Global Lab Automation Market for In-Vitro Diagnostics Market
The lab automation market for in-vitro diagnostics was valued at USD 949.1 million in 2017, and is expected to reach a value of USD 1230.9 million by 2023 at a CAGR of 4.31%, over the forecast period (2018-2023).The scope of the report is limited to products offered by major players for various purposes which include Automated Plate Handler, Automated Liquid Handler, Robotic Arm, Automated Storage and Retrieval System, Analyzer. While the end users considered in the scope of the report include Academic, Laboratory and other verticals for utility.
The IVD product portfolio includes devices that assist in clinical chemistry and immunoassays, urinalysis, point-of-care testing, and patient self-testing devices. IVDs may be used in a variety of environments, including laboratories, clinics, diagnostic centers, educational institutes, or homes. They are employed for preventive diagnosis and early stage screening, therapy selection, and monitoring.
There exists a potential for risk of harm to the patient, due to the generation of inaccurate test results, as these results are known to have a 70% impact on the healthcare decisions taken. Thus, any form of inaccuracy could lead to the mismanagement of a patient’s disease or condition. Given this potential risk, as well as the impact on the overall delivery of health care, the governments have assumed a role in the oversight of IVDs, through several agencies, including the Food and Drug Administration (FDA), ISO, and the Centers for Medicare & Medicaid Services (CMS).
Adoption of IoT and other technological innovations has enabled in the digital transformation of lab which aids the growth of Lab automation for In-Vitro Diagnostics.
Technological innovations have improved productivity of clinical labs. With the increasing reliance on technology-based systems and drastic growth of internet driven processes, the need for automation is increasing. Digital transformation - connecting devices with internet, ensures remote monitoring, alerts, remote control, and notifications for everything, ranging from temperature to threats.
As manual systems always expose the process to the risk of errors, the implementation of IoT systems helps in collecting data digitally and accurately, which has been proven to reduce the time by 60%. IoT also provides IVD with capability to directly interact with the support layer, which allows event capture in an electronic way. Diagnostic devices play an essential role in improvising the healthcare industry. It is estimated that 60% of the medical decisions in the world are made with support of IVD solutions. Systems with IoT implementation offer server control and monitoring of various sensors, and can be easily configured to handle more hardware interface modules. Sensors loaded onto the devices could help in data collection and communication, with cloud servers and other devices.
Laboratories are one of the prime recipients of lab automation for In-Vitro diagnostics.
Hospitals and private labs are considered as laboratories under the scope of this study. According to the Beth Israel Deaconess Medical Center (BIDMC), microscopes heightened with artificial intelligence (AI) can help clinical microbiologists diagnose potentially deadly blood infections and improve the patient's odds of survival. Analyzers are majorly used in hospitals for blood sampling and tests. For instance, the Lewis County General Hospital purchased the new sample-centric Dimension Vista 500, which offers simplified, consolidated sample processing with a unique integration of four technologies. The integration allows simultaneous processing of tests for multiple disease states on a single platform from a single tube, thereby increasing the hospital’s efficiency and throughput.
Growing adoption of automated hematology instruments, integration of basic flow-cytometry techniques in modern hematology analyzers, and accelerating technological advancements, are some of the factors driving the adoption of automated analyzers in hospital and private labs. Additionally, development of high-sensitivity point-of-care (POC) hematology testing and rising demand for high-throughput hematology analyzers are also fuelling the adoption of hematology analyzers and reagents.
United Kingdom’s challenging landscape for IVD demands need for such automation technologies to aid in the growth of the market.
It is also expected that there will be a 10.34% of annual increase in demand for blood and tissue tests over the forecast period, owing to aging population and increasing incidence of chronic diseases. In 2016, U.K National Health Service (NHS) spent nearly EUR 750 million on IVD products, which is more than 1% of total NHS budget, indicating the importance of IVD devices in laboratory tests. It was also estimated that nearly 70% of the medical decisions are being made using IVD’s.
Furthermore, recent studies from British In Vitro Diagnostics Association (BVDA) suggest that pathology services in the United Kingdom are struggling to cope with the rising demand for samples to be tested, in part, owing to workforce shortfalls. To grab these opportunities and demand, many laboratories and educational institutions are depending on automated solutions for sample testing, which provides major opportunities for automated product companies in the country. With the future of healthcare focused on personalizing medicine in the country and ensuring the right person gets the right treatment at the right time, innovations in diagnostics are expected to be critical to achieving aimed results.
Major Players: Cognex Corporation, Roche Holding Ag, Thermo Fisher Scientific Inc., Danaher Corporation, Agilent Technologies Inc., Abbott Laboratories Inc., Perkinelmer Inc., Tecan Group Ltd., Becton Dickinson And Co., Siemens Healthcare Gmbh, Bee Robotics Ltd., amongst others.
Key Developments in the Market
December 2017 - Becton, Dickinson and Company announced its acquisition of C.R Bard technologies, due to which improvement in both the treatment of disease for patients and the process of care provision for health care providers has improved for the company.
September 2017 - The Company announced a platinum sponsorship agreement with LabCentral, a biotech innovation hub, based in Cambridge, Massachusetts. As a platinum sponsor, Agilent would provide LabCentral's shared laboratory workspace with a variety of Agilent technology.
September 2017 - Abbott announced the launch of Sekisui CP3000 coagulation system, a fully automated analyzer that tests bleeding and clotting function in blood. The CP3000 coagulation system integrates with Abbott’s suite of informatics solutions, which help accelerate efficiency in high test-volume laboratories.
Reasons to Purchase this Report
Growing need for automation in laboratory scenarios act as a driver to the global Lab Automation market for In-Vitro Diagnostics scenario
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The type of Equipment that is expected to dominate the market is analyzed in detail
The regions which are expected to witness fastest growth during the forecast period are analyzed and estimated for growth.
Identify the latest developments, market shares and strategies employed by the major market players.
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