At 4.6% CAGR, South & Central America Microplate Reader Market is Projected to be Worth US$ 35.30 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the South & Central America microplate reader market was valued at US$ 24.69 million in 2023 and is expected to reach US$ 35.30 million by 2031, registering a CAGR of 4.6% from 2023 to 2031. Introduction of new technologies in microplate readers and growing emphasis on point-of-care testing are among the critical factors attributed to drive the South & Central America microplate reader market growth.

Pharmaceutical research and development are gaining attraction worldwide owing to the rising in recent years, there have been significant advancements in microplate reader technology, driven by the demand for enhanced optics, accuracy, and reduction of research and development costs. Advancements in microplate reader technology, including enhanced optics and automation, improve overall performance. Major industry players such as PerkinElmer Inc., Molecular Devices, and Lonza are making significant progress in improving the speed and scale of these technologies. A few advancements that are gaining significant traction and are foreseen to become trends in the market in the coming years are mentioned below.

• Multi-Mode Technologies: There is a growing demand for multi-mode microplate readers that can perform various assays, such as fluorescence, luminescence, and absorbance, within a single device. This shift reflects a preference for versatile laboratory instruments, which help reduce equipment costs and space requirements while enhancing operational efficiency. In April 2022, Molecular Devices, LLC.—a leading provider of high-performance life science solutions and a company of Danaher Corporation—launched its SpectraMax Mini Multi-Mode Microplate Reader. This compact and cost-effective solution is designed to save both benchtop space and budget for researchers. In January 2020, Biotek Instruments, Inc. (a subsidiary of Agilent Technologies, Inc.) launched the Cytation 7 Cell Imaging Multi-Mode Reader, which combines microscopy and multi-mode detection capabilities into a single instrument. The launch of such microplate readers is anticipated to boost the growth of the microplate reader market.
• Automation and Robotics: The integration of automation in laboratory processes is increasing. Incorporation of microplate readers into automated workstations will allow for higher throughput and reduced human error. This trend is particularly beneficial for high-volume laboratories that need efficient and reliable testing solutions.
• Integration of Artificial Intelligence (AI) and Machine Learning: Integrating artificial intelligence (AI) and machine learning algorithms into microplate readers enhances data analysis capabilities by enabling real-time interpretation of complex assay results. As a result, research workflows and decision-making processes become more efficient.

On the contrary, the high cost of advanced microplate readers hampers the growth of South & Central America microplate reader market.

Based on type, the South & Central America microplate reader market is bifurcated into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment held 52.8% market share in 2023, amassing US$ 13.03 million. It is projected to garner US$ 17.93 million by 2031 to register 4.1% 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 sub segmented into filter-based readers, monochromator-based readers and hybrid readers.

In terms of application, the South & Central America microplate reader market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and others. The drug discovery segment held 36.3% share of South & Central America microplate reader market in 2023, amassing US$ 8.97 million. It is anticipated to garner US$ 13.04 million by 2031 to expand at 4.8% CAGR during 2023–2031.

In terms of end user, the South & Central America 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 45.2% share of South & Central America microplate reader market in 2023, amassing US$ 11.17 million. It is projected to garner US$ 16.70 million by 2031 to expand at 5.2% CAGR from 2023 to 2031.

Based on country, the South & Central America microplate reader market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 45.9% share of South & Central America microplate reader market in 2023. It was assessed at US$ 11.34 million in 2023 and is likely to hit US$ 16.82 million by 2031, registering a CAGR of 5.1% 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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