ROCKVILLE, Md., Feb. 15, 2022 (GLOBE NEWSWIRE) -- According to the Fact.MR report, a market research and competitive intelligence provider, the Lab automation market is poised to experience significant gains, posting a CAGR exceeding 7% through 2031. Increasing number of grants disbursed to facilitate advanced drug development & clinical diagnostic research is responsible for bulk of the market’s growth.
“Growing irregularities in quality diagnosis & drug development due to high error margins are prompting healthcare providers to invest in the most contemporary lab automation solutions, driving market growth,” comments a Fact.MR analyst.
In its new study, consulting firm Fact.MR offers insights about key factors driving demand for lab automation. The report tracks the global sales of lab automation equipment and software in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the healthcare market in general, and demand for lab automation in particular.
Competitive Landscape of Lab Automation Market
Thermo Fisher Scientific, PerkinElmer, Agilent Technologies, Hudson Robotics, F. Hoffmann-La Roche Ltd., Siemens Healthineers, Hamilton Robotics, Bio-Rad Laboratories, bioMerieux SA, Becton Dickinson & Company, Qiagen NV, Danaher Corporation, and Hudson Robotics are some prominent lab automation equipment and software providers profiled in Fact.MR’s report.
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R&D Expenditure in the Pharmaceutical Industry Driving Growth of Lab Automation Market
According to the Institute for Human Data Science, in 2019, patients around the world received around 1.8 trillion days of therapy, averaging 234 days per person.
For instance, the EU Commission, in March 2021, advanced a grant to eTheRNA Immunotherapies, to accelerate the development of a novel and potentially best-in-class therapeutic mRNA cancer vaccine to treat recurrent HPV16+ head and neck cancers. The grant amounted to € 6.9 million.
It further estimates that global medicine spending is expected to increase between 2% - 5% annually, exceeding US$ 1 trillion by 2024. While the United States is expected to account for over half of global pharmaceutical industry revenue, key emerging economies, especially India and China, are expected to emerge as the frontrunners of the industry over the coming years, with prolific advances already becoming evident.
Key Segments Covered in the Lab Automation Market
Product
Equipment
- Automated Workstations
- Automated Liquid Handling
- Automated Integrated Workstations
- Pipetting Systems
- Reagent Dispensers
- Microplate Washers
Microplate Readers
- Multi-mode Microplate Readers
- Single-mode Microplate Readers
Automated ELISA Systems
Automated Nucleic Acid Purification Systems
Software & Informatics
- Workstation/Unit Automation Software
- Laboratory Information Management Systems (LIMS)
- Electronic Laboratory Notebook
- Scientific Data Management System
Application
- Drug Discovery
- Clinical Diagnostics
- Genomics Solutions
- Proteomics Solutions
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Regional Analysis of Lab Automation Market
- North America, Europe, Asia Pacific, Latin America, and Middle East & Africa are the major regions considered for the study of the Lab Automation market.
- North America is expected to dominate the market during the forecast period. Owing to the presence of large pharmaceutical companies, increasing investment in drug discovery and genomics market.
- The United States is the largest market for biopharmaceuticals, accounting for nearly a third of the global market.
- Furthermore, the Pharmaceutical Research and Manufacturers Association (PhRMA) says that U.S. firms conduct 50% of the global R&D in pharmaceuticals, amounting to US$ 75 billion.
- As of 2015, the industry generated over US$ 1.3 trillion in economic output, representing 4% of total revenue.
- Furthermore, the U.S. has one of the world’s most supportive domestic environments for the development and commercialization of pharmaceuticals, with minimal market barriers.
Key Takeaways from Lab Automation Market Study
- By product, demand for integrated automated workstations to expand at a rapid pace
- Biotechnology & pharmaceutical industry experiencing major uptake of lab automation systems
- By application, drug discovery and clinical diagnostics to collectively capture a lucrative share
- Voluminous biopharmaceuticals manufacturing to elevate lab automation deployment across the U.S.
- The U.K. to generate fresh revenue ecosystems amid high reliance on in vitro diagnostics
- Growing R&D initiatives by government and non-governmental entities bolstering France and Germany’s growth prospects
- India and China to emerge as lucrative hotspots amid increasing need to offset asymmetries in efficient lab testing mechanisms
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