Lab Automation Market: Integration Of AI And Analytical Tools In Laboratory Workflows
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Market growth is driven largely by factors, such as increasing expenditure on research & development by pharmaceutical companies, and Strict regulation for healthcare. The improving healthcare infrastructure across emerging countries, and growth of the pharmaceutical and biotechnology industries are expected to present avenues of growth for market players.
The global lab automation market size is projected to grow from an estimated USD 4.3 billion in 2020 to USD 5.5 billion by 2025, at a CAGR of 5.2% during the forecast period.
COVID-19 Impact on the Global Lab Automation Market
The COVID-19 pandemic has intensified drug discovery and research efforts while adding to the pressure on pharma and clinical labs. Ensuring shortened TAT has become a priority; this has resulted in greater interest in automated liquid handlers, microplate readers, and robotics. On the other hand, for hospitals and health systems, the pandemic has resulted in shrinking revenues and margins and decreased investments in automation and technology. Thus, impacting long term market of Lab automation.
Opportunities: Improving healthcare infrastructure across emerging countries
Emerging markets are expected to offer significant growth opportunities to lab automation product manufacturers and distributors during the forecast period. Growing demand for clinical diagnostic procedures, which is resulting in the increased sales of lab automation products.
Major product manufacturers are increasing their penetration across emerging markets through expanded distribution networks and augmented manufacturing capabilities. This offer a lucrative opportunity for lab automation.
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Challenges: Limited feasibility with technology integration in analytical labs
The changing nature of laboratory work requires automated solutions with greater flexibility and interfacing capabilities, especially given the challenges faced in exchanging data and communication standards between automated instruments from two different companies.
This create an challenge for lab automation. Delivering solutions that are compatible with other systems in a laboratory is a major challenge faced by lab automation solution providers.
The lab automation market is segmented into pharmaceutical and biotechnology companies, hospitals and diagnostic labs, research and academic institute, environmental testing laboratories, forensics laboratory, and food & beverage industry.
In 2019, the biotechnology & pharmaceutical companies segment is expected a highest CAGR of the lab automation market. Factors such as increasing product intricacy, pricing pressure, high cost incurred by errors, and need for consistency in quality are driving biotechnology and pharmaceutical companies to adopt automation and accelerate the drug discovery process.
Region Covered in Laboratory 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. This is expected to drive market growth for lab automation market.
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Key Players in Laboratory Automation Market
Tecan Group. (Switzerland), PerkinElmer (US), Thermo Fisher Scientific (US), Agilent Technologies(US), Danaher Corporation(US), F. Hoffmann-La Roche(Switzerland),, QIAGEN N.V.(Germany), Siemens Healthineers (Germany), Eppendorf AG (Germany), bioMérieux (France), Abbott (US), Becton, Dickinson and Company (US), Hudson Robotics (US), Hamilton Company (US), Gilson Inc.(US), BMG LABTECH (Germany), FORMULATRIX (US), Bio-Rad Laboratories (US), Aurora Biomed (Canada), HighRes Biosolutions (US), Endress+Hauser Group (Switzerland), Peak Analysis and Automation (US), Waters Corporation(US), AB Control (US), and Synchron Lab Automation (The Netherlands).
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