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(IT-NEWSWIRE.COM, June 02, 2020 ) Factors such as process miniaturization, high demand for lab automation equipment in drug discovery and clinical diagnostics, higher reproducibility and accuracy, and large workforce demand and supply gap are likely to drive the growth of lab automation market. In addition, lab automation offers enhanced productivity and reduced costs, better personnel safety, and small volumes of samples and reagents.
Lab automation is defined as the use of technology to streamline or substitute manual manipulation of equipment and processes. While an academic research lab may prefer to use only some instruments in order to increase productivity and reduce the time spent on a tedious task, a drug discovery unit in a pharmaceutical company will perhaps need to automate all of its research phases.
The global lab automation market is expected to reach USD 5.20 Billion by 2022 from USD 4.06 Billion in 2017, at a CAGR of 5.1%.
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Global Lab Automation Market is Segmented on:
1. Equipment and Software
2. Applications
3. End Users
Equipment and Software:
The automated workstation 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.
Application of Lab Automation Market:
The lab automation market is segmented by application into drug discovery, clinical diagnostics, genomics solutions, proteomics solutions, microbiology solutions, and other applications. While the drug discovery segment held the largest share of the market in 2017, the genomics solutions application segment is expected to grow at the highest CAGR during the forecast period.
Lab automation products are adopted widely in genomics for high-throughput requirements as automation provides greater reproducibility and throughput compared to manual methods.
End Users:
The biotechnology & pharmaceutical companies end-user segment accounted for the largest share of the market. This segment is also expected to grow at the highest CAGR during the forecast period. Factors such as increasing product intricacy, pricing pressure, and the need for consistency in quality are driving biotechnology and pharmaceutical companies to adopt automation and accelerate their drug discovery processes.
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Key Players:
Tecan Group (Switzerland), PerkinElmer (US), and Danaher (Beckman Coulter & Molecular Devices) (US) are the leading players in lab automation market.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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