Microplate Systems Market Size

Microplate Systems Market Analysis

The microplate systems market is projected to register a CAGR of 4.3% during the forecast period.

• The COVID-19 pandemic significantly impacted the growth of the microplate systems market, primarily due to the increased development of microplate systems for the diagnosis of COVID-19. The high demand for accurate diagnosis led to the utilization of microplates in detecting COVID-19 antibodies, which significantly impacted the market growth during the pandemic. For example, in July 2020, Dia. Pro Diagnostics Bioprobes SRL launched four EIA microplate kits for the detection of COVID-19 antibodies in human serum and plasma.
• In the post-pandemic situation, the microplate systems market is anticipated to witness growth due to the adoption of a wide range of assays and the introduction of AI-enabled microplate systems for advanced biochemical processes.
• The market's growth is expected to be fueled by increasing R&D investment by companies, particularly in proteomics and genomics, the rise in laboratory testing for chronic disease, and technological advancements in microplates. For instance, in May 2022, researchers developed an automated high-throughput efficient microplate reader (AHTEMR) platform by engineering a combination of a spectrometer and a high-precision ball screw two-dimensional motion slide for high-throughput and full-spectrum-required biochemical assays. Such advancements in microplate systems are anticipated to boost market growth.
• Furthermore, the rise in laboratory tests taken by chronic disease patients is likely to be a growth factor for the market expansion. For example, a retrospective, descriptive multi-center study published in the December 2022 Nature Journal included a huge sample of ICU patients and found that the frequency of routine laboratory tests conducted during the first eight days of an ICU stay was relatively high. Hence, the increase in laboratory tests is anticipated to utilize microplate systems and increase market growth.
• Moreover, increasing R&D investment by companies, particularly in proteomics and genomics, is one of the significant factors driving the market's growth. For example, in 2022-23, the Department of Scientific and Industrial Research (DSIR) allocated about USD 683.1 thousand (INR 5,636 crores), out of which 99% of the allocation was towards the Council of Scientific and Industrial Research (CSIR). The Department of Biotechnology (DBT) was allocated USD 312 thousand (INR 2,581 crore) in 2022-23. Additionally, increasing product launches are expected to contribute to the market's growth over the forecast period. For instance, in February 2022, BMG Labtech launched the VANTAstar microplate reader for ease of use and flexibility for a wide range of applications in basic research and life sciences.
• However, the rising cost of advanced microplate systems and a lack of awareness about novel techniques in developing regions are restraining factors for the market's growth during the forecast period.