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Lab Automation Market : Sales Forecast , Pricing Forecast 2024
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The market for lab automation is expected to grow during the forecast period from 2015 to 2023 owing to the rising need of efficiency of the process of drug discovery and clinical diagnostics. This escalating need is currently acting as a driver for this market worldwide. In addition, advantages that lab automation offers are low regent cost and high productivity, reproducibility and accuracy. These benefits are also raving up the demand of lab automation in various application sectors.
However the expensive production cost inhibits the lab automation market. In addition, lack of planning for technology development in laboratory is also acting as a restraining factor for the lab automation market at the global level. Furthermore, increasing demand for lab automation in the emerging markets such as China, India and Brazil are expected to have a positive impact on the growth of this market. In addition, rising aging population along with growing number of diagnostic test performed in laboratories is fueling the market for lab automation market.
Lab Automation Market: Segmentation and Competitive Dynamics
The market for lab automation is segmented in four categories based on software, application, end use and region. By software the market can be divided into automated liquid handling, standalone robots, microplate readers, automated storage and retrieval systems (ASRS) among others. In terms of application, the lab automation market can be divided into drug discovery, clinical diagnostics genomics solutions, proteomics solutions and others. In terms of end use, the market can be segregated into biotechnology and pharmaceutical industries, hospitals and private labs, academic institutes and research institutes among others.
By geography, the market is divided in four major regions such as North America, Europe, Asia Pacific and Rest of the world including Middle East, South America and Africa. North America and Europe are the early adopters of technology and hence account for the majority of the market share. However, Asia Pacific region is expected to see faster growth during the forecast period owing to the presence of developing nations such as India, South Korea, Australia and China among others. This growth is attributed to the availability of skilled workforce required in the field of lab automation and improving economic conditions in this region.
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The key players have adopted research and development along with product innovation as major strategies in order to strengthen their foothold in the lab automation industry. The major players operating in the lab automation market are Thermo Fisher Scientific, Inc., Tecan Group Ltd., Siemens Healthcare (Subsidiary of Siemens AG), Roche Holding AG, Qiagen N.V., Perkinelmer, Inc., Hamilton Robotics, Inc., Beckman Coulter, Inc., Biomérieux SA. and Agilent Technologies among others.
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