The Lab Automation Market size will grow to USD 5.5 billion by 2025 (forecast year) from USD 4.3 billion in 2020 (estimated year), at a CAGR of 5.2% during the forecast period.
Increased R&D investments in pharmaceutical industries;
Pharmaceutical and biotechnology companies are making significant investments in research to meet the growing needs of the healthcare sector. For instance, According to the India Brand Equity Foundation (IBEF), pharmaceutical companies such as Sun Pharmaceuticals, Cipla, and Lupin Ltd. invested 8.8% of their sales in R&D in FY 2018.Moreover,collaborations between pharma companies and healthcare stakeholders for R&D into therapeutics will also stimulate the use of lab automation., hence exceeding the production levels this will likely to drive the demand of Lab Automation market.
Improving healthcare infrastructure across emerging countries;
Emerging markets are expected to offer significant growth opportunities to lab automation product manufacturers and distributors during the forecast period. Growing demand for clinical diagnostic procedures, which is resulting in the increased sales of lab automation products. Major product manufacturers are increasing their penetration across emerging markets through expanded distribution networks and augmented manufacturing capabilities. This offer a lucrative opportunity for lab automation.
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By equipment & software, the automated workstation segment is the largest market during the forecast period
Based on equipment & software, the lab automation market is segmented into Automated Workstations, Microplate Readers, Off-The-Shelf Automated Workcells, Robotic Systems, Automated Storage & Retrieval Systems (ASRS), Other Equipment and Software. The automated workstation segment dominate the market during the forecast period, attributed to the advantages offered by Automated Liquid handling systems, Microplate readers, Automated ELISA, Automated Nucleic acid purification systems which are designed to easily integrate with the existing instruments and offers flexibility. In addition, continuous technological advancements and the progressive growth of drug discovery is expected to fuel the growth of lab automation market during the forecast period.
By end user, the pharmaceutical and biotechnology companies segment is expected to be the fastest growing market segment during the forecast period.
The lab automation market is segmented into pharmaceutical and biotechnology companies, hospitals and diagnostic labs, research and academic institute, environmental testing laboratories, forensics laboratory, and food & beverage industry. In 2019, the biotechnology & pharmaceutical companies segment is expected a highest CAGR 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.
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North America is expected to be the largest market during the forecast period.North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the major regions considered for the study of the Lab Automation market. North America is expected to dominate the market during the forecast period. Owing to the presence of large pharmaceutical companies, increasing investment in drug discovery and genomics market. This is expected to drive market growth for lab automation market.
Key Market Players;
The major players in the global Lab Automation market Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc,(US) Agilent Technologies (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Tecan Group Ltd. (Switzerland).
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