Lab Automation Market Is Set to Expand at A CAGR Of 9.6% To Reach US$ 3 Billion During the Forecast To 2027
Dynamics of the Global Lab Automation Market Increasing incidences of life-threatening diseases and injuries have led to increasing diagnostics procedures, worldwide. It is estimated that, the direct and indirect costs of diagnosis will increase over a period of time. The rising research and development activities in the field of molecular and genetics, biochemistry, microbiology, and immunology have also boosted the demand for accurate and cost saving facilities. To develop cost-effective and cost-efficient medical devices and lab automation services, various governments in developed countries are actively funding R&D activities. For instance, the New South Wales (NSW) government in Australia, has provided a medical devices fund of around US$ 8.0 million in 2017-2018 to help encourage and support investments in the development and commercialization of medical devices, related technologies, and services.
According to a recent market report published by Future Market Insights titled, ‘Lab Automation Market – Global Industry Analysis and Opportunity Assessment, 2017–2027’, the global lab automation market is expected to be valued at US$ 1,219.4 Mn in 2017, and is expected to register a CAGR of 9.6% from 2017 to 2027. Lab automation is increasingly being installed by various end users such as pharmaceutical companies, hospitals and diagnostic centers, educational institutions, contract research organizations (CROs), and research institutes. There has been an increase in the usage of lab automation components in hospitals and diagnostic centers, due to an increase in the demand for biochemistry devices.
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Favourable government policies for start-ups enable companies to develop cost-effective healthcare solutions in the lab automation market. Over the last few years, government authorities in Asia Pacific and Middle East and Africa are encouraging start-up companies as well as MNCs to boost industrial growth in the healthcare and medical device industries. Major players in the in-vitro diagnostics market can capitalize on the economies of scale to strengthen their position in the market.
For instance, India, a developing country in the Asia Pacific region, has announced new policies for attracting MNCs as well as start-up companies across domains, including medical device manufacturing. According to the policies, start-up companies in India are exempt from tax for the first three years after establishment, and patent protection costs are subsidized. Thus, favourable government policies in developing countries are expected to drive overall the lab automation devices and services market.
However, the complex integration of lab tools hinders the demand for lab automation solutions. Lab professionals are focusing on the better utilization of test tools, consolidating various resources and deploying effective lab tools across all platforms. Interconnecting various platforms across the lab is a very critical task, and needs advanced PR-PR open-source high-level robot programming language as a cross-platform laboratory automation system, which may lead to complexity and a variety of test configurations, and restrain the growth of the lab automation market over the forecast period.
Global Lab Automation Market: Key Players
Some of the key competitors in the lab automation market are Abbott Laboratories, Agilent Technologies, Perkin Elmer, Inc, Thermo Fisher Scientific, Inc, Siemens Healthcare, Danaher Corporation, Becton, Dickinson and Company, and Transcriptic, Inc.
These key players are constantly focusing on product innovation and geographical expansions to sustain their market presence and increase revenue generation by developing various types of solutions and delivering outstanding offerings to several end users.
Key Segments:
Component Type
- Devices
- Biochemistry Devices
- Molecular Devices
- Hematology Devices
- Immunology Devices
- Microbiology Devices
- Others
Software
- Scheduling Software
- Momentum Integration Software
Application
- Life Sciences Research and Development
- Drug Discovery
- Diagnostics
End User
- Pharmaceutical Companies
- Hospitals and Diagnostic Centers
- Educational Institutions
- Contract Research Organizations (CROs)
- Research Institutes
Key Regions
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- APEJ
- China
- India
- Australia & New Zealand
- ASEAN
- Rest of APAC
- Japan
- MEA
- GCC Countries
- Turkey
- South Africa
- North Africa
- Rest of MEA
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