Laboratory Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
The global laboratory automation market reached a value of US$ 4.55 Billion in 2018. The market value is further projected to reach US$ 6.20 Billion by 2024, exhibiting a CAGR of 5.4% during 2019-2024. Laboratory automation can be defined broadly as any device, software or process that requires minimal human intervention and improves the efficiency of the laboratory. Laboratory automation may include the use of robots, conveyors, software, machine vision, etc.
Laboratory automation has played a major role in saving time, reducing costs, eliminating human error and improving the efficiency of experiments. As a result, automation has moved past the “nice to have” to the “must have” in the modern laboratory. Laboratory teams today are continually looking for ways to increase their efficiency and improve the long-term value of their operations. Organisations are now adopting laboratory automation solutions to enhance their work and maximize the efficiency of their testing processes.
Laboratory automation is playing a major role in maximizing the accuracy of laboratory results and minimizing human errors to ensure that work is completed efficiently. It also enables the laboratory to deliver the reports quickly ensuring that actionable data is available on a short notice for review.
Automation is also enabling laboratories to reduce manual work. Automation solutions can complete many testing processes that would otherwise require significant amount of manual work. Labor costs account for a significant share of the total laboratory costs. Moreover, automation systems improve the productivity of labs and reduce the increase in costs that may arise due to wastage.
The application of automation systems has also led to a significant increase in the productivity of the drug discovery process. These systems can operate for long hours with minimal monitoring and instruction. They also allow more time for researchers to focus on their core work and reduce their time on repetitive tasks
Automated testing solutions enable the ideal ways to protect data and ensure that it is easily available for lab teams. These systems also improve productivity of lab teams as they can track everything that happens to a sample, enabling them to view its entire history.
Based on the type, the market has been segmented into modular automation and whole lab automation. Modular automation currently dominates this market.
Based on the equipment/software type, the market has been segmented into automated clinical laboratory systems and automated drug discovery laboratory systems. Currently, automated clinical laboratory systems represents the larger segment. The automated clinical laboratory systems have been further segmented into automated workstations, LIMS, sample transport systems, specimen handling systems and storage retrieval systems. Similarly, the automated drug discovery laboratory systems have been further segmented into automated plate readers, liquid handling systems, LIMS, robotics, storage retrieval systems and dissolution testing systems.
Based on the end-users, the market has been segmented into biotechnology and pharmaceutical companies; hospitals and diagnostic laboratories; and research and academic institutes.
Region-wise, the market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market.
The competitive landscape of the market has also been examined with some of the key players being Danaher, PerkinElmer, Tecan Group, Thermo Fisher, Abbott Diagnostics, Agilent Technologies, Aurora Biomed, Becton Dickinson, BioMérieux, Biotek Instruments, Brooks Automation, Cerner, Eppendorf, Hamilton Storage Technologies, LabVantage Solutions, Labware, Olympus, Qiagen, Roche Holding, Siemens Healthcare, etc.
This report provides a deep insight into the global laboratory automation market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the laboratory automation industry in any manner.
Key Questions Answered in This Report:
How has the global laboratory automation market performed so far and how will it perform in the coming years?
What is the breakup of the global laboratory automation market on a regional basis?
What is the breakup of the global laboratory automation market on the basis of product type?
What is the breakup of the global laboratory automation market on the basis of equipment/software type?
What is the breakup of the global laboratory automation market on the basis of end-user?
What are the various stages in the value chain of the global laboratory automation industry?
What are the key driving factors and challenges in the global laboratory automation industry?
What is the structure of the global laboratory automation industry and who are the key players?
What is the degree of competition in the global laboratory automation industry?
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