The North America microplate reader market was valued at US$ 274.79 million in 2023 and is expected to reach US$ 423.84 million by 2031; it is estimated to register a CAGR of 5.6% from 2023 to 2031.
Surging Research and Development Investments in Pharmaceutical Industry Fuels North America Microplate Reader Market
Pharmaceutical research and development are gaining attraction worldwide owing to the rising focus on drug discovery. The US biopharmaceutical industry has been the world leader in developing new therapeutics. 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.
North America Microplate Reader Market Overview
The North America microplate reader market is segmented into the US, Canada, and Mexico. The market growth in North America is characterized by an increase in the demand for advanced and quick processing technologies by biopharmaceutical and biotechnology companies, the presence of key market players, and extensive R & D conducted by various academic and research institutes.
In North America, the US is the largest market for microplate readers. The growth of the US microplate reader market is attributed to extensively increasing life science research activities such as genomic and proteomics research, drug discovery, and a rise in clinical diagnostics. In January 2020, Illumina, Inc. announced its strategic partnership with Roche to accelerate the adoption of genomic research and provide access to the same. The company also focuses on product and software introduction, which is expected to boost genomic research. This growth in genomic research is expected to have a positive impact on the adoption of microplate readers in the US. The increasing number of product launches due to the demand for advanced processing technologies is also estimated to offer a lucrative growth opportunity for the US microplate reader market during the forecast period. In November 2020, Enzo Biochem, a US-based diagnostic company, launched a compact and portable microplate reader for clinical diagnostics.
North America Microplate Reader Market Segmentation Analysis:
The North America microplate reader market is categorized into type, application, end user, and country.
Based on type, the North America microplate reader market is bifurcated into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment held a larger North America microplate reader market share in 2023. 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 North America microplate reader market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and others. The drug discovery segment held the largest North America microplate reader market share in 2023.
In terms of end user, the North 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 the largest North America microplate reader market share in 2023.
By country, the North America microplate reader market is segmented into the US, Canada, and Mexico. The US dominated the North America microplate reader market share in 2023.
North America Microplate Reader Market Company Profiles
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. are some of the leading companies operating in the microplate reader market.
North America Microplate Reader Market Strategic Insights
North America Microplate ReaderMarket Report Highlights
| Report Attribute | Details |
| Market size in 2023 | US$ 274.79 Million |
| Market Size by 2031 | US$ 423.84 Million |
| CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
North America Microplate Reader Market Country and Regional Insights
