Global Lab Automation Market to Reach USD 5.20 Billion by 2022
The global lab automation market is expected to grow at a CAGR of 5.1% from USD 4.06 billion in 2017 to USD 5.20 billion by 2022, driven by process miniaturization, high demand in drug discovery and clinical diagnostics, higher reproducibility and accuracy, and a large workforce demand and supply gap. Additionally, enhanced productivity and reduced costs, better personnel safety, and small volumes of samples and reagents offered by lab automation are expected to further aid the market growth. However, the high cost of lab automation is limiting its adoption among small and medium-sized labs, which is expected to restrict the market growth.
These are the latest findings of MarketsandMarkets (Northbrook, IL, USA), a global market research company.
On the basis of equipment and software, the software segment is expected to witness the highest growth in the lab automation market during the forecast period, led by the increasing need for efficient data storage, analysis, and sharing methods. Based on application, the genomics solutions segment is expected to register the highest CAGR in the lab automation market during the forecast period, driven by the growing need for high-throughput genomics in research labs, increase in genetic testing in diagnostic labs, and better accuracy and reproducibility.
On the basis of region, North America is expected to command the largest share of the global lab automation market in 2017, while Asia-Pacific is expected to register the highest CAGR during the forecast period. The growth of the Asia-Pacific lab automation market will be driven by the region’s growing economy, increasing healthcare investments leading to increased research activities and adoption of automated systems in clinical diagnostics and drug discovery, large population pool, improving public health awareness, and rising demand for standardization and accreditation in laboratory practices. The ongoing trends in the global lab automation market include process automation, miniaturization, incorporation of robotics in lab automation workflows and expansion of product distribution networks in the Asia-Pacific region.
