LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global microplate readers market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global microplate readers market for 2017-2021. The market is segmented on the product (multi-mode microplate readers and single-mode microplate readers), end-user (hospitals and diagnostics centers, academic and research institutions, and pharmaceuticals and biotechnology companies), and geography (the Americas, EMEA, and APAC).
The global microplate readers market is expected to grow moderately during the forecast period as microplate readers are being used to diagnose various cancers and cardiovascular diseases (CVDs). Microplate readers are also being used extensively in molecular biology research. They are also used to evaluate possible therapies for diseases such as cancer and human immunodeficiency virus (HIV). The growth of the global microplate readers market will be driven by factors such as increasing automation in healthcare as the healthcare industry moves to eliminate redundant processes such as the constant loading of samples.
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Technavio research analysts highlight the following three factors that are contributing to the growth of the global microplate readers market:
- Increasing automation in healthcare
- Additional software programs assisting in better analysis
- Rise in investments in R&D
Increasing automation in healthcare
Fully automated lab solutions can contribute toward cost savings and provide effective results to end-users such as doctors, laboratories, hospitals, organizations, and patients across the globe. Automated solutions can also contribute to considerable savings on labor as automation replaces manually intensive tasks and researchers can use the time for analysis and interpretation.
Divay Sharma, a lead lab equipment research analyst at Technavio, says, “Automated microplate multiwell readers are increasingly used in experiments such as the identification of HIV gag protein during the formation of virus-like particles. Automated systems offer a range of approaches such as dynamic range selection, which eases the workflow.”
Additional software programs assisting in better analysis
The advent of additional software programs will continue to attract the attention of various end-users, helping them save time and generate accurate results. Hence, it drives the growth of the global microplate readers market during the forecast period.
“Vendors offer software as an addition to their microplate readers to maintain customer loyalty and ensure accurate results. These software programs are equipped with an intuitive and flexible user interface, which makes the analysis of data easy. These programs are equipped with a simple interface that closely resembles the manual plating procedure,” adds Divay.
Rise in investments in R&D
The global spending on R&D (pharma, biotechnology, biomedical) has witnessed steady growth in the past 10 years. With the economies of developing nations growing faster than the economies of developed countries, developing nations are expected to have more institutions and research facilities being set up during the forecast period. The rise in the number of testing and research facilities, particularly in the field of biotechnology and pharmacology, will lead to a rise in the demand for laboratory analysis equipment such as microplate readers.
Top vendors:
- BioTek Instruments
- PerkinElmer
- Tecan
- Thermo Fisher Scientific
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading-edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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