Inside the Lab Industry: 5.1% Growth Expected to Lift Lab Automation Market to $5 Billion by 2022

Projected compound annual growth of 5.1% will take the lab automation market from its current $4.06 billion (2017) to $5.20 billion by 2022.

The Study

This is the finding of a new study on the lab automation market from leading B2B research company, MarketsandMarkets.

Objective: The goals of the new study include defining, describing and forecasting the lab automation market by equipment and software, application, end user and region and identifying the major factors driving growth and opportunities they present.

Methodology: The report analyzes lab automation, by equipment and software, in six primary categories, including: Automated workstations; Off-the-shelf automated workcells; Robotic systems; Automated storage & retrieval systems; Other equipment; and Software. It also looks at the lab automation market by application, including: Drug discovery; Clinical diagnostics; Genomics solutions; Proteomics solutions; Microbiology; and Other applications.

Findings

Here's a summary of the report's key findings.

Current Market Share: The automated workstations segment currently accounts for the largest share of the lab automation market, according to MarketsandMarkets. The firm cites high demand for automation in liquid handling as the key factor driving market growth in this segment. It notes that automated workstations offer advantages such as enhanced accuracy, and reduced time and cost.

Projected Growth: Based on applications, the genomics solutions segment is expected to grow at the highest compound annual growth rate during the forecast period. The firm finds that use of automation is on the rise in genomics for high-throughput requirements, providing greater reproducibility and throughput as compared to manual methods.

Source of Growth: North America currently commands the largest share of the global lab automation market. MarketsandMarkets cites:

• Increasing adoption of lab automation systems;
• Implementation of the Affordable Care Act (ACA) in 2010; and
• Economic stimulus programs such as increased funding for the National Institutes of Health (NIH) and National Science Foundation (NSF); and
• Increased R&D activities by biotechnology and pharmaceutical companies as drivers of market growth in North America.

Key Market Players: Companies serving as major players in the lab automation market include:

• Tecan Group (Switzerland);
• PerkinElmer (US);
• Danaher (Beckman Coulter & Molecular Devices) (US);
• Thermo Fisher (US);
• Agilent Technologies (US);
• Hamilton Robotics (US);
• Abbott Diagnostics (US);
• Eppendorf (Germany);
• QIAGEN (Netherlands);
• Roche Diagnostics (Switzerland); and
• Siemens Healthcare (Germany).