Microplate Reader Market is expected to reach US$ 704.4 Mn by 2027 With Biotek Instruments, Hercuvan Lab Systems, Molecular Devices, Thermo Fisher Scientific, BMG Labtech, Promega Corporation
iCrowd Newswire
15 May 2021, 03:24 GMT+10
The microplate reader market was valued at US$ 534.5 million in 2019 and is projected to reach US$ 704.4 million by 2027; it is expected to grow at a CAGR of 3.6%from 2020 to 2027.
A microplate consists of small wells wherein separate reactions take place. A microplate reader is laboratory machine used for the estimation of biochemical or physical reactions, properties, and analytes within the microplate wells. It detects signals and quantifies the parameter of interest. The use of readers reduces operational time and saves reagent costs, allowing researchers to commit more time to analyze data analysis and derive actionable insights. The growth of microplate reader market is attributed to increasing research and development activities in the pharmaceuticals industry, and elevating incidence of infectious diseases. However, the high cost of advanced microplate readers is a major factor hindering the market growth.