Global Lab Automation in Genomics Market - Segmented by Equipment (Automated Liquid Handlers, Automated Plate Handlers, Robotic Arms, AS/RS, Vision Systems) and Region - Growth, Trends and Forecast (2018 - 2023)
The Global lab automation in genomics market is expected to register a CAGR of 7.70% over the forecast period (2018 - 2023). Genomic laboratories are integrated, high-throughput labs focused on the development of genetics and genomic technologies. These labs are focused towards developing integrated strategies that use multiple technology platforms and maximize the value of research/clinical samples. Genome analysis involves nucleic acid purification, amplification, labeling, and signal detection (specific reaction, separation, and signal counting). Implementation of laboratory automation in genomics enables the laboratory to standardize sample processing and analysis. Furthermore, the implementation of automated liquid handlers reduces the risk of sample misplacement.
High Capital Requirements Hindering Market Growth
Lab automation tools lead to long-term cost savings for laboratories and diagnostic institutes. The major deterrent for growth in this market has been the high initial costs required for installing these tools in the research labs. These tools cannot be viewed in isolation, they encompass the hardware equipment, software solutions, and a management system needed for efficient operations. The hardware equipment costs vary with the extent of automation, while the software costs are dependent on the type of operations conducted in the laboratory. Many research labs may not be able to justify these high capital costs due to limited budgets and need for ROI. The need for high capital requirements is hindering the growth.
Automated Plate Handlers Hold Largest Market Share
Automated liquid handlers have been widely adopted in lab automation as they drastically reduce the time for processing and minimize the scope for sample contamination by dispensing the dead volumes efficiently. The strong demand for automated liquid handling with sensor integrated systems has increased due to the significant improvement in the accuracy of the experiments through working with small volumes of liquid. Liquid handling plays a pivotal role in many applications, such as genomic research, as samples are being dispensed for a smooth workflow. In the modern era, automated liquid handling has proved to be a boon for various applications as it increases efficiency. The evolution of the liquid handlers capable of handling minute volumes of liquid has contributed to the rapid development of the lab automation systems in the market.
North America Holds the Largest Market Share
The market landscape in North America is extremely dynamic with a high level of merger and acquisition activities. Over the past years, the Canadian economy has witnessed a continuous growth. As Canada was relatively economically stable, the profits were more visible. With the increasing costs in the United States, there is a need for a cheaper and viable alternative to provide sustainable long-term benefits. The improvement in the operational efficiency at lower cost is the key factor driving the market in North America.
Key Developments in the Market
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