The Europe microplate readers market is expected to reach US$ 175. 96 million by 2027 from US$ 139. 69 million in 2019; it is estimated to grow at a CAGR of 3. 0% from 2020 to 2027. The growth of the market is attributed to some key driving factors such as increasing incidence of infectious diseases and consistent research in drug discovery activities.
New York, June 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Microplate Reader Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Type, Application, and End User" - https://www.reportlinker.com/p06075675/?utm_source=GNW
However, high cost of advanced microplate reader is the major factor hindering the market growth.
A microplate reader is laboratory machine used to estimate bio-chemical or physical reactions, properties, and analytes within the microplate well.It reduces operational time to save reagent costs, allowing researchers to commit more time to data analysis and create actionable insights.
Infectious diseases are considered one of the leading causes of death worldwide.As per the WHO estimates, around 3–5 million people contract severe flu every year worldwide, and around 650,000 people die because of the flu.
People with infectious diseases account for most hospital admissions and clinical diagnostics.Clinical diagnostics help detect early signs and risk factors, creating new opportunities for early intervention.
Thus, the heavy burden of infectious diseases is expected to drive the growth of the microplate reader market during the forecast period. Diagnostic tests have a decisive impact on each step of diagnosis, from screening to help prevent certain diseases, early diagnosis at the onset of a disease, and identify the responsible pathogen. The microplate reader market is driven by the growing incidence of infectious diseases and the increasing adoption of the automated platform in diagnostic laboratories. Microplate readers are also used in the drug discovery and research, and pharmaceutical industries for screening applications. Hence, various research organizations are engaged in the research of novel therapeutics, which is further increasing the adoption of advanced analysis tools such as microplate readers.
The Coronavirus outbreak has positively affected the Europe region.Due to the second wave of COVID-19 cases, the government of many countries is working towards scaling up testing capacity, which is driving the growth of the market.
Many pharmaceutical companies in the region are actively engaged in the development of COVID-19 vaccine.Many companies are utilizing existing technologies that provide the ability to rapidly upscale production once a potential vaccine candidate is identified.
Pharmaceutical companies are prioritizing research and development of COVID-19 related diagnostics, treatments, health technologies and vaccines.
Based on Type, the Europe microplate readers market is segmented into single-mode microplate readers and multi-mode microplate readers. The single-mode microplate reader segment held a larger share of the market in 2019, whereas the multi-mode microplate readers segment is estimated to register a higher CAGR in the market during the forecast period.
Based on application, Europe microplate readers market is segmented into genomics & proteomics research, drug discovery, clinical diagnostics, and others. The drug discovery segment held the largest share of the market in 2019, whereas the clinical diagnostics segment is estimated to register the highest CAGR in the market during the forecast period.
Based on end user, the Europe microplate readers market is segmented into hospital & diagnostic laboratories, biotechnology & pharmaceutical companies, and research & academic institutes. The biotechnology & pharmaceutical companies segment held the largest share of the market in 2019, and the same segment is estimated to register the highest CAGR in the market during the forecast period.
Some of the primary and secondary sources associated with this report on the Europe microplate readers market are the European Centre for Disease Prevention and Control (ECDC), European Union (EU), and Organization for Economic Co-operation and Development (OECD).
Read the full report: https://www.reportlinker.com/p06075675/?utm_source=GNW
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