Global Laboratory Automation Market to Reach US$ 6.20 Billion by 2024 – IMARC Group

Global Laboratory Automation Market to Reach US$ 6.20 Billion by 2024 - IMARC Group

“Global Laboratory Automation Market Accelerated by Government Initiatives – IMARC Group”
Over the past few years, the global laboratory automation market has witnessed strong growth. This can be accredited to an increasing number of retiring laboratory professionals, advancement in the automation technology and the initiatives taken by several governments.

As per the latest report by IMARC Group, entitled “Laboratory Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global laboratory automation market reached a value of US$ 4.55 Billion in 2018. Laboratory automation uses devices and software to increase the efficiency of scientific research in laboratories through automated systems. These systems usually comprise robots, conveyor systems, machine vision, and computer hardware and software to improve the safety and accuracy of sample management. They also assist in real-time analysis by eliminating human errors and considerably reducing the human workload as well. Automation of steps like storing, sorting, decapping, recapping, retrieval, accessioning and centrifugation saves time and improves the efficacy of the research procedure. Additionally, laboratory automation aids to enhance the testing capacity and workflow, reduce cost per test, and minimize turnaround time.

Market Trends:

A rising number of retiring professionals along with the decreasing number of accredited training programs have led a shortage of skilled employees in laboratories. As a result, a shift toward automation has been witnessed to maintain the inflow of samples with reduced chances of errors. Apart from this, the utilization of automated systems in laboratories has also increased the productivity of drug discovery process. Furthermore, governments of several countries are investing in research and development (R&D) to enhance the existing research and develop new dimensions in the field. For instance, governments have undertaken initiatives to increase test speeds and reduce cost inputs across automated laboratories. Similarly, the commercialization of automated specimen separation technique that uses automated centrifugal force on the blood specimen is further expected to bolster the market growth. On account of the aforementioned factors, the global laboratory automation market size is anticipated to reach US$ 6.20 Billion by 2024, exhibiting a CAGR of 5.4% during 2019-2024.

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Market Summary:

Market Breakup by Type

1. Modular Automation
2. Whole Lab Automation

Based on the type, the market has been bifurcated into modular automation and whole lab automation. Amongst these, modular automation represents the most popular product type.

Market Breakup by Equipment and Software Type

1. Automated Clinical Laboratory Systems
2. Automated Drug Discovery Laboratory Systems

On the basis of the equipment and software type, the market has been divided into automated clinical and drug discovery laboratory systems. Currently, automated clinical laboratory systems account for the majority of the overall market share.

Market Breakup by End-User

1. Biotechnology and Pharmaceutical Companies
2. Hospitals and Diagnostic Laboratories
3. Research and Academic Institutes

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Based on the end user, biotechnology and pharmaceutical companies hold a leading share in the market. Other major segments include hospitals and diagnostic laboratories, and research and academic institutes.

Market Breakup by Region

1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America

On the geographical front, North America accounts for the dominant market share. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.

Competitive Landscape

The competitive landscape of the market has also been analyzed with the key player being Danaher, PerkinElmer, Tecan Group, Thermo Fisher, Abbott Diagnostics, Agilent Technologies, Aurora Biomed, Becton, Dickinson and Company, BioMérieux, Biotek Instruments, Brooks Automation, Cerner, Eppendorf, Hamilton Storage Technologies, Lab Vantage Solutions, Labware, Olympus, Qiagen, Roche Holding and Siemens Healthcare.

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