Modular Laboratory Automation Market by End-users and Geography - Forecast and Analysis 2020-2024
Global Modular Laboratory Automation Market: About this market
Technavio’s modular laboratory automation market analysis considers sales from hospitals and diagnostic laboratories, pharmaceutical and biotechnology companies, and other end-users. Our study also finds the sales of modular laboratory automation in Asia, Europe, North America, and ROW. In 2019, the hospitals and diagnostic laboratories segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as growing prevalence of chronic and infectious diseases such as cancer, diabetes, influenza, and cardiovascular will play a significant role in the hospitals and diagnostic laboratories segment to maintain its market position. Also, our global modular laboratory automation market report looks at factors such as increasing workload in clinical and diagnostic laboratories, and demand for automation among reference laboratories. However, implementation and integration of automated systems into existing laboratory space, requirement for high capital investments, and risk of prolonged downtime due to automation failure may hamper the growth of the modular laboratory automation industry over the forecast period.
Global Modular Laboratory Automation Market: Overview
Rising drug development and research activities
The drug R&D sector is witnessing rapid growth with the increase in drug discovery activities and approvals. Drug discovery activities involve safety testing procedures such as validation testing, pharmacogenomic testing, and toxicity testing. This is encouraging drug development researchers to use automation technologies, which are used in safety testing procedures to automate the preanalytical and post-analytical processing. It enhances the process by developing a streamlined workflow and minimizing manual intervention. Thus, the rise in drug development and research activities will lead to the expansion of the global modular laboratory automation market at a CAGR of over 6% during the forecast period.
Integration of AI and analytical tools in laboratory workflow
Vendors are finding automation and Al as complementing technologies that are together ensuring the optimum utilization of laboratory resources and helping in increasing productivity. The integration of Al and analytical tools has resulted in the introduction of smart modular laboratory automation solutions, which have allowed easy, reliable, and secured networking of automated modules at the field level. Additionally, features such as intelligent control and real-time update about the economic consumption of water and raw materials help provide significant cost benefits to the laboratories deploying such smart systems. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global modular laboratory automation market during the forecast period 2020-2024, click here.
With the presence of a few major players, the global modular laboratory automation market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading modular laboratory automation manufacturers, that include Agilent Technologies Inc., Becton, Dickinson and Co., Bio-Rad Laboratories Inc., Danaher Corp., F. Hoffmann-La Roche Ltd., PerkinElmer Inc., QIAGEN NV, Shimadzu Corp., Siemens AG, and Thermo Fisher Scientific Inc.
Also, the modular laboratory automation market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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