The microplates are 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.
In 1986, PerkinElmer developed the first automated microplate-based instrument for scintillation counting and after that, companies such as BioTek had come up with Hybrid Technology in the year 2004. Currently, major players of the market are having fully automated and technologically advanced microplate systems that are gaining the attraction of customers.
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. Since the initiative sponsored by the Society for Biomolecular Sciences in 1996, the American National Standards Institute has defined the dimensions of microplates. The microplates come in sizes of 6, 12, 24, 48, 96, 384 or 1536 sample wells arranged in a 2:3 matrix. However, advancements in the microplates have developed the sizes of 3456 or 9600 wells which is used for large scale manufacturing or analysis in laboratories.
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.
Scope of the Report
As per the scope of the report, the microplate is a plate that has wells on it acting as test tubes. Microplates are being used widely as an analytical tool in the laboratories and in clinical diagnostics. The market is segmented by product type, application, end-user, and geography.
Key Market Trends
Drug Discovery Applications of Microplate Systems are Expected to Grow in the Future
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.
Developing economies are also focusing on drug discovery for the manufacturing of new drug candidates and this is fuelling the growth of microplates in such economies.
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.
North America to Dominate the Market
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.
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