Global Laboratory Automation Market to Acquire Traction with Increasing Research & Development Endeavors

According to the estimations put forth by Inkwood Research, the Global Laboratory Automation Market is predicted to project a CAGR of 5.61% in terms of revenue during the forecasting years of 2021-2028.

"Browse 39 Market Data Tables and 51 Figures spread over 165 Pages, along with an in-depth TOC on the Global Laboratory Automation Market Forecast 2021-2028."

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Laboratory automation entails a multi-disciplinary approach, primarily in terms of optimization, research and development, and capitalization on laboratory-oriented technologies. It helps enable innovative and improved processes, while considerably minimizing manual steps, and human errors. Moreover, laboratory automation applications include proteomics solutions, genomics solutions, drug discovery, and clinical diagnostics.

Increased Research & Development to Augment Market Growth

Automated laboratories harbor massive potential, especially regarding research and development laboratories, as well as biopharmaceutical and pharmaceutical enterprises. Besides, healthcare research is continually rising, predominantly owing to the growing patient base, worldwide. The demand for superior-quality healthcare further creates an increasing need for research in the field of healthcare. As a result, governments across diverse nations propose to concentrate on investing in healthcare research, in order to fulfill the quality standards, while meeting patient demands for improved and enhanced technology, and solutions.

For instance, according to the Economics of Industrial Research and Innovation, the intensity of research and development, particularly in the European research-based pharmaceutical sector, accounts for 13.3%. The increase in research plays a vital role in the laboratory automation market growth, in Europe. Similarly, investments in health and medical research and development across the United States, increased by more than 20%, from 2013 to 2016.

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Clinical Diagnostics is the Dominating Application
Automation in medical laboratories observes a growing trend, encompassing both, research as well as diagnostic laboratories. These include hematology, molecular biology, and clinical chemistry. Moreover, modular laboratory automation is essentially implemented in clinical diagnostics for numerous applications, such as, screening, preparation, archiving, and distributing. The segment is also beneficial in treating chronic diseases and infectious conditions.

Likewise, the potential benefits of integrating laboratory automation in clinical diagnostics result in increased productivity, minimized personnel expenses, the added safety of labor force, and heightened connectivity with the laboratory information system (LIS).

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North America Held the Largest Market Share in 2020

The North America laboratory automation market growth is accredited to the presence of well-established healthcare infrastructure, the vast availability and higher adoption of advanced laboratory automation solutions, and the increased prevalence of trained medical experts. However, the growing costs of healthcare services may restrict market growth, over the forecast period.

The global laboratory automation market observes a high degree of industrial rivalry, thereby driving the need for introducing innovative, effective, and efficient solutions. Some of the distinguished players operating in the market include, Abbott Laboratories, F Hoffman-La Roche Ltd, Danaher Corporation (Beckman Coulter), Thermo Fisher Scientific Inc, Becton, Dickinson and Company (CR Bard), etc.

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