At 4.7% CAGR, Europe Microplate Reader Market is Projected to be Worth US$ 223.72 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe microplate reader market was valued at US$ 154.66 million in 2023 and is expected to reach US$ 223.72 million by 2031, registering a CAGR of 4.7% 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 Europe microplate reader market growth.

The rising adoption of point-of-care testing (POCT) is expected to create opportunities for portable microplate readers. These compact devices facilitate rapid diagnostics, enhancing patient care in hospitals and outpatient facilities. POCT involves conducting tests near the patient’s bed, providing quick results for immediate clinical decisions. As healthcare systems focus on timely diagnosis and treatment, demand for microplate readers and related technologies continues to grow. This inclination toward POCT emphasizes the need for efficient microplate readers to cater to rapid testing environments. The advancements in portable and user-friendly microplate readers are improving the practicality of POCT. Innovations, such as miniaturized devices, are facilitating the implementation of POCT across various settings, as they can perform multiple assays simultaneously. In November 2020, Enzo Launched a portable microplate reader for use with the company's ELISA and other assay kits. The compact solid-state technology allows this instrument to be used in new settings. With this advancement, POCT can transition from centralized, complex clinical laboratories to locations closer to where patients receive care. Such innovations create new growth opportunities as healthcare providers seek efficient solutions for rapid diagnostics. Therefore, the increasing focus on POCT is expected to offer a significant market opportunity for microplate readers.

On the contrary, the high cost of advanced microplate readers hampers the growth of Europe microplate reader market.

Based on type, the Europe microplate reader market is bifurcated into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate readers segment held 53.7% market share in 2023, amassing US$ 83.09 million. It is projected to garner US$ 115.83 million by 2031 to register 4.2% 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 Europe microplate reader market is segmented into drug discovery, clinical diagnostics, genomics and proteomics research, and others. The drug discovery segment held 35.6% share of Europe microplate reader market in 2023, amassing US$ 55.09 million. It is anticipated to garner US$ 81.13 million by 2031 to expand at 5.0% CAGR during 2023–2031.

In terms of end user, the Europe 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 46.9% share of Europe microplate reader market in 2023, amassing US$ 72.46 million. It is projected to garner US$ 109.32 million by 2031 to expand at 5.3% CAGR from 2023 to 2031.

Based on country, the Europe microplate reader market is categorized into Germany, the UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 27.6% share of Europe microplate reader market in 2023. It was assessed at US$ 42.66 million in 2023 and is likely to hit US$ 64.74 million by 2031, registering a CAGR of 5.4% 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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