CAGR of 4.43%, Lab Automation Market is expected to grow (2019-2023) According to Business Outlook, Top Companies, Key Regions, Product Demand, Analytical Research Report

Lab Automation

The Lab Automation Market Report 2019-2023 focuses on the global Lab Automation status, future forecast, growth opportunity, key market, and key players. 

The Lab Automation Market report studies the global market size of Lab Automation in key regions like North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa focuses on the consumption of Lab Automation in these regions. This research report categorizes the global Lab Automation market by players/brands, region, type, and application. This report also studies the global market status, competition landscape, market share, growth rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porters Five Forces Analysis.

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The various contributors involved in the value chain of Lab Automation include manufacturers, suppliers, distributors, intermediaries, and customers.

The Key Players covered in this study:-

  • Cognex Corporation
  • Roche Holding AG
  • Thermo Fisher Scientific Inc.
  • Danaher Corporation
  • Agilent Technologies Inc.
  • Abbott Laboratories Incorporation
  • PerkinElmer Inc.
  • Tecan Group Ltd.
  • Becton Dickinson and Co.
  • Siemens Healthcare GmbH
  • Bee Robotics Ltd

Overview of Lab Automation Market Research Report 2019-2023:-

The global lab automation market for in-vitro diagnostics market was valued at USD 949.1 million in 2017 and is expected to reach a value of USD 1230.9 million by 2023 at a CAGR of 4.43% over the forecast period (2019 – 2023). The scope of the report is limited to products offered by major players for various purposes which include automated plate handler, automated liquid handler, robotic arm, automated storage & retrieval system, and analyzer. While the end users considered in the scope of the report include academic, laboratory, and other verticals for utility.

The IVD product portfolio includes devices that assist in clinical chemistry & immunoassays, urinalysis, point-of-care testing, and patient self-testing devices. IVDs may be used in a variety of environments, including laboratories, clinics, diagnostic centers, educational institutes, or homes. They are employed for preventive diagnosis, early-stage screening, therapy selection, and monitoring.

There exists a potential for the risk of harming the patient, due to the generation of inaccurate test results, as these results are known to have a 70% impact on the healthcare decisions taken. Thus, any form of inaccuracy could lead to the mismanagement of a patient’s disease or condition. Given this potential risk, as well as the impact on the overall delivery of health care, the governments have assumed a role in the regulation of IVDs through several agencies, including the Food and Drug Administration (FDA), ISO, and the Centers for Medicare & Medicaid Services (CMS).

Digital Transformation of Lab Aids the Market Growth

Technological innovations have improved productivity of clinical labs. With the increasing reliance on technology-based systems and drastic growth of internet-driven processes, the need for automation is increasing. Digital transformation i.e. connecting devices to the internet, ensures remote monitoring, alerts, remote control, and notifications for everything, ranging from temperature to threats.

As manual systems always expose the process to the risk of errors, the implementation of IoT systems helps in collecting the data digitally and accurately, which has been proven to reduce the time by 60%. IoT also provides IVD with the capability to directly interact with the support layer, which allows event capture in an electronic way. Diagnostic devices play an essential role in improvising the healthcare industry. It is estimated that 60% of the medical decisions in the world are made with the support of IVD solutions. Systems with IoT implementation offer server control and monitoring of various sensors, and can be easily configured to handle more hardware interface modules. Sensors loaded onto the devices could help in data collection and communication, with cloud servers and other devices.

Laboratories are the Largest Consumer

Hospitals and private labs are considered as laboratories under the scope of this study. According to the Beth Israel Deaconess Medical Center (BIDMC), microscopes heightened with artificial intelligence (AI) can help clinical microbiologists diagnose potentially deadly blood infections and improve the patients odds of survival. Analyzers are majorly used in hospitals for blood sampling and tests. For instance, the Lewis County General Hospital purchased the new sample-centric Dimension Vista 500, which offers simplified as well as consolidated sample processing with a unique integration of four technologies. The integration allows simultaneous processing of tests for multiple disease states on a single platform from a single tube, thereby, increasing the hospital’s efficiency and throughput.

Growing adoption of automated hematology instruments, integration of basic flow-cytometry techniques in modern hematology analyzers, and accelerating technological advancements are some of the factors driving the adoption of automated analyzers in hospitals and private labs. Additionally, development of high-sensitivity point-of-care (POC) hematology testing and rising demand for high-throughput hematology analyzers are also fuelling the adoption of hematology analyzers and reagents.

UK to be Dominant Market

It is also expected that there will be an annual increase of 10.34% in the demand for blood and tissue tests over the forecast period, owing to increase in the aging population and increasing incidence of chronic diseases. In 2016, U.K National Health Service (NHS) spent nearly EUR 750 million on IVD products, which is more than 1% of total NHS budget, indicating the importance of IVD devices in laboratory tests. It was also estimated that nearly 70% of the medical decisions are being made using IVD’s.

Furthermore, recent studies from British In-vitro Diagnostics Association (BVDA) suggest that pathology services in the United Kingdom are struggling to cope with the rising demand for samples to be tested, in part, owing to workforce shortfalls. To be able to take advantage of these opportunities and demand, many laboratories and educational institutions are depending on automated solutions for sample testing, which provides major opportunities for automated product companies in the country. With the future of healthcare focused on personalizing medicine in the country and ensuring that the right person gets the right treatment at the right time, innovations in diagnostics are expected to be critical to achieving aimed results.

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Reasons to Purchase This Report

  • Growing need for automation in laboratory scenarios act as a driver to the global Lab Automation market for in-vitro diagnostics scenario
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The type of equipment that is expected to dominate the market is analyzed in detail
  • The regions which are expected to witness fastest-growth during the forecast period are analyzed and estimated for growth
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support along with the Market Estimate sheet (in Excel)

    Key questions answered in the Lab Automation Market Report are.

    • What will the market size be in 2023 and what will the growth rate be?
    • What are the key market trends?
    • What is driving this market?
    • What are the challenges to market growth?
    • Who are the key vendors in this market space?
    • What are the market opportunities and threats faced by the key vendors?
    • What are the strengths and weaknesses of the key vendors? 

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    This report includes the estimation of market size for value (million US$) and volume (K Units). Both top-down and bottom-up approaches have been used to estimate and validate the market size of Lab Automation market, to estimate the size of various other dependent submarkets in the overall market. Key players in the market have been identified through secondary research, and their market shares have been determined through primary and secondary research. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified primary sources.

    “We also can offer customized report to fulfill special requirements of our clients. Regional and Countries report can be provided as well.”

    Major Points from TOC of Lab Automation Market Research Report 2019-2023:

    1. INTRODUCTION
      1 Study Deliverables
      1.2 Study Assumptions
      1.3 Scope of the Study
    1. RESEARCH METHODOLOGY
    1. EXECUTIVE SUMMARY
    1. MARKET DYNAMICS
      1 Drivers
      4.1.1 Rise in Defence Expenditure of Many Countries
      4.1.2 Increasing Demand of Lightweight Materials in the Industry
      4.2 Restraints
      4.2.1 Need for High Investments in R&D
      4.2.2 Other Restraints
      4.3 Industry Value-Chain Analysis
      4.4 Porters 5 Force Analysis
      4.4.1 Bargaining Power of Suppliers
      4.4.2 Bargaining Power of Consumers
      4.4.3 Threat of New Entrants
      4.4.4 Threat of Substitute Products and Services
      4.4.5 Degree of Competition
      4.5 Price Analysis
    1. MARKET SEGMENTATION
      1 By Application
      5.2 End-user Sector
      5.2.1 Residential
      5.2.2 Commercial
      5.2.3 Institutional
      5.3 Geography
      5.3.1 Asia-Pacific
      5.3.2 North America
      5.3.3 Europe
      5.3.4 South America
      5.3.5 the Middle East & Africa

      Continued…

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