Microplate Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
This Microplate Systems Market is experiencing significant growth due to rising funding for laboratories, increasing R&D expenditure in the pharmaceutical industry, increased laboratory testing across the globe, and the growing prevalence of diseases.
The microplates are also witnessing evolution for the past 60 years. Researchers are continuously working on advancing the technology used in microplates which have given better products to the market.
Furthermore, due to the rising innovation in the microplate systems, there has been a great impact on the market studied and tests such as ELISA are being carried out with the help of microplate systems. Hence, the market is positively influenced by advancements in technology. Hence, due to the advancements in microplates and rising need for the same in laboratories, it is believed that the market studied will grow in the forecast period.
Pharmaceutical R&D is gaining attraction of governments across the globe which is resulting in vast funding. However, the industry is yet to achieve satisfaction in terms of society's medical needs. High failure rate and longer time required for drug development are some of the factors that are propelling the demand for novel techniques for drug discovery.
The rising demand for new approaches in drug discovery is augmenting the growth of microplate systems. There are several companies that are developing microplates for the drug discovery process and this is attracting the researchers as their process is getting easier with the help of such microplates. Owing to the rising focus on drug discovery and the growing adoption of microplates, it is expected that the applications of microplate will grow in the future, especially in drug discovery.
The market for microplate systems in North America is expected to grow rapidly and this region is believed to dominate the market. Major factors driving the growth in this region include the presence of key players such as Thermo Fisher Scientific, Danaher Corporation, PerkinElmer, Agilent Technologies, etc. Added to that, the United Stated is witnessing the rise in drug discovery, and laboratories in the country are adopting novel technologies that are augmenting the demand for advanced microplates in the country.
Furthermore, the developed healthcare system and large funding from the government to the laboratories are other factors that are fueling the market studied in this region.
The market for microplate systems is moderately competitive with the presence of international players which grab the largest share of this market. Countries such as Germany, United States, France, etc. are witnessing rising demand for microplates for the research purpose which is augmenting the demand for the same. In developing countries such as India and South Africa, few new entrants are expected to penetrate the market and are expected to hold a substantial share in the future.