Microplate Systems Market: Key Growth Strategies Adopted by Market Players Like Tecan (Switzerland), Bio-Rad (US)

Illinois, United States, 2021-Jan-13 — /EPR Network/ — The microplate systems market is highly competitive with the presence of several big and small players. In 2016, Tecan (Switzerland), Bio-Rad (US), Thermo Fisher (US), Danaher (US), and PerkinElmer (US) were the leading players in the microplate systems market. Other major players include BioTek (UK), BMG LABTECH (Germany), BERTHOLD (Germany), Agilent (US), Promega (US), Biochrom (UK), Corning (US), Lonza (Switzerland), Rayto (China), and Mindray (China).

Collaborations, agreements, & partnerships accounted for the largest share of the overall growth strategies followed by key players between 2014 and 2017. Some of the companies that adopted this strategy include PerkinElmer (US), Danaher (US), Tecan (Switzerland), Thermo Fisher (US), BMG LABTECH (UK), Agilent (US), and Biochrom (UK).

Tecan (Switzerland) was one of the leading players in the microplate systems market. This leading position of the company can be attributed to its strong brand recognition. It has a strong presence in North America, Europe, and Asia. In order to maintain its leading position in the microplate systems market, the company focuses on research and development activities.

The company invested USD 47.1 million, USD 39.9 million, and USD 39.5 million in R&D activities in 2014, 2015, and 2016, respectively. The company also focuses on inorganic and organic growth strategies like product launches, expansions, agreements, acquisitions, and collaborations to gain a competitive edge. For instance, in June 2017, the company collaborated with DiaSorin (Italy), under this agreement DiaSorin will make use of Tecan’s Fluent Laboratory Automation Solution as its Nucleic Acid extraction platform. Likewise, in February 2015, the company launched the Spark 10M multi-mode microplate reader.

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Bio-Rad (US) was one of the major players in the microplate systems market. The company operates in over 35 countries across the globe. In order to maintain its leading position in the microplate systems market, the company focuses on inorganic growth strategies. For instance, in April 2014, Bio-Rad acquired GnuBIO. This acquisition enhanced Bio-Rad’s strategic position and integrated innovative technologies to provide superior diagnostic products to its customers.

Expected Revenue Growth:

[134 Pages Report] The global microplate system market is expected to reach USD 996.9 Million by 2022 from USD 791.7 Million in 2016 at a CAGR of 4.0%.

Major Growth Boosters:

The growth of this market is mainly driven by growing prevalence of diseases, increasing focus on minituarisation of processes, technological advancements, and increasing R&D expenditure in the pharmaceutical industry.

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Regional Growth Analysis:

North America is expected to dominate the market, followed by Europe. The high growth of the North American market is attributed to factors such as rising government funding for medical research and the need for early drug discovery, technological advancements, improving FDA approval levels and a positive sales outlook (allowing pharmaceutical companies to allocate more capital to R&D spending), rising prevalence of chronic and infectious diseases and increasing rising population.

While North America is expected to dominate the market in 2017, Asia Pacific is expected to register the highest CAGR during the forecast period. The high growth in this market is attributed to increasing healthcare investment, large geriatric population, and rapid economic growth in emerging APAC countries.