Lab Automation Market Competitive Strategy, Benchmarking And Demand Trend Analysis
Summary
- In February 2020, Thermo Fisher Scientific, Inc. Launched Rapid EZ DNA-Seq library preparation kit, offering PCR-free generation of sequencing-ready libraries for NGS.
- In July 2019, Agilent Technologies, Inc. acquired BioTek Instruments (US to enhance Agilent’s portfolio with BioTek’s life science instrumentation and provide integrated solutions to customers in the fast-growing area.
This study involved four major activities in estimating the current size of the lab automation market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and market sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were used to estimate the total market size. After that, the market breakdown and data triangulation were done to estimate the market size of the segments and sub-segments.
Driver: Increased R&D investments in pharmaceutical industries
Pharmaceutical and biotechnology companies are making significant investments in research to meet the growing needs of the healthcare sector. For instance, According to the India Brand Equity Foundation (IBEF), pharmaceutical companies such as Sun Pharmaceuticals, Cipla, and Lupin Ltd. invested 8.8% of their sales in R&D in FY 2018.Moreover,collaborations between pharma companies and healthcare stakeholders for R&D into therapeutics will also stimulate the use of lab automation., hence exceeding the production levels this will likely to drive the demand of Lab Automation market.
Restraints: Slow adoption of automation among small and medium-sized laboratories
Due to budget constraints, many small and medium-sized laboratories find it difficult to opt for automation. The high maintenance and service costs associated with laboratory informatics solutions also form a major restraint. According to industry experts, the maintenance cost of IT solutions is more than the actual price of the software. Moreover, low risk-taking capability, and lack of evidence on the cost-effectiveness of automation solutions for small and medium-sized laboratories are restraining the growth of the lab automation market
[212 Pages Report] 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%
Know more In-Depth Analysis of Lab Automation Industry
The major players in the global Lab Automation market Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc,(US) Agilent Technologies (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd. (Switzerland), and Tecan Group Ltd. (Switzerland).
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