Lab Automation Market Estimated to Surpass the US$ 6,262.3 Million Limit by 2027 | CAGR: 4.9%: Coherent Market Insights
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The global lab automation market, by product type (Automated Liquid Handling System, Microplate Reader, Automated Storage, and Retrieval System, Automated ELISA System, Automated Nucleic acid purification system, Robotic system, Software, and Others), by application (Drug Discovery, Clinical Diagnostics, Genomics, Proteomics, Cell Biology, and Other Applications) by end-user (Pharmaceutical and Biotechnology Companies, Diagnostics Laboratories, and Research and Academic Institutions) and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was pegged at US$ 4,477.0 Mn in 2020 and is further expected to exhibit a robust CAGR of 4.9% over the forecast period (2020-2027).
Burgeoning application of lab automation equipment in genomics for the diagnosis and treatment of various diseases is one of the greatest growth-propelling factors for the global market growth. Genomics involves gene mapping and gene editing procedures, which require integrated automated workflow solution of lab automation equipment. For instance, DNA testing is an evolving non-invasive screening technique utilized for early cancer detection. New gene editing techniques, such as CRISPR-Cas9, are taking genomics to new heights, supported by lab automation systems. Personalized medicines are gaining significant traction across the world, which in turn, is predicted to rev up the global lab automation market growth.
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Several companies are offering integrated solutions to private and public research institutes. For instance, in June 2017, DiaSorin and Tecan Group announced the collaboration, under which DiaSorin will make use of Tecan’s Fluent Laboratory Automation Solution as Nucleic Acid extraction platform. Furthermore, in January 2018, Hamilton developed a pioneering method for automating the library preparation of SOPHiA GENETICS’ CE-IVD marked hereditary cancer solution application in an advanced and flexible way. The microlet automated workflow system helping this method curbs the challenges associated with manual sample preparation and further standardizes the process, minimizing human intervention.
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Key Takeaways of the Lab Automation Market:
- Huge investments in drug discovery by the global pharmaceutical companies, increased research in genomics and proteomics, and the expanding diagnostics segment are expected to foster the global market growth in the following years.
- North America is poised to dominate the global market throughout the forecast period, buoyed by the robust research infrastructure in both the academic and commercial spaces and high investments by stakeholders in lab automation.
- Multiple product launches are underway, and the trend is expected to continue throughout the forecast period.
- Mergers, acquisitions, and collaborations and new product launches are major focus of leading companies in this field.
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The major players operating in the global lab automation market include Tecan Group Ltd, PerkinElmer Inc., Beckman Coulter Inc., Thermo Fisher Scientific, Agilent Technologies Inc., Hamilton Robotics, Abbot Diagnostics Inc., Eppendorf Inc., QIAGEN, Roche Diagnostics Inc., and Siemens Healthineers.
These market players are keen on acquiring global businesses in order to strengthen their positions in the global market. For instance, Tecan Group Ltd. acquired Sias AG in 2015, a company operating in modular and complete lab automation solutions, this acquisition resulted in increasing revenue and profit in first quarter of 2016.
In addition, these companies are focused in the introduction of new products, adding new features in existing products or integrating different automated systems to produce high-quality results. For instance, Thermo Fisher Scientific presented new product Inspire in February 2018, which is vertical modular robotic platform, designed to integrate multiple instruments such as robotic system, software, and microplate that streamlines workflow and speed up the operations.
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