Biotech Investing Big on Lab Automation: Study
Growing R&D expenditure have provided a stimulus to the growth of lab automation market
Fact.MR, Rockville MD: Award winning market research company Fact.MR’s lab automation market opines a steady growth through 2021 and beyond, driven by key workstation equipment demand and rise in R&D activities. Demand for lab automation market is expected to grow over 7% CAGR through 2031-end.
According to the study, following the outbreak of COVID-19, upsurge of highly precision-based diagnostic and treatment solutions from bio-pharmaceutical industry widened the growth opportunities for lab automation systems. Hence, the demand from pharmaceutical industry is anticipated to accelerate the sales of lab automation in upcoming years.
For instance, according to the report from World Health Organization, pharmaceutical market is expected to increase at 5% annually, exceeding $1.8 trillion expenditure by 2024 and stated that approximately US$165 billion worth of investment will be recorded by new brans by 2024-end. Therefore, by the past year statistics and due to the heavy demand, manufacturers have heavily invested in R&D of lab automation solutions. Hence, fostering the sales.
“As laboratory workflows grey laborious and complex, the need for advanced testing to develop effective diagnosis and treatment for various diseases have necessitated the lab automation market demand,” says the Fact.MR analyst.
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- Based on application, clinical diagnostic & drug discovery to account for major share
- Biotechnology and pharmaceutical industry to be the primary end users
- Integrated automated workstations to be the most lucrative segment
- U.S. to witness aggrandizing sales backed by the largest biopharmaceutical industry in the region
- Germany expected to emerge as the epicenter of European market attributed to the high presence of OEMs.
- Growing R&D initiatives in pharmaceutical industries for lab automation platform to propel the demand
- Stringent regulatory control in the healthcare industry to drive the market growth
- Rising government initiatives in the form of financial & technical aid to accelerate the sales
- Deceleration of automation among small & medium laboratories to restrain the growth
- Lack of feasible technology integration in laboratories to hinder the sales of lab automation market
Discover more about the lab automation market with 112 figures, 84 data tables and the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/lab-automation-market
Thermo Fisher Scientific, Agilent Technologies, PerkinElmer, Hudson Robotics, Qiagen NV, F.Hoffmann-La Roche Ltd., Hamilton Robotics, Siemens Healthineers, Becton Dickinson & Company, and Bio-Rad Laboratories are some of the key manufacturers profiled by Fact.MR. Strategic collaborations & partnerships with academic and research institutes coupled with government initiatives are the key focus for the leading players.
In 2019, Boston Software Systems announced the company’s intelligent automation (IA) project was developed with an improved process for hospital labs and externally-linked facilities, harnessing the ability to dramatically improve efficiency and reduce data-driven user fatigue.
Likewise, in March 2021, Beckman Coulter Life Sciences launched its newest automated liquid handler, the Biomek NGeniuS workstation, at the virtual Advances in Genome Biology and Technology (AGBT) General Meeting. For the advancement next-generation sequencing (NGS) technology, the Biomek NGeniuS workstation is a purpose-built liquid handler for NGS library preparation that reduces manual transfers and hands-on-time for the traditionally labor-intensive process of library construction.
More Insights on the Lab automation Market
In its latest report, Fact.MR delivers a detailed segmentation on global lab automation market. The report divulges essential insights on lab automation market on the basis of product (equipment, workstation/unit automation software, laboratory information management systems (LIMS), electronic laboratory notebook, and scientific data management systems), application (drug discovery, clinical diagnostics, genomics solutions, and proteomics solutions), end-user (biotechnology & pharmaceutical industries, research & academic institutes, hospitals & diagnostic laboratories, forensic laboratories, environmental testing labs, and food & beverage industry), and regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa)
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