Lab Automation Market: Rising Demand for Precision-Based Diagnostics and Medicine Delivery Driving Growth: Fact MR Study
Increasing focus on research and development in pharmaceutical sector will create opportunities for growth
Fact MR: The global lab automation market is forecast to surpass the valuation of US$ 1 trillion by end of 2031. According to a study by Fact MR, the market is demonstrating a steady growth due to rising demand for precision-based diagnostics and medicine delivery. As per a report by Fact.MR, the global lab automation market is estimated to expand at a CAGR of over 7% for the forecast period between 2021 and 2031.
According to Institute for Human Data Science, patients gained over 1.8 trillion days of therapy across all countries, average 234 days per patient. It also forecasts that global health expenditure will grow at a rate of 2 to 5% per year, surpassing US$ 1 trillion by 2024. Thus, the rising demand for effective treatment will present a lucrative growth opportunity for the market.
According to India Brand Equity Foundation (IBEF), medical devices market in India will reach to be worth US$ 25 billion by 2025. Hence key players are investing in advanced automation technologies in the country. The introduction of various technologically advanced diagnostic methods has emerged as main growth driver in the India market.
According to Office of Lifesciences, employment in the UK life sciences industry increased by 9% between 2010-2019, with a revenue of approximately £ 81 billion, with core biopharma accounting for £ 36.7 billion, or 45 percent of the industry's sales.
The aforementioned statistics is indicative of increasing number of lab automation service providers in the medical landscape. This hints towards steady growth of the market over the forecast period.
“Increasing investment in clinical diagnostic studies is spurring the need for advanced imaging, monitoring, and cell detection systems. This is creating opportunity for launch of new solutions among key manufactures,” said a Fact MR analyst.
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⦁Firms in the U.S. conduct 50% of the global R&D in pharmaceuticals. This has catapulted the U.S. to the forefront of the lab automation market.
⦁Germany is expected to emerge as one of the most promising lab automation equipment producers and will present impressive opportunities for growth to original equipment manufacturers.
⦁China has emerged most lucrative market backed by the presence of a robust pharmaceutical infrastructure.
⦁France is expected to project a significant market growth driven by increasing investment in research and development on poverty-related and neglected diseases (PRNDs) drugs.
⦁ Growth rate will accelerate amid COVID-19 as leading pharmaceutical companies rev up research initiatives to find vaccines and effective treatment.
- Increasing complexity of laboratory workflows will fuel the demand for lab automation solutions.
⦁Non-uniform distribution in rural and urban regions hampering market growth.
⦁Lack of availability of necessary infrastructure is responsible for patient’s travel to urban health centers.
⦁High cost involved in investments in lab automation will hamper demand.
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Key players operating in the lab automation market profiled by Fact.MR includes Thermo Fisher Scientific, Agilent Technologies, PerkinElmer, Hudson Robotics, Qiagen NV, F. Hoffmann-La Roche Ltd., Hamilton Robotics, Siemens Healthineers, Becton Dickinson and Company, Bio-Rad Laboratories, FORMULATRIX, BioMerieux SA, and Danaher Corporation
The prominent players operating in the market are adopting inorganic growth strategies, such as partnerships and mergers, for the development of novel diagnostic solutions. For instance,
⦁In March 2021, Agilent Technologies declared acquisition of Resolution Bioscience, an innovative leader in next-generation sequencing (NGS)-based oncology solutions. To facilitate such advanced oncology diagnostics, the company will receive credible stimulus with regard to lab automation solutions development.
⦁In February 2021, PerkinElmer launched first cell painting kit as part of its PhenoVue imaging reagent portfolio. While working with its microplates, automation offerings, and software to allow researchers to better understand diseases and develop more pinpointed therapies and drugs.
More Insights on the Lab Automation Market:
Fact.MR offers unbiased analysis of the lab automation market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (equipment, microplate readers, automated ELISA Systems, automated Nucleic Acid purification systems, software, and informatics), on the basis of application(drug discovery, clinical diagnostics, genomics solutions, and proteomics Solutions), on the basis of end users (biotechnology and pharmaceutical industries, research and academic institutes, hospitals and diagnostic laboratories, forensic laboratories, environmental testing labs, and food beverage industry) on the basis of region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
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