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BCC Research Forecasts Laboratory Automation Market to Grow to $3.8 Billion by 2017
6/14/2013 9:50:31 AM
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Wellesley, MA (PRWEB) June 14, 2013 -- From pharmaceuticals to farms, laboratory automation is being used to reduce costs, improve accuracy, and increase output.
With 2012 revenues of $1.0 billion in North America and upward growth projections for the next five to ten years, the once novel idea of laboratory automation is a growing trend.
Pharmaceuticals, clinical diagnostics, and academia have historically been the primary drivers of growth in this market. However, experts agree that future growth will come from the expansion of laboratory automation into new market segments.
Market segments such as forensics and agriculture are just two of the new segments expected to increase their use of laboratory automation over the next five years.
The laboratory automation market as a whole is expected to increase by $1.0 billion in the next five years. The Asian market alone is expected to double its 2010 expenditures on laboratory automation by 2017.
The pharmaceutical and biotechnology industries have already proven the benefits of laboratory automation. Laboratory automation allows these industries to ensure consistent quality, reduce operating expenses, and increase the speed to market of their new products.
Both industries are expected to continue the trend towards total laboratory automation over the next several years as a growing demand for diagnostics and pharmaceuticals drives the need for increased throughput.
The clinical diagnostics industry has also been an early adopter of laboratory automation. This industry primarily performs diagnostic testing in support of medical facilities.
Market experts believe that budget pressures and staffing shortages will lead to a slightly suppressed, but still moderate growth in laboratory automation for this market.
Academia has historically been an innovator in the area of laboratory automation. This industry’s need for laboratory automation to support research initiatives often drives further automation. For example, the human genome project would have been impossible without some of the earliest attempts at laboratory automation used by academic researchers.
However, a decrease in funding for academic research is expected to keep the demand for further laboratory automation low for at least the next five years.
Forensics, on the other hand, is expected to increase their use of laboratory automation. The increasing popularity of forensic DNA testing has increased demand for laboratory automation in order to accommodate the volume of DNA samples. Laboratory automation helps forensics increase throughput while decreasing the risk of cross-contamination. Laboratory automation also makes it easier to document testing procedures and results and allows forensic department to operate with fewer staff.
Agriculture is also expected to see an increase in laboratory automation as key players in this industry seek to ensure the safety and improve the quality of their agricultural products.
The only potential constraint anticipated in the growth of laboratory automation is the lack of adequate laboratory information management systems.
Stable and reliable information systems will be needed to support a massive increase in the use of laboratory automation.
Read the full report on laboratory automation market statistics to learn who the key players will be in the next five years and how you can be poised to capitalize on this growing market.
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