Global Lab Automation Market for In-vitro Diagnostics Market - Segmented by Equipment (Automated Plate Handler, Automated Liquid Handler, Robotic Arm, Automated Storage & Retrieval System, and Analyzer), End User (Academic, Laboratory), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global lab automation market for in-vitro diagnostics market 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 4.43% 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 & retrieval system, and 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 & 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, early-stage screening, therapy selection, and monitoring.
There exists a potential for the risk of harming 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 regulation of IVDs through several agencies, including the Food and Drug Administration (FDA), ISO, and the Centers for Medicare & Medicaid Services (CMS).
Digital Transformation of Lab Aids the Market Growth
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 i.e. connecting devices to the 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 the data digitally and accurately, which has been proven to reduce the time by 60%. IoT also provides IVD with the 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 the 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.
Laboratoriesare the Largest Consumer
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 as well as 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 hospitals 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.
UK to be Dominant Market
It is also expected that there will be an annual increase of 10.34% in the demand for blood and tissue tests over the forecast period, owing to increase in the 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 be able to take advantage of 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 that the right person gets the right treatment at the right time, innovations in diagnostics are expected to be critical to achieving aimed results.
Key Developments In The Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook