Modular Laboratory Automation Market by End-users and Geography - Forecast and Analysis 2020-2024
- Published: Nov 2019
- Pages: 169
- SKU: IRTNTR40241
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The global modular laboratory automation market size has the potential to grow by USD 1.08 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period.
This report provides a detailed analysis of the market by geography (Asia, Europe, North America, and ROW) and end-user (hospitals and diagnostic laboratories, pharmaceutical and biotechnology companies, and other end-users). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Agilent Technologies Inc., Becton, Dickinson and Co., Bio-Rad Laboratories Inc., Danaher Corp., F. Hoffmann-La Roche Ltd., PerkinElmer Inc., QIAGEN NV, Shimadzu Corp., Siemens AG, and Thermo Fisher Scientific Inc.
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Market Competitive Analysis
The market is currently moderately fragmented, and the degree of fragmentation will decrease during the forecast period. The key players in the market are focusing on various growth strategies such as mergers and acquisitions, divestitures, joint ventures, and partnerships to expand the geographical reach and gain major market shares and revenue. Shimadzu Corp., Siemens AG, and Thermo Fisher Scientific Inc. are a few of the major market participants. Although the accelerating growth momentum will offer immense business opportunities, the risk of prolonged downtime due to automation failure will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this modular laboratory automation market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this modular laboratory automation market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading modular laboratory automation companies, including:
- Agilent Technologies Inc.
- Becton, Dickinson and Co.
- Bio-Rad Laboratories Inc.
- Danaher Corp.
- F. Hoffmann-La Roche Ltd.
- PerkinElmer Inc.
- QIAGEN NV
- Shimadzu Corp.
- Siemens AG
- Thermo Fisher Scientific Inc
Modular Laboratory Automation Market: Segmentation by Region
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North America was the largest market for modular laboratory automation in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. The rising demand for clinical diagnosis and growth in drug discovery-based research has augmented the need for shorter turnaround testing (STAT) procedures among end-users in the region, which will significantly influence the modular laboratory automation market growth over the forecast period.
Almost 51% of the market’s growth will originate from North America during the forecast period. The US is one of the key markets of modular laboratory automation in North America. Market growth in this region will be slower than the growth of the market in other geographies.
Modular Laboratory Automation Market: Segmentation by End-users
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The rising global burden of diseases has increased the demand for timely diagnosis among hospitals and diagnostic laboratories. Moreover, the growing prevalence of chronic and infectious diseases such as cancer, diabetes, influenza, and cardiovascular has increased the number of patients in hospitals and diagnostic laboratories. Therefore, hospitals and diagnostic laboratories are extensively using modular laboratory automation solutions for offering rapid and accurate diagnostic test results.
However, market growth by the hospitals and diagnostic laboratories segment will be slower than the growth of the market by the pharmaceutical and biotechnology companies segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the modular laboratory automation market size.
Modular Laboratory Automation Market: Key Drivers and Trends
Laboratories are undergoing revolutionary changes owing to the increasing adoption of automated systems. Automation modules are finding extensive applications in drug discovery and developments for enhancing high-throughput screening capabilities and ensuring efficiency, accuracy, and reproducibility in pharmaceutical and biotechnology workflows. Advanced automated liquid handlers are enabling low volume and precision liquid handling in drug research workflows. To maintain a competitive edge, research laboratories, involved in drug developments, are focusing on adopting automation technologies. As a result, vendors are signing partnership agreements for developing robust modular automation infrastructure. Such factors will significantly influence modular laboratory automation market growth over the forecast period.
- The integration of AI and analytical tools has given rise to smart modular laboratory automation solutions, which allow easy, reliable, and secured networking of automated modules at the field levels.
- Features such as intelligent control and real-time update about economic consumption of water and raw materials help provide significant cost benefits to laboratories deploying such smart systems.
- Integrated AI-based software is also finding applications in collaborative robotic platforms that are used in laboratory facilities. Machine learning capabilities are also highly preferred in the development of such products.
- Smart integration has further enabled vendors to offer real-time information retrieval and sharing and decision-making features in their automated solutions, making it one of the key modular laboratory automation market trends.
- During 2020-2024, the market will grow at a CAGR of over 6%.
Modular Laboratory Automation Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the modular laboratory automation market growth during the next five years
- Precise estimation of the global modular laboratory automation market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the modular laboratory automation industry across Asia, Europe, North America, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of modular laboratory automation vendors
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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