Key factors driving growth in Lab Automation Market -
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.
How the Lab Automation Industry will grow in coming years?
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 Objective of Research is as Follows:
1. To define, describe, and forecast the global market on the basis of product, application, end user, and region.
2. To provide detailed information regarding the major factors influencing the growth of the market (drivers, opportunities and industry-specific challenges).
3. To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
4. To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for the market leaders.
5. To forecast the size of the market with respect to five regions: North America, Europe, Asia Pacific, and the Rest of the world.
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The Automated Workstations to Dominate The Industry:
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.
Lab Automation in Pharmaceuticals and Biotechnology Industry:
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.
Regional Growth and Demand Analysis of Lab Automation Market:
Based on region, the lab automation market is segmented into North America, Europe, Asia Pacific, and RoW. In 2017, North America is projected to account for the largest share of the global lab automation market. The demand for lab automation in North America is driven by the increasing number of investments in research and innovation by the government, large presence of pharmaceutical R&D labs in this region, and lab automation adoption by hospitals and clinical diagnostic labs due to increasing volume of tests.
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Key Players in Lab Automation Market and Growth Strategies Adopted by Them:
In 2017, Tecan (Switzerland) is expected to dominate the lab automation market. Some of the other players competing in this market are PerkinElmer (US), Danaher (Beckman Coulter & Molecular Devices) (US), Thermo Fisher (US), Agilent Technologies (US), Hamilton Robotics (US), Abbot Diagnostics (US), Eppendorf (Germany), QIAGEN (Netherlands), Roche Diagnostics (Switzerland), and Siemens Healthcare (Germany).
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. The company acquired SPEware Corporation (US) and Pulssar Technologies (France) to enhance its presence in the market. Tecan has an extensive product portfolio for lab automation and further focuses on enhancing its presence in the market by adopting organic as well as inorganic growth strategies.
In 2016, PerkinElmer ranked second in the global lab automation market. It is engaged in providing technologies, services, and solutions to the diagnostics, research, environmental, industrial, and laboratory services markets. The company has a robust product portfolio for lab automation.