North America Microplate Reader Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type, Application, and End User

The North America microplate readers market is expected to reach US$ 322.75 million by 2027 from US$ 240.51 million in 2019; it is estimated to grow at a CAGR of 3.8% from 2020 to 2027. The growth of the market is attributed to some key driving factors such as increasing research and development in the pharmaceutical industry and rising development of personalized medicine leading to demand for genetic studies. However, high cost of advanced microplate reader is the major factor hindering the market growth.

A microplate reader is laboratory machine used to estimate bio-chemical or physical reactions, properties, and analytes within the microplate well. It reduces operational time to save reagent costs, allowing researchers to commit more time to data analysis and create actionable insights. Pharmaceutical R&D is gaining attraction worldwide owing to the rising focus on drug discovery. The US biopharmaceutical industry has been the world leader in the development of new therapeutics. As per the Pharmaceutical Research and Manufacturers of America (PhRMA), the biopharmaceutical industry invested US$83 billion in R&D in 2019. The increasing demand for new approaches in drug discovery is bolstering the growth of microplate readers. Various companies are developing microplate readers for the drug discovery process to make the research process easier and faster. Moreover, pharmaceutical companies are investing heavily in the drug discovery, gene sequencing, and development of targeted protein to meet the growing demand of the healthcare sector. Further, the development of personalized medicine is leading to increasing demand for genetic studies, which, in turn is likely to contribute to the growth of the microplate reader market.

The outbreak has highly affected the North American region. Currently, the COVID-19 diagnostic testing industry is witnessing upsurge on account of a growing number of cases coupled with the increasing emergency use authorizations from the regulatory bodies. In addition, several diagnostic companies are engaged in the development of COVID-19 point-of-care rapid diagnostics tests having higher sensitivity and low turn-around time, which is restricting the microplate reader market. Increasing research activities in the region are driving the growth of the microplate reader in the forecast period.

Based on Type, the North America microplate readers market is segmented into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate reader segment held a larger share of the market in 2019, whereas the multi-mode microplate readers segment is estimated to register a higher CAGR in the market during the forecast period.

Based on application, North America microplate readers market is segmented into genomics & proteomics research, drug discovery, clinical diagnostics, and others. The drug discovery segment held the largest share of the market in 2019, whereas the clinical diagnostics segment is estimated to register the highest CAGR in the market during the forecast period.

Based on end user, the North America microplate readers market is segmented into hospital & diagnostic laboratories, biotechnology & pharmaceutical companies, and research & academic institutes. The biotechnology & pharmaceutical companies segment held the largest share of the market in 2019, and the same segment is estimated to register the highest CAGR in the market during the forecast period.

Some of the primary and secondary sources associated with this report on the North America microplate readers market are the Centers for Disease Control and Prevention (CDC), Canadian Institutes of Health Research (CIHR), and Pharmaceutical Research and Manufacturers of America (PhRMA).

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