(PharmaNewsWire.Com, November 25, 2021 ) According to the new market research report "Lab Automation Market by Product (Robotic Arm, Microplate Readers, Workstation, LIMS, ELN), Application (Drug Discovery, Diagnostics, Genomics, Proteomics, Microbiology), End-User (Pharma, Diagnolab, Forensics, Environmental) - Global Forecast to 2025", published by MarketsandMarkets™, the market size will grow to USD 5.5 billion by 2025 (forecast year) from USD 4.3 billion in 2020 (estimated year), at a CAGR of 5.2% during the forecast period.
The Increasing spending on pharmaceutical R&D, growing food safety concerns, standardization of workflows, stringent regulatory control in the healthcare industry are fueling the growth of the market. Moreover, high demand in the emerging nation and the growth of the pharmaceutical and biotechnology industries are some of the other major factors driving the growth of this market.
The Automated Workstations segment is expected to dominate the lab automation market, by product type, during the forecast period.
Automated workstations are compact & standalone, capable of conducting a particular task unattended. Owing to the easy integration with both existing and upcoming systems are favorable options for customers looking to introduce automation in their labs. The Automated workstations is further segmented to automated liquid handling systems, microplate reader, automated Elisa system, automated nucleic acid purification systems. The automated liquid handling system are growing at the highest CAGR. Owing to an increase in the number of tests carried out in pharmaceutical labs for screening compounds, optimizing leads, determining drug properties with absorption, distribution, metabolism, and excretion (ADME), and toxicity has favored the argument for automation.
The drug discovery is expected to be the fastest-growing lab automation market, by application, during the forecast period.
The drug discovery, by application, laboratory automation market is estimated to grow at the fastest rate during the forecast period. This is mainly because of the increasing industry-academia collaboration for the development and use of fully automated, ultrahigh-throughput systems. Moreover, investments in automation permit the safer generation of data with improved accuracy, precision, reproducibility, and traceability, allowing drug discovery scientists to utilize higher–quality data in the hypothesis–driven research required to discover new medicines. Thus, growing the market of drug discovery segment.
North America likely to emerge as the largest lab automation market
In this report, the laboratory automation market has been analyzed for four regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Growth in the North American market is also supported by the demand for the integration of laboratory systems, rising government funding for research, growth in biobanks, need for early drug discovery, and stringent regulatory requirements. Thus, North America dominated the market during the forecasted period.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the market.
Some of the key players are Thermo Fisher Scientific, Inc. (US), PerkinElmer Inc,(US) Agilent Technologies (US), Danaher Corporation (US), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US), and Tecan Group Ltd. (Switzerland).The leading players are adopting various strategies to increase their share in the lab automation market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: