Increased R&D Investments in Pharmaceutical Industries and Improving Healthcare Infrastructure to Fuel Growth of the Lab Automation Market
Lab Market growth is primarily driven by strict healthcare regulations and increased pharmaceutical company R&D expenditures. Pharmaceutical and biotechnology companies are investing heavily in research to meet the growing needs of the healthcare sector which is fuelling the growth of the lab automation market. Collaborations, for R&D into therapeutics, between pharmaceutical companies, and healthcare stakeholders will also stimulate the lab automation, potentially exceeding production capacities, thus driving lab automation market.
In July 2019, STARLIMS Life Sciences Solution 11.1, a laboratory information management system, was launched by Abbott to aid in the management of complicated sample and testing workflows. It will also assist in ensuring data security, and integrity throughout the lifetime. STARLIMS Life Sciences Solution 11.1 is designed to handle and evaluate clinical samples in a variety of applications, including specialty diagnostics and academic research, as well as pre-clinical and clinical research. The emerging pharmaceutical and biotechnology sectors, as well as increasing healthcare infrastructure in emerging countries, are likely to provide opportunities for market players. In April 2021, Parexel International Corporation, and Veeva announced a strategic agreement to speed clinical trials by using technology, and process innovation. The partnership has the potential to boost study efficiency and accelerate the delivery of innovative treatments to patients.
Increased Adoption of Robotics, and Laboratory Automation to Drive Growth for Biotechnology and Pharmaceutical Companies
The biotechnology and pharmaceutical companies’ segment generate the most revenue due to the large presence of pharmaceutical companies worldwide and the increased adoption of robotics, and laboratory automation. Furthermore, laboratory automation has shifted from product manufacturing, and quality control in laboratory applications to R&D within pharmaceutical companies, which supports the growth of lab automation market.
Well-Established Healthcare Infrastructure in North America to Drive Growth of Lab Automation Market
North America is expected to dominate the lab automation market and is projected to remain so for the foreseeable future. The expansion can be linked to the region's well-established healthcare infrastructure, which has resulted in a rise in the use of lab automation technologies. Furthermore, the existence of big companies in this region, as well as a favorable reimbursement system, is promoting the market penetration of novel solutions. The lab automation market in this region is highly competitive due to the presence of all major industry players and stringent FDA regulations. Companies in the country are increasingly implementing robotics, and automation in labs to gain a competitive advantage.
The US has a sizeable share due to various investments in clinical research. Some of the world's largest pharmaceutical companies are headquartered in this country, including Pfizer, Novartis, GlaxoSmithKline, J&J, and Novartis. In addition, the country has the highest concentration of contract research organisations (CROs). IQVIA, Syneos Health, and Parexel International Corp. are all subsidiaries of Laboratory Corp. of America Holdings are some of the country's major CROs. According to ClinicalTrials.gov, the incorporation of robotics, and automation has been a major factor aiding the transformation of the clinical research industry, with more than 108,790 clinical studies registered in the United States in 2019. Similarly, the region has regulatory bodies such as the Centers for Medicare & Medicaid Services (CMS), which regulates and monitors all human laboratory testing in the United States via the Clinical Laboratory Improvement Amendments (CLIA), which covers 260,000 laboratory entities. This represents a potential opportunity for lab automation providers, which could boost the expansion of lab automation market over the forecast period.
Asia Pacific market is expected to grow at an exponential rate during the forecast period, owing to rising demand for lab automation in emerging economies such as China and India. This region's profitable growth is also thought to be the result of increased initiatives by regional and international players to provide access to novel lab automation solutions in these potential markets. For instance, in May 2019, Beckman Coulter's DxA 5000 total laboratory automation solution received European CE Mark, and China Food and Drug Administration approval. The DxA 5000 will aid in improving laboratory efficiency.
Global Lab Automation Market: Competitive Landscape
In February 2020, the BD Kiestra ReadA has been approved by the US Food and Drug Administration, according to Becton, Dickinson, and Company (FDA). This standalone system boosts clinical microbiology lab productivity by automating unnecessary plate maintenance operations and delivering accuracy through standardised digital image capturing. On the other hand, in January 2020, Hamilton Health Sciences, a Canadian hospital network, entered into CAD 270 million strategic relationship with Siemens Healthineers. The company intends to provide full services for the latest imaging technology in hospitals over the course of the 15-year contract, with an option to extend it for another ten years. The primary goal of this collaboration is to improve healthcare quality through precision medicine, and digital health solutions.
A few of the players in the lab automation market include Abbott Laboratories, Agilent Technologies, Perkin Elmer, Inc, Thermo Fisher Scientific, Inc, Siemens Healthcare, Danaher Corporation, Becton, Dickinson, and Company, and Transcriptic, Inc.
Global Lab Automation Market is Segmented as Below:
By Product Type
Key Elements Included In The Study: Global Lab Automation Market
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