Press release
The Automatic Tube Labelling System Market to grace digital transformation curve at a CAGR of 4.6%
Market Overview:
The global automatic tube labelling system market is projected to grow at a CAGR of 4.6% throughout the forecast period (2018-2026). The standalone was the dominant product type segment in the global market in 2017, with nearly 72% market share.
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Company Profile
Computype Inc.
PaR Systems, Inc.
AutoLabe
Scinomix Inc.
ALTECH Srl
Brooks Automation, Inc.
BioMicroLab Inc.
California Advanced Labeling, Inc.
HTI bio-X GmbH
Capmatic Ltd.
Others.
Drivers and Restraints:
The Automatic Tube Labelling System Market is driven by factors such as the increasing demand for automation in laboratory processes, the rising incidence of chronic diseases, and the growing adoption of personalized medicine. Additionally, the need for accurate and efficient sample tracking and identification, along with the increasing focus on reducing healthcare costs, is also driving the market growth. However, the high cost of automatic tube labelling systems and the lack of awareness regarding the benefits of these systems are expected to restrain the market growth to some extent. Additionally, the lack of trained professionals to operate these systems and the stringent regulatory requirements are also expected to hinder market growth.
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Global Automatic Tube Labelling System Market: Regional Outlook
The global automatic tube labelling systems market is segmented into six key regions, namely North America, Latin America, Europe, and the Asia Pacific excluding China, China, and the Middle East & Africa. North America is expected to be the most lucrative market for automatic tube labelling systems, followed by Europe and Asia Pacific excluding China. North America is expected to dominate the global automatic tube labelling systems market due to the presence of a large number of research and development centers and high adoption of automation in the healthcare industry.
Europe is expected to contribute second large revenue share in automatic tube labelling system market due to increasing adoption of automation in European countries such as Germany, France, and the U.K. The Asia Pacific excluding China automatic tube labelling systems market is projected to exhibit significant growth over the forecast period due to increasing R&D activities in countries such as India, South Korea, and Japan. The China automatic tube labelling systems market is expected to grow at a high CAGR over the forecast period due to increasing number of local Chinese players.
Increased Regulatory Compliance to Boost Demand for Automatic Tube Labeling Systems
Blood banks, laboratories, and life sciences R&D centers especially in the U.S are mandated to adhere to international standards and guidelines pertaining to the labeling of samples. Pharmaceutical companies for instance, need to follow stringent labeling requirements for product specific labels and barcode standards for specimen shipping and logistics.
Incorporation of barcode labeling eliminates the chances of human error in specimen labeling. These stringent regulations pertaining to labeling specimen tubes are acting in favor of the global market for automatic tube labeling, boosting adoption and subsequently revenue growth.
Laboratory Automation to Drive Adoption of Automatic Tube Labeling Systems
Automation continues to pervade clinical laboratories and research centers that are leveraging technology and digitization to reduce the turnaround time in lab test results, improve results accuracy, and maximize staff productivity - consequently achieving cost savings.
Further, lack of a skilled workforce in medical laboratories has placed the onus on automatic solutions as a viable and more efficient alternative to manual labor. Labs are deploying advanced instruments and devices, software and tools, and process methodologies to achieve faster and more accurate test results. This increased dependency and shift towards automation is expected to bode well for the growth of the automatic tube labeling system market.
Automation in New Drug Development R&D to Further Fuel Revenue Growth of the Global Automatic Tube Labeling System Market
With the increasing incidence of chronic and life-threatening diseases across the world, pharmaceutical companies are pumping in R&D investments in new drug development to address the growing needs of patients. Automation plays a key role in new drug development, as it allows for enhanced speed, accuracy, and efficiency.
Experts engaged in new drug R&D activities leverage automation to eliminate cumbersome time and labor intensive tasks such as manual data entry and tubing management. This increased focus on automation in new drug development processes is expected to boost revenue growth of the global automatic tube labeling system market in the near future.
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