High Demand for Lab Automation Equipment in Drug Discovery Driving Market Growth Worth $5.20 Billion

Pune, India, 2020-Jul-28 — /EPR Network/ —

According to a new market research report “Lab Automation Market by Equipment and Software (Robotic Arms, Microplate Readers, LIMS), Applications (Drug Discovery, Clinical Diagnostics, Genomics), End Users (Biotechnology and Pharmaceuticals, Diagnostic Labs) – Global Forecast to 2022“, published by MarketsandMarkets™, the market is expected to reach USD 5.20 Billion by 2022 from an estimated USD 4.06 Billion in 2017, at a CAGR of 5.1%.

Browse 279 Market Data Tables and 31 Figures spread through 235 Pages and in-depth TOC on “Lab Automation Market”

The Automated Workstations Segment:

Based on equipment and software, the market is segmented into automated workstations, off-the-shelf workcells, robotic systems, automated storage and retrieval system, software, and other equipment. In 2017, the automated workstations segment is expected to account for the largest share of the Lab Automation Market. The high demand for automation in liquid handling is the key factor driving market growth in this segment. Automated workstations offer advantages such as enhanced accuracy, and reduced time and cost.

The Genomics Solutions Segment:

Based on applications, the Lab Automation Market is segmented into drug discovery, clinical diagnostics, genomics solutions, proteomics solutions, microbiology, and other applications. The genomics solutions segment is expected to grow at the highest CAGR during the forecast period. The use of automation is on the rise in genomics for high-throughput requirements, providing greater reproducibility and throughput as compared to manual methods.

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North America to command the largest share of the Lab Automation Market in 2017 

North America is expected to command the largest share of the global Lab Automation Market in 2017. The increasing adoption of lab automation systems, implementation of the Affordable Care Act (ACA) in 2010 and economy stimulus programs such as increased funds for the National Institutes of Health (NIH) and the National Science Foundation (NSF), and increased R&D activities by biotechnology and pharmaceutical companies are driving growth in the Lab Automation Market in North America.

The major players in the Lab Automation Market include Tecan Group (Switzerland), PerkinElmer (US), Danaher (Beckman Coulter & Molecular Devices) (US), Thermo Fisher (US), Agilent Technologies (US), Hamilton Robotics (US), Abbot Diagnostics (US), Eppendorf (Germany), QIAGEN (Netherlands), Roche Diagnostics (Switzerland), and Siemens Healthcare (Germany).

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Tecan was the leading player in the global laboratory automation market in 2016. Tecan has maintained its footprint in the global lab automation market through continuous innovation and development of new products and their commercialization in different regions. The company also focuses on collaborations and acquisitions in order to expand its market share. The company acquired SPEware Corporation (US) and Pulssar Technologies (France) to enhance its presence in the market. Tecan has an extensive product portfolio for lab automation and further focuses on enhancing its presence in the market by adopting organic as well as inorganic growth strategies.