Market Outlook of Laboratory Information Management Systems (LIMS) will Remain Pragmatic with a CAGR of Over 7% until 2031
Prolific developments in life sciences, characterized by rapid AI penetration, industry-wide proliferation of cloud technology, and possible therapeutic connotations of previously contraband substances such as marijuana are amongst some key developments that have led to the emergence of a trillion dollar global pharmaceutical industry in recent years. This has eventually led to swift automation of laboratory settings, providing credible stimulus to the global lab automation market, according to a recent report published by consulting firm Fact.MR.
According to the report, the market is poised to experience significant gains, posting a CAGR exceeding 7% through 2031. Increasing number of grants disbursed to facilitate advanced drug development & clinical diagnostic research is responsible for bulk of the market’s growth. For instance, the EU Commission, in March 2021, advanced a grant to eTheRNA Immunotherapies, to accelerate the development of a novel and potentially best-in-class therapeutic mRNA cancer vaccine to treat recurrent HPV16+ head and neck cancers. The grant amounted to € 6.9 million.
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Growth prospects have further heightened since the onset of COVID-19, with healthcare providers scrambling to deploy precise and advanced diagnostic services, as well as accelerate drug and vaccine development. Consequently, overall healthcare spending rose to US$ 1.4 trillion, representing over 30% increase since 2015. Additionally, a host of government initiatives in key markets have greatly helped augment spending on lab automation, a trend likely to continue over the coming years.
Key Companies Profiled
- Thermo Fisher Scientific
- Agilent Technologies
- PerkinElmer
- Hudson Robotics
- Qiagen NV
- F. Hoffmann-La Roche Ltd.
- Hamilton Robotics
- Siemens Healthineers
- Becton Dickinson and Company
- Bio-Rad Laboratories
Key Takeaways from Market Study
- By product, demand for integrated automated workstations to expand at a rapid pace
- Biotechnology & pharmaceutical industry experiencing major uptake of lab automation systems
- By application, drug discovery and clinical diagnostics to collectively capture a lucrative share
- Voluminous biopharmaceuticals manufacturing to elevate lab automation deployment across the U.S.
- The U.K. to generate fresh revenue ecosystems amid high reliance on in vitro diagnostics
- Growing R&D initiatives by government and non-governmental entities bolstering France and Germany’s growth prospects
- India and China to emerge as lucrative hotspots amid increasing need to offset asymmetries in efficient lab testing mechanisms
“Growing irregularities in quality diagnosis & drug development due to high error margins are prompting healthcare providers to invest in the most contemporary lab automation solutions, driving market growth,”comments a Fact.MR analyst.
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Key Segments Covered
- Product
- Equipment
- Automated Workstations
- Automated Liquid Handling
- Automated Integrated Workstations
- Pipetting Systems
- Reagent Dispensers
- Microplate Washers
- Microplate Readers
- Multi-mode Microplate Readers
- Single-mode Microplate Readers
- Automated ELISA Systems
- Automated Nucleic Acid Purification Systems
- Software & Informatics
- Workstation/Unit Automation Software
- Laboratory Information Management Systems (LIMS)
- Electronic Laboratory Notebook
- Scientific Data Management System
- Equipment
- Application
- Drug Discovery
- Clinical Diagnostics
- Genomics Solutions
- Proteomics Solutions
- End User
- Biotechnology & Pharmaceutical Industries
- Research & Academic Institutes
- Hospitals & Diagnostic Laboratories
- Forensic Laboratories
- Environmental Testing Labs
- Food & Beverage Industry
- Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Competitive Landscape
Thermo Fisher Scientific, PerkinElmer, Agilent Technologies, Hudson Robotics, F. Hoffmann-La Roche Ltd., Siemens Healthineers, Hamilton Robotics, Bio-Rad Laboratories, bioMerieux SA, Becton Dickinson & Company, Qiagen NV, Danaher Corporation, and Hudson Robotics are some prominent lab automation equipment and software providers profiled in Fact.MR’s report.
- With regard to solution offerings, Siemens Healthineers provides the SIMATIC SIPAT Process Analytical Technology, facilitating the right-first-time production via Quality by Design (QbD) transfer of previously downstream quality controls into the manufacturing process itself. The software helps healthcare settings become more flexible with regard to production expansion, new product launches, and entry into new markets.
- Similarly, Bio-Rad Laboratories offers its CFX Automation System II, a robotic plate handler compatible with all CFX RT-PCR Detection Systems to enable walk-away, high throughput qPCR operation in a simplified format. This systems generates large volumes of data and rapid data analysis. It is ideally suited to meet the high throughput RT-PCR requirements of today’s drug discovery and screening workflows.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global lab automation market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (equipment and software & informatics), application (drug discovery, clinical diagnostics, genomic solutions, and proteomics solutions), and end-user (biotechnology & pharmaceutical industries, research & academic institutes, hospitals & diagnostic laboratories, forensic laboratories, environmental testing labs, and food & beverage industry), across five major regions of the world.
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