Press release
Laboratory Automation Market Value to hit $8,424 million by 2026, at CAGR of 6.9% | Danaher Corporation, F. Hoffmann-La Roche AG
Laboratory Automation Market
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The global laboratory automation market garnered $4.88 billion in 2018, and is expected to reach $8.42 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026.
COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Prime determinants of growth
Surge in number of research and development activities across the world and rise in adoption of laboratory automation systems fuel the growth of the global laboratory automation market. However, high initial investments required for automated products hinder the market growth. On the other hand, rise in demand for miniaturized process equipment and advancements in technology offer lucrative opportunities in the near future.
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The equipment segment to maintain its dominant share during the forecast period
Based on product, the equipment segment held more than five-sixths of the total share of the global laboratory automation market in 2018, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is expected to register the highest growth rate with a CAGR of 7.2% from 2019 to 2026. This is due to rise in adoption of lab automation equipment in drug discovery & diagnostic laboratories, reduction in production fluctuations, and rise in demand for miniaturized process equipment. The research also analyzes the software and informatics segment.
The clinical diagnostics segment to maintain its dominance throughout the forecast period
Based on application, the clinical diagnostics segment held the highest market share in the global laboratory automation market, contributing to nearly two-fifths of the market in 2018, and is estimated to maintain its dominance during the forecast period. This is attributed to availability of highly-specialized laboratories with advanced automation technology that perform number of analysis with improved efficiency, high quality, lower cost, reliability, and low power consumption in shorter time. However, the genomics solutions segment is expected to register the fastest CAGR of 10.0% from 2019 to 2026. This is due to rise in implementation of laboratory automation in genomics and surge in R&D activities.
North America to maintain its lion's share during the forecast period
Based on region, North America accounted for the highest share, holding more than two-fifths of the global laboratory automation market in 2018, and is expected to maintain the lion's share during the forecast period. This is due to presence of well-developed healthcare infrastructure, adoption of laboratory automation systems, and presence of trained medical professionals. However, Asia-Pacific is expected to maintain the highest CAGR of 8.3% from 2019 to 2026, owing to improvement in healthcare infrastructure, surge in number of hospitals equipped with advanced medical facilities, and the presence of developing R&D sector.
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The Major Key Players Are:
Agilent Technologies, Inc., BioMerieux SA, Danaher Corporation, F. Hoffmann-La Roche AG, Hamilton Robotics, PerkinElmer, Inc., Qiagen N.V., Siemens AG, Tecan Group Ltd., and Thermo Fisher Scientific Inc.
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