Lab Automation Market Poised to Register 9.6% CAGR through 2017 - 2027
Global Lab Automation Market: Segmental Analysis
The global lab automation market has been segmented by component, by application, by end user and by region.
By application, diagnostics and life sciences segment both reflect higher potential in the years to come. However, the diagnostics segment is expected to dominate the global market with a higher market revenue. By 2027 end, it is estimated to reach US$ 1.3 Bn and is projected to grow at the highest CAGR during the assessment period
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By component, the devices segment is expected to grow at the highest pace to register a CAGR of 9.7% to reach a significant value that supports this segment to cement its lead in the coming years
By region, North America is highly lucrative region and leads the regional markets in lab automation in the years to come. Asia Pacific excluding Japan (APEJ) region also shows high potential during the 2017-2027 timeline
Global Lab Automation Market: Dynamics
Advancements in lab automation, increasing adoption of lab automation across the globe in several end use industries and applications, rising funding for research and development, availability of compatible solutions for lab automation, rising strategic consolidation among service providers and end users, increasing preference for branded products, increasing technological changes, ease in FDA clearance, increasing academic research activities, favourable government policies, demand for automation in sample handling processes in laboratories, increasing reliance of scientists and researchers on the automation technology, increasing CROs (Contract Research Organizations) and increasing distribution and collaboration agreements to increase service and product reach are supporting the growth of the global lab automation market. Also, lab automation is considered as a single solution for multiple functionalities, which is triggering the adoption of lab automation thus driving the global market. However, aspects like lack of healthcare infrastructure in certain developing regions, higher initial cost, challenges in vendor selection and complex integration of lab tools have been posing challenges to the growth of the global market.
Global Lab Automation Market: Key Future Projections
The global lab automation market is projected to grow at a high CAGR of 9.6% throughout the period of forecast, 2017-2027 and is estimated to reach a market valuation of more than US$ 3 Bn by the end of the assessment year from a value of about US$ 1.2 Bn in 2017.
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Global Lab Automation Market: Competitive Assessment
The research study on global lab automation market includes a detailed competitive assessment that includes key players such as Abbott Laboratories, Agilent Technologies, Perkin Elmer, Inc., Thermo Fisher Scientific, Inc., Siemens Healthcare, Danaher Corporation, Becton, Dickinson and Company and Transcriptic Inc.
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