate instrumentation and supplies market is driven by growing applications in virology and serology, increasing demand for novel drugs and treatments, proven benefits over conventional analysis methods and increasing funding in biotechnology and pharmaceutical research.
Multi-mode microplate readers are witnessing high demand globally, and across several industries such as biotechnology and pharmaceuticals. Major players operating in this market are intensively concentrating on bringing innovative products into the market with newer microplate readers with enhanced features. The need for optical performance is also to be soon met by the manufacturers. Among the other instruments, microplate washers segment is anticipated to witness rapid market growth during the forecast period. These products offer advantages such as automatic washing of cells, and protein arrays while also offering vacuum filtration.
Drug discovery forms the largest area where microplate readers are widely applied. Growing investments by pharmaceutical manufacturers for research and development initiatives are driving the growth of this segment. Pharmaceutical and biotech companies are observed to be the largest revenue generating segment for microplate instrumentation and supplies. Geographically, North America and Europe are the dominant regional markets for microplate instrumentation and supplies. High expenditure on research and development of biotech applications and novel drugs, higher awareness in the researchers, widespread presence of research institutions and higher presence of major market players in the regions. Countries such as Japan, India and China are contributing to the proliferation of Asia Pacific market. Increasing research funding, growing government initiatives towards augmenting the presence of biotech industry in the region and increased outsourcing of research projects.
Key Market Movements:
- Intensive activities focusing on research and development and discovery of novel drug molecules
- Growing initiatives by drug manufacturers to develop drugs for rare diseases
- Increasing amounts of funding from governments, and private players in the biotech and pharma industries
- Technological advancements making way for new devices for research applications