The Lab Automation Market projected to grow at a (CAGR) of 6.9% during the forecast period
Presence of government funding for biotech and pharmaceutical research are expected to drive the growth of the global lab automation market
The global lab automation market is projected to USD 5.48 Billion by 2021 from USD 3.92 Billion in 2016, growing at a CAGR of 6.9% from 2016 to 2021
Developing markets such as the Brazil, China, India, and Middle East are lucrative markets for lab automation, owing to increasing government and corporate funding for biotech and pharmaceutical research.
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The report segments the global lab automation market by equipment and software, application, type, end user, and region. Microplate Readers are the key playing field in the lab automation equipment and software market, owing to increasing benefits such as in research, drug discovery, bioassay validation, QC, and manufacturing for the detection of biological, chemical, or physical processes in samples contained in microtiter plates.
Drug discovery, clinical diagnostics, genomics solutions, proteomics solutions, and other applications (bio banking and cell biology solutions) are major application segments of lab automation market. In 2016, the drug discovery application segment is expected to account for the largest share of the global lab automation market. The need for high-/ultra-high-throughput screening and reduced time-to-market for drugs are the major drivers for the growth of the drug discovery segment.
On the basis of type, the lab automation market is segmented into modular automation, and total lab automation. The modular automation segment is expected to account for the largest share of the lab automation market in 2016. The ability to automate user-specific tasks, better affordability than TLA, and easy integration through robotics for future automation requirements are driving the growth of this segment.
Biotechnology and pharmaceutical industries are the major end user of the lab automtion market, followed by research institutes. The large share of this segment can be attributed to increase demand of the biopharmaceuticals.
New and innovative product launches was the dominant strategy adopted by key industry participants to increase their market share and cater to unmet needs.
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The deviations and overlap of revenue between applications and products in a number of sources was the major challenge faced while estimating market size. This challenge was overcome by validating data through a large number of industry experts and key opinion leaders.
From an insight perspective, this research report focuses on qualitative data, market size, and growth of various segments and sub-segments, competitive landscape, and company profiles. The qualitative data covers various levels of industry analysis such as market dynamics (drivers, restraints, opportunities, and threats), winning imperatives, and burning issues. The report also offers market sizes and data on the growth of various segments in the industry. It focuses on emerging and high-growth segments, high-growth regions, and initiatives of governments. The competitive landscape covers growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on key players in the lab automation market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
Related Report:
Lab Accessories Market by Type (Label Printer Pipette tips Pumps Microplate Reagent Reservoir Valve Tubing Wash Station) & End User (OEM Biotechnology & Pharmaceutical Companies Hospital Private Labs Research Institute) - Global Forecast to 2020
The dearth of qualified laboratory professionals (over 17% of laboratory professionals are set to retire in the next five years) and rising aging population have increased the demand for laboratory automation. The application of advanced technology in testing laboratories has gained importance as it ensures timely progress and efficiency with minimal errors. This has led to the adoption of lab automation in high-throughput screening, combinatorial chemistry, automated clinical and analytical testing, diagnostics, and large-scale bio repositories. However, high capital expenditure required for laboratory automation, higher level of maintenance required as compared to manually operated machines, and lower flexibility in terms of products as compared to that of manual systems are some of the restraining factors that may hinder the growth of this market. The global laboratory accessories market is expected to reach $504.7 million by 2020 from $327 million in 2014, growing at a CAGR of 7.5% during the forecast period.
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