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Lab Automation Market Analysis

Read here the latest Market Insights on u201cLab automation market analysisu201d published by CMI research team.

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Lab Automation Market Analysis

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  1. Coherent market insightsMarket Research and Business Consulting Services LAB AUTOMATION MARKET ANALYSIS • https://www.coherentmarketinsights.com/market-insight/lab-automation-market-1334

  2. LAB AUTOMATION MARKET ANALYSIS • Lab Automation Market, By Product (Liquid Handling, Products Microplate reader, Robotics and Others), By End User (Research Institutes, Biopharmaceuticals and pharmaceuticals, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. Lab Automation is a multi-disciplinary approach to develop and optimize on technologies in the laboratory, in order to improve the medical tests and processes. It has replaced the manual steps with automated processes, which were potentially dangerous and error-prone. • The global lab automation market is estimated to account for US$ 4,477.0 Mn in terms of value in 2020 and is expected to reach US$ 6,262.3 Mn by the end of 2027.

  4. Global Lab Automation Market: Drivers • ncreasing demand for lab automation in the pharmaceutical and biotechnology sector is expected to propel growth of the global lab automation market over the forecast period. Lab automation utilizes high end automated equipment such as automated liquid handling system, microplate reader, and automated storage and retrieval system. It also include software to perform variety of routine lab procedure such as sample analysis, assay performance, mixing of sample, storage of sample, and many other procedures. Lab automation allows improved productivity with less operational time and more accuracy by minimizing the human error in the operational tasks. Automated liquid handling system can perform three different procedures simultaneously such as sample preparation, reagent addition to different plates having samples, and movement of lab ware from periphery to front area of desk.

  5. Moreover, increasing prevalence of chronic diseases is also expected to aid in growth of the market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S. • Liquid handling products held dominant position in the global lab automation market in 2019, accounting for 40.3% share in terms of value, followed by Microplate reader and Robotics and Others, respectively.

  6. Figure 1. Global Lab Automation Market Share (%), by Value, by Product, 2019

  7. Global Lab Automation Market: Restraints • High cost of automation is expected to hinder growth of the global lab automation market. The high cost of automation is one of the objections that each laboratory faces. The higher investment resists the laboratories to buy the product. Moreover, the need to expand or remodel the laboratory’s workspace serves as a barrier in implementation of the lab automation, as it serves as an extra burden on the costing. Moreover, low adoption of lab automation in emerging economies is also expected to limit the market growth.

  8. Global Lab Automation Market: Opportunities • Growing pharmaceutical sector is expected to offer lucrative growth opportunities for players in the global lab automation market. For instance, according to The European Federation of Pharmaceutical Industries and Associations’ Key Data 2019, the pharmaceutical sector in Europe invested US$ 19, 509 million in 2000, which increased to US$ 39,895 million (est.) in 2018. • Increasing number of labs conducting testing for COVID-19 is also expected to boost demand for lab automation. For instance, in February 2020, the U.S. Food and Drug Administration (FDA) expanded its Emergency Use Authorization (EUA) policy to allow more labs to apply for approval to conduct testing for COVID-19.

  9. The global lab automation market was valued at US$ 4,268.9 Mn in 2019 and is forecast to reach a value of US$ 6,262.3 Mn by 2027 at a CAGR of 4.9% between 2020 and 2027.

  10. Market Trends/Key Takeaways • Increasing number of clinical trials is expected to propel growth of the global lab automation market. For instance, according to the U.S. National Library of Medicine, the number of clinical trials conducted in the U.S. increased from 30,978 in 2018 to 32,523 in 2019. • Moreover, development and launch of novel lab automation solutions is also expected to aid in growth of the market. For instance, in January 2018, Hamilton Company developed a method for automating the library preparation of SOPHiA GENETICS’ CE-IVD marked hereditary cancer solution application in an advanced and flexible way through microlet automated workflow system.

  11. Global Lab Automation Market: Competitive Landscape • Major players operating in the global lab automation market include, Tecan Group Ltd., PerkinElmer Inc., Danaher Corporation, Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Hamilton Company, COPAN Diagnostics, Inc., Abbot Diagnostics, Eppendorf, Roche Diagnostics, Siemens Healthineers, UiPath, and Porvair Sciences. • Global Lab Automation Market: Key Developments • Major players in the market are focused on launching new products to expand their product portfolio For instance, in July 2020, Porvair Sciences, a manufacturer of microplates & microplate instruments, launched a new range of low-profile deep well microplates - optimized for laboratory automation.

  12. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst • https://www.coherentmarketinsights.com/market-insight/lab-automation-market-1334

  13. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: Customized Market Research Services Industry Analysis Services Business Consulting Services Market Intelligence Services Long term Engagement Model Country Specific Analysis

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