At 3.3% CAGR, Middle East & Africa Microplate Reader Market is Projected to be Worth US$ 19.42 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa microplate reader market was valued at US$ 14.93 million in 2023 and is expected to reach US$ 19.42 million by 2031, registering a CAGR of 3.3% from 2023 to 2031. Surging research and development investments in pharmaceutical industry and growing emphasis on point-of-care testing are among the critical factors attributed to drive the Middle East & Africa microplate reader market growth.

Pharmaceutical research and development are gaining attraction worldwide owing to the rising focus on drug discovery. The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the leading biopharmaceutical research companies in the US. In 2023, its member companies' research and development (R&D) expenditures worldwide reached ~US$ 96 billion. Pharmaceutical companies are investing heavily in drug discovery, gene sequencing, and the development of targeted proteins to meet the growing demand of the healthcare sector.

The development of personalized medicine also leads to the increasing demand for genetic studies. Precision medicine utilizes an individual's genomic information to offer targeted treatment for a particular indication. The increasing prevalence of chronic diseases has increased the demand for biologics, drugs for orphan diseases, and personalized medicines. In February 2020, the National Human Genome Research Institute (NHGRI) announced the establishment of a new precision medicine and genomics program. This program will focus on the innovation of genomics and informatics tools to diagnose and treat diseases better. Advances in genomics and proteomics are key trends driving the growth of the microplate reader market. Therefore, increased funding for drug discovery and development activities in the biotechnology and pharmaceutical sectors is driving demand for microplate readers. Companies such as Pfizer and Novartis are investing heavily in research and development activities for new drugs. These companies rely on the high-throughput screening capabilities provided by modern microplate readers to accelerate their research processes.

On the contrary, the high cost of advanced microplate readers hampers the growth of Middle East & Africa microplate reader market.

Based on type, the Middle East & Africa microplate reader market is bifurcated into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment held 54.2% market share in 2023, amassing US$ 8.10 million. It is projected to garner US$ 10.15 million by 2031 to register 2.9% CAGR during 2023–2031. Furthermore, the single-mode microplate readers segment is subcategorized into absorbance plate readers, fluorescence plate readers and luminescence plate readers. Additionally, the multi-mode microplate readers segment is subsegmented into filter-based readers, monochromator-based readers and hybrid readers.

In terms of application, the Middle East & Africa microplate reader market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and others. The drug discovery segment held 36.4% share of Middle East & Africa microplate reader market in 2023, amassing US$ 5.43 million. It is anticipated to garner US$ 7.18 million by 2031 to expand at 3.5% CAGR during 2023–2031.

In terms of end user, the Middle East & Africa microplate reader market is categorized into biotechnology and pharmaceutical companies, hospital and diagnostic laboratories and research and academic institutes. The biotechnology and pharmaceutical companies segment held 48.7% share of Middle East & Africa microplate reader market in 2023, amassing US$ 7.26 million. It is projected to garner US$ 9.84 million by 2031 to expand at 3.9% CAGR from 2023 to 2031.

Based on country, the Middle East & Africa microplate reader market is categorized into South Africa, the UAE, Saudi Arabia, and the Rest of Middle East & Africa. Our regional analysis states that South Africa captured 34.3% share of Middle East & Africa microplate reader market in 2023. It was assessed at US$ 5.13 million in 2023 and is likely to hit US$ 7.02 million by 2031, registering a CAGR of 4.0% during 2023–2031.

Key players operating in the microplate reader market are Hercuvan Lab Systems, Molecular Devices LLC, Thermo Fisher Scientific Inc, BMG LABTECH, Promega Corp, Revvity Inc, Bio-Rad Laboratories Inc, Tecan Trading AG, Lonza Group AG, and Agilent Technologies Inc, among others.

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