According to a recent report from Markets and Markets, the global lab automation market is expected to reach a value of $5,105.7 million by 2020 from $3,474.2 million in 2014, at an estimated CAGR of 6.7% from 2015 to 2020. The report segments the market on the basis of laboratory equipment and software, application, type of automation, end user, and region.
Laboratory automation incorporates both hardware and software, and covers processes, technologies, and devices that automate lab workflow processes and minimize manual intervention. With the evolving healthcare market, laboratories are moving to advanced technologies that will allow them to deliver better services with accurate results in short turnaround for clinicians and hospitals. Automation offers many benefits:
- Reduced errors
- Delivery of properly checked results in reduced turnaround time
- Enhanced patient safety
- Increased lab productivity
- Improved workflow coverage
- Better data quality
The Markets and Markets report lists the following factors as responsible for driving the growth of lab automation:
- Miniaturization in the process
- Progressing drug discovery and clinical diagnostics
- Higher reproducibility and accuracy
- Large gap in workforce demand and supply
- Better personnel safety
- Requirement of small volumes of samples and reagents
In 2014, North America accounted for the largest share of the lab automation market, followed by Europe. The growth of this market is expected to meet a higher growth in the Asia-Pacific region during the forecast period – centered at China, Japan, and India.
Key players in the market include: Danaher (Beckman Coulter & Molecular Devices) (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), Hamilton Robotics (U.S.), Abbot Diagnostics (U.S.), Aurora Biomed (Canada), BioTek Instruments, Inc. (U.S.), BMG LABTECH GmbH (Germany), Eppendorf (Germany), Hudson Robotics (U.S.), Qiagen (Germany), Roche Diagnostics (Switzerland), and Siemens Healthcare (Germany).