Lab Automation Market Business Growth Analysis
The global lab automation market is expected to reach USD 5.20 Billion by 2022 from USD 4.06 Billion in 2017, at a CAGR of 5.1%.
The Research report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Lab Automation Market, along with revenue estimates & forecasts and market share analysis.
Moreover, the study showcases back-to-back parameters like application, improvement, product growth, and diverse structures & key processes. The report highlights the in-depth analysis of various critical parameters such as profit & loss statistics, product value, production capability, production process, and many more.
Factors such as process miniaturization, high demand for lab automation equipment in drug discovery and clinical diagnostics, higher reproducibility and accuracy, and large workforce demand and supply gap are likely to drive the growth of this market. In addition, lab automation offers enhanced productivity and reduced costs, better personnel safety, and small volumes of samples and reagents.
Lab Automation Market Segmentation:
- By Equipment and Software
- By Application
- By End Users
- By Regions
Based on equipment and software, the market is segmented into automated workstations, off-the-shelf workcells, robotic systems, automated storage and retrieval system, software, and other equipment. In 2017, the automated workstation segment is expected to account for the largest share of the lab automation market. The high demand for automation in liquid handling is the key factor driving market growth in this segment. Automated workstations offer advantages such as enhanced accuracy, and reduced time and cost.
Based on end user, the lab automation market is segmented into pharmaceutical and biotechnology companies, hospitals and diagnostic labs, and research and academic institute. In 2017, the biotechnology & pharmaceutical companies segment is expected to account for the largest share of the lab automation market. Factors such as increasing product intricacy, pricing pressure, high cost incurred by errors, and need for consistency in quality are driving biotechnology and pharmaceutical companies to adopt automation and accelerate the drug discovery process.
The Major Players Opearting in the Lab Automation Market:
This market is fragmented in nature with a large number of regional and national players. In 2016, Tecan Group (Switzerland), PerkinElmer (US), Danaher (Beckman Coulter & Molecular Devices) (US), Thermo Fisher (US), Agilent Technologies (US), Eppendorf (Germany) were the top five players in the lab automation market and accounted for approximately 40% share of the overall market.
Tecan was the leading player in the global laboratory automation market in 2016. Tecan has maintained its footprint in the global lab automation market through continuous innovation and development of new products and their commercialization in different regions. The company also focuses on collaborations and acquisitions in order to expand its market share.
Geographical Detailed Analysis of Lab Automation Market:
North America is expected to command the largest share of the global Lab Automation Market in 2017.
The increasing adoption of lab automation systems, implementation of the Affordable Care Act (ACA) in 2010 and economy stimulus programs such as increased funds for the National Institutes of Health (NIH) and the National Science Foundation (NSF), and increased R&D activities by biotechnology and pharmaceutical companies are driving growth in the Lab Automation Market in North America.
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