Global Lab Automation Market Outlook and Forecast Report 2021-2026: Increased Adoption of Lab Automation Among the Genome Research Labs &…

DUBLIN--(BUSINESS WIRE)--The "Lab Automation Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Lab Automation Market Report

The lab automation market is expected to grow at a CAGR of 8.53% during 2021-2026.

The study considers the present scenario of the lab automation market and its market dynamics for the period 2020-2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

To scale up the process of manufacturing and to produce accurate results with increased quality and reduce time consumption, lab automation is gaining high traction in the healthcare industry. Many large hospitals in the developed countries have adopted lab automation techniques.

As a result, the global laboratory information management system market is expected to exhibit a significant CAGR and annual growth during the forecast period. In addition, a high level of investment in healthcare and life science research is boosting the demand for lab automation.

LAB AUTOMATION MARKET SEGMENTATION

The global lab automation market research report includes a detailed segmentation by product, application, automation, end-user, geography. The latest workstations, which are modular and customized to suit a particular application, such as sample preparation for genomics, proteomics, cellular analysis, and more, are gaining high momentum in the market.

For instance, Abbott provides total labor depending on the requirement of the laboratory, and workstations can be procured. As a result, large laboratories are planning to prefer automated workstations to increase productivity across the globe.

The application of automation is helping researchers to test a more significant number of hypotheses. The automated robots and workstations benefit the researchers to evaluate large numbers of compounds against specific biological targets rapidly. Adopting digital workflow management practices and automated solutions is a key growth driver for labs to improve their efficiency and reduce their costs.

With the rise in the COVID-19 pandemic, most companies have invested in the task-targeted analyzers to increase the safety of lab personnel and handle the virus samples, especially in the preanalytical phase and preparing the samples to analyze it. Some pharma companies and research labs prefer using task-targeted analyzers in the post-analytical phase to produce error-free results. Compared to the total laboratory automation, implementing task-targeted automation is low, creating high growth in the market.

The biotechnology and pharma companies are increasing their usages of automated laboratory instruments, creating lucrative opportunities for the players in the market. The improved agility with the reduced testing time can reduce lead time for quality control labs by 60% to 70% and eventually leading to real-time product releases. Additionally, hospital laboratories are unique entities within the hospitals.

Around 92% of the hospitals operate with their laboratories. In recent years, private laboratories have expanded their footprints, especially in developing countries, fueling the market growth. Public health laboratories are implementing partnership strategies with the World Health Organization and other international health entities to prevent and control health threats. The investments in new technologies with automated features will be high in the upcoming years.

INSIGHTS BY GEOGRAPHY

Many hospitals in North America have started to automate their labs to improve the quality of the labs, to provide better treatments to the people. Shortage of skilled laboratory technicians, increase in the number of diagnostic tests conducted, and increased investments in the life sciences industry are some of the major factors driving the demand for laboratory automation in the US. In Canada, two gene therapies for cancer treatment have been approved, and there are plans to implement somatic gene therapy in the coming years in lab automation market.

COMPETITIVE LANDSCAPE

Manufacturers such as Abbott and Danaher are continuously focusing on product development and offering lab automation with new technology to increase their presence in the global market. In addition, key players are engaging in strategic acquisitions as part of their inorganic growth strategy to improve sales and profit margins. With the increase in the competition, vendors are expected to actively launch innovative devices to penetrate and tap the huge growth potential in the lab automation market.

Danaher, Thermo Fisher Scientific, Tecan, Illumia, Abbott, and Agilent Technologies are the leading players and accounted for significant shares in the market.

Key Vendors

Other Prominent Vendors

For more information about this report visit https://www.researchandmarkets.com/r/36h8j4

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Global Lab Automation Market Outlook and Forecast Report 2021-2026: Increased Adoption of Lab Automation Among the Genome Research Labs &...