Lab Automation Market is supposed to grow with CAGR of around 5% during 2019-2026

Global lab automation market is expected to rise with a CAGR of 5% during the forecast period 2019-2026. Lab automation offers several advantages such as reduction in lab process cycle time, high efficiency, enhance the quality of experimental data etc. Lab automation has wide applications in automated analytical and  clinical testing, high-throughput screening, large scale biorepositories, combinatorial chemistry etc.

The key factor driving the growth of global lab automation market is the rising geriatric population which has led to the high prevalence of chronic diseases such as diabetes, heart stroke, arthritis, cancer etc. This has led to the increased adoption of lab automation for the development of advanced drugs and medicines. As per,  National institute of health (NIH), in 2015, it was recorded that 8.5 % of global  population i.e. 617 million people are of age 65 and above. However, it is expected that the  ageing population will reach approximately 1.6 billion by the end of 2050.

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Moreover, according to world health organization (WHO), 125 million people were found to be of age of 80 years and above in the year 2015. Lab automation is used to provide personalised treatment by testing large number of drug combinations for treatment of cancer, diabetes etc. Also, lab automation is widely used for 3D analysis of cancer cells.  According to the American Cancer Society (ACS, United States), about 14.1 million new cancer cases were observed (with about 8.2 million cancer deaths) across the globe in 2012. Global cancer burden is expected to rise to about 21.7 million new cases of cancer (with about 13 million cancer deaths) by the end of 2030. Hence, the increasing geriatric population is expected to positively influence the growth of global lab automation market.

Geographically, lab automation market is segmented into Europe, North America, Asia Pacific and RoW. North America is the dominating market region in terms of market revenue share. This is due to the presence of large number of pharmaceutical research and development laboratories in North America, rising number of government investments for innovation and research in laboratory automation, increasing number of clinical diagnostic labs and hospitals in U.S, Canada etc. For instance: High research funding and high number of hospitals is expected to contribute in the research automation market. However, Asia Pacific is expected to emerge as the fastest growing region during the forecast period 2019-2026 due to the rising biotechnology sector.

Global lab automation market report covers segmentation analysis of equipment, software, application and end users. Report further covers segments of equipment used in lab automation which includes automated storage & retrieval systems (ASRS), automated workstations, microplate readers, off-the-shelf automated workcells, robotic systems, etc. The automated workstation is the leading equipment segment owing to the surging demand for automation in liquid handling due to its advantages such as reduced time, cost effectivity, high accuracy etc.  Report further covers segments of software used in lab automation which includes Electronic Laboratory Notebooks (ELN), Laboratory Execution Systems (LES), Laboratory Information Management Systems (LIMS) and Scientific Data Management Systems (SDMS).  LIMS is the leading software segment owing to the increasing volume of medical tests. Report further covers segments of applications of lab automation which includes clinical diagnostics, drug discovery, genomics solutions, microbiology solutions and proteomics solutions. The genomics solution is the fastest growing application segment due to the increased adoption of automation in the genomics to facilitate high throughput and reproducibility, etc. The end users of lab automation include biotechnology and pharmaceutical companies, hospitals and diagnostic laboratories and research and academic institutes. Biotechnology and pharmaceutical companies is the dominating end user segment due to increased use of lab automation for drug discovery, increasing product intricacy, high cost incurred by errors etc.

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The major market players of the global lab automation market are: Abbott Laboratories (U.S.), Biomérieux (France), Eppendorf (Germany), Siemens (Germany), Synchron Lab Automation (Netherlands) and Others. All such companies are adopting numerous strategies such as collaboration, merger & acquisition, partnership and product launch to sustain in the market. Whereas, product launch is the key strategy adopted by the companies in the lab automation market. For example; March 2018, product launch, Thermo fisher Scientific has launched its new lab automation solution in market. This solution is branded under the name inSPIRE vertical modular robotic platform. It is designed to efficiently integrate various instruments into one easy used space efficient solution. It is capable of providing control for all integrating system including both off-line and online.  This platform is functional on Thermo Scientific Momentum Software that facilitates end users to execute and control and monitor dynamic workflow with single interface. This launch is expected to facilitate company in adding new lucrative and innovative products in its lab automation segment and also helps in catering new customer base with advance product offerings.

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