“Increase in research and development activities across the globe and surge in acceptance of laboratory automation systems drive the growth of the global laboratory automation market.”
The global laboratory automation market garnered $4.88 billion in 2018, and is expected to reach $8.42 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026. The research provides a detailed analysis of key winning strategies, changing market trends, top investment pockets, current market size & forecasts, and competitive landscape.
Increase in research and development activities across the globe and surge in acceptance of laboratory automation systems drive the growth of the global laboratory automation market. However, high investments required initially for automated products restrain the market growth. On the other hand, increase in demand for miniaturized process equipment and technological advancements offer new opportunities in coming years.
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In 2018, on the basis of product, the equipment segment held more than five-sixths of the total market share of the global laboratory automation market, and is estimated to retain its dominant position throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 7.2% from 2019 to 2026. This is attributed to increase in lab automation equipment adoption in drug discovery & diagnostic laboratories, lesser production fluctuations, and surge in miniaturized process equipment demand. The research also discusses the software and informatics segment.
On the basis of application, the clinical diagnostics segment accounted for the largest market share of the market, accounting for nearly two-fifths of the total share in 2018, and is expected to dominate throughout the forecast period. This is due to accessibility to highly-specialized laboratories that offer number of analysis with improved efficiency, lower cost, high quality, and low power consumption in shorter time. However, the genomics solutions segment is estimated to grow at the fastest CAGR of 10.0% during the forecast period. This is due to increase in R&D activities and surge in implementation in genomics.
In 2018, based on region, North America held the highest market share, accounting for more than two-fifths of the global laboratory automation market, and is estimated to maintain its dominant position during the forecast period. This is owing to establishment of well-developed healthcare infrastructure, and availability of skilled medical professionals. However, Asia-Pacific would grow at the highest CAGR of 8.3% from 2019 to 2026, owing to enhanced healthcare infrastructure, increase in number of hospitals with advanced facilities, and emerging R&D sector.
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The research offers a detailed analysis of key players active in the industry including Agilent Technologies, Inc., Danaher Corporation, BioMerieux SA, Hamilton Robotics, F. Hoffmann-La Roche AG, Qiagen N.V., PerkinElmer, Inc., Tecan Group Ltd., Siemens AG, and Thermo Fisher Scientific Inc.
Scope of The Report:
|Market size available for years||2018-2026|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||Product Type, Application, and End User|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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