The microplates market is set to register a CAGR of 4.2% during the forecast period from 2024 to 2032. Over the course of the past two decades, there has been a discernible increase in the use of microplates in the biopharmaceutical business. This is due to the fact that their applications have become increasingly sophisticated. During the stages of drug discovery and development, researchers frequently make use of microplates for the purposes of extracting precise results and performing important micro tests. The procedure for conducting analytical tests on biological samples has been subject to a plethora of recent shifts. Miniaturized assays may now be carried out, which makes it possible to screen a large number of samples in a very short length of time and at a cost that is much lower.

Increasing Prevalence of Chronic Diseases and Market for Clinical Diagnostics

In 2021, the clinical diagnostics market was worth approximately US $70 billion USD, and it is anticipated that it would reach US$ 99 billion by 2027, registering a CAGR of 6% over the period of 2023-2027. The growing prevalence of infectious and chronic diseases, as well as the expanding use of automated platforms, are factors that are anticipated to contribute to the expansion of the market.

According to the Non-communicable Diseases, Key Facts report that was published by the World Health Organization (WHO), by April 2021, chronic diseases will be responsible for the deaths of approximately 41 million people on a yearly basis. This figure is equivalent to 71% of all deaths that occur across the globe. The demand for healthcare systems is growing in parallel with the prevalence of chronic diseases due to which they are caused. Therefore, clinical diagnostics have been shown to be useful in the management of chronic disease situations, as well as in the prevention, detection, and treatment of disease. Clinical diagnostics contribute to the detection of early warning signals and specific risk factors, so opening up new potential for early intervention and prevention. As a result, it is anticipated that the rising prevalence of chronic diseases would drive the market for clinical diagnosis.

Expansion Of the Biopharmaceutical Industry

The release of novel biologics, vaccines, and proteins, all of which need high throughput screening and high content analysis, will have a substantial impact on the market for microplates. Manufacturing and distribution of biopharmaceuticals are expanding around the globe, particularly in less developed nations, in response to the growing demand for biologics as a treatment modality. The biopharmaceutical industry as a whole is predicted to expand at a consistent rate over the period covered by the forecast, and there are currently no major challenges on the horizon. As new treatments are shown to be effective, there has been a paradigm shift away from the pharmaceutical industry and toward the biopharmaceutical industry. The use of biosimilars in the treatment of orphan diseases is becoming increasingly essential. It is anticipated that yearly sales of biopharmaceuticals will exceed 200 billion dollars around the world, and it is also anticipated that these sales will grow at a pace of 15% per year. To improve their product pipelines that involve biologics for treating uncommon autoimmune disorders, around seventy percent of the biopharmaceutical companies are currently employing the use of microplates. The fast-track designation that was given to a large number of important global healthcare agencies will ultimately lead to a rise in the number of clinical trial studies, which will in turn lead to an increase in the demand for microplates. In the past ten years, the prevalence of infectious diseases such as Ebola, Zika, swine flu, Dengue, Nipah, COVID-19, and others has considerably increased, which has led to an increase in the use of microplates in laboratory settings for the diagnosis of diseases.

384-well microplates Dominate the Market by Product Type

With respect to the type of microplates, the 384-well microplates were the largest market in 2023 contributing to over 40% of the revenue share. Their capacity to carry out miniature gene transfer experiments is the defining characteristic that contributes most significantly to their preeminence. This assists in minimizing the cost that is paid throughout the procedures of the experiment, and at the same time, it gives a high throughput during the transfection of immortalized and primary cells in contrast to other microplates.

Cell Culture Dominates the Application Segment

Research techniques such as the discovery of disease targets, drug assessment, and gene characterization extensively apply cell culture as a fundamental and standard methodology. The nature of this process is complex; nonetheless, it is significantly easier to access, less expensive, and comparatively time and labor efficient than in vivo research approaches, and it also has fewer ethical considerations. Cell culture can be carried out at a large scale with the assistance of huge bioreactors, or it can be carried out at a small size with the assistance of multiwall plates. The use of microplates in cell culture models is gaining popularity because these models enable the analysis of a multitude of dynamic variables, which in turn enables increased experiment output while simultaneously lowering the amount of time and money required for the experiment. The innovative microplates with a high throughput also make it possible to conduct organotypic cell culture and 3D cell culture in an easy and simple manner. When it comes to the shape of the wells, traditional 2D adherent cell cultures are best performed in F-bottom microplates. This is especially true for situations in which spectrophotometric readings or culture imaging are necessary. Therefore, cell culture dominated the application market in 2023 by contributing about 32.7% of the revenue share.

North America Remains as the Global Leader

North America currently held the largest revenue share in the global microplates market in 2023 contributing to about 30.4%. The rising prevalence of chronic and acute disease conditions in North America, as well as the widespread availability of healthcare facilities for prompt diagnosis and treatment, are the key drivers boosting market revenues in this region. This region is also expected to maintain its leading position throughout the duration of the forecast period. Another factor contributing to the expansion of the market in this region is the increasing trend of automation in biolaboratories. It is anticipated that the Asia-Pacific region would experience significant market expansion over the course of the projected period. This occurs as a result of the rapid growth of the infrastructure of healthcare and the increased investments in research and development of biotechnology and medicines. The growing outsourcing of biotechnology contract research processes is also among the key drivers.

M&A Remains One of the Most Significant Market Strategies Deployed by Top Companies

The global microplates market is characterized by some notable players and hence, the market is quite fierce in terms of competition. Key players profiled in the report include Greiner Bio-One International GmbH, Corning Incorporated, Thermo Fisher Scientific, Eppendorf AG, PerkinElmer, Inc., Becton, Dickinson and Company, QIAGEN N.V., VWR (Avantor), SPL Life Sciences, Porvair Science Ltd., Berthold Technologies GmbH & Co., KG and Hirschmann Laborgeräte GmbH & Co. KG, among others. Though new product development has remained the key strategy in the previous 5 years, the trend has changed significantly. Tier 1 companies are focusing on umbrella strategies which include mergers and acquisitions focused on holistic development rather than product-oriented strategies. For example, only Thermo Fischer has performed over 4 relevant acquisitions during the period of 2020 to 2021. In Sep 2021 Avantor, Inc announced that it has entered into a definitive agreement to acquire the Masterflex bioprocessing business and related assets (collectively "Masterflex") of Antylia Scientific, a privately held, portfolio company of investment firms GTCR and Golden Gate Capital. In June 2021, Avantor also completed the acquisition of Ritter GmbH and its AffiliatesThe acquisition aims at enhancing the company’s position in the field of molecular diagnostics as a whole. Though COVID-19 has impacted the market largely with respect to mergers and acquisitions, Tier 1 companies have focused on this strategy.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Microplates market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Microplates market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Microplates market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Microplates market?
• Which is the largest regional market for Microplates market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Microplates market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Microplates market worldwide?