A recent report by Future Market Insights, titled “Lab Automation Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” talks about the global landscape of the market along with several other factors that are shaping up the overall development of the market.
The global market for lab automation is expected to show a steady growth of over the course of the given forecast period of 2017 to 2027. The market has been under constant growth since 2012 and is expected to continue to grow in the coming years. This growth of the market is expected to be achieved with the help of a strong CAGR of 9.6% during the course of the given forecast period. The global lab automation market is expected reach an overall valuation of US$1.219 Bn in the year 2017 and is projected to touch a figure worth US$3.00 Bn by the end of the aforementioned forecast period in 2027. This stellar development of the global lab automation market is driven by multiple factors. One of the key driving factors for the overall growth of the global market can be listed as ease of availability of compatible solutions for lab automation. Other important factors include increasing strategic associations among the key service providers in the global market, ease in the clearance provided by FDA, high tech advancements in the lab automation, and increasing uptake of lab automation solutions. All these factors are expected to considerably help in driving up the growth of the global market.
In terms of end user category, the global market for lab automation is expected to be dominated by diagnostics centers and hospitals. All across the globe, diagnostic centers and hospitals have been showing a higher rate of adoption, and this rate of uptake is expected to continue its steady growth over the course of the given forecast period of 2017 to 2027. The segment of diagnostics center and hospitals was valued almost US$0.8 Bn and is projected to reach a huge market worth US$2 Bn by the end of the forecast period. The overall growth rate of this segment is expected to surpass other segments and is estimated to show a strong CAGR of 10.3% during the given forecast period.
Other important segments are the CROs (Contract Research Organizations) and pharma companies. This segments are expected to show a strong growth potential during the coming years of the forecast period. The segment of pharma companies in the end user sector is projected to be the second largest with respect to value share as well as the overall growth rate. This segment is well placed to showcase an impressive CAGR of 9.2% during the course of the given forecast period. The overall market valuation of this segment is projected to reach figure worth US$0.377 Bn by the fall of the forecast period. The segment of Contract Research Organizations is projected to develop at a swift pace to reach a substantial valuation by the end of the forecast period.
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From a geographical point of view, the global market for lab automation can be segmented into key regions such as North America, Latin America, Middle East and Africa, Asia Pacific except Japan, and Western Europe. The overall growth of the global market for lab automation is expected to be driven with surging developments in these regions. The global market is expected to be dominated by North America region, with it showing a strong CAGR of 10.6% over the course of the mentioned forecast period. The APEJ and MEA regions are also projected to show swift growth owing to development of hospitals and diagnostic centers and increasing adoption of lab automation solutions.