Laboratory Automation Market to Reach $8.42 Bn, Globally, by 2026 at 6.9% CAGR

Allied Market Research

Surge in number of research and development activities across the world and rise in adoption of laboratory automation systems drive the global laboratory automation market.

PORTLAND, Oregon, Dec. 16, 2019 /PRNewswire/ --  Allied Market Research published a report, titled, "Laboratory Automation Market by Product Type (Equipment and Software & Informatics), Application (Drug Discovery, Clinical Diagnostics, Genomics Solutions, and Proteomics Solutions), and End User (Biotechnology & Pharmaceutical Industries, Research Institutes, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global laboratory automation market garnered $4.88 billion in 2018, and is expected to reach $8.42 billion by 2026, growing at a CAGR of 6.9% from 2019 to 2026.

Prime determinants of growth

Surge in number of research and development activities across the world and rise in adoption of laboratory automation systems fuel the growth of the global laboratory automation market. However, high initial investments required for automated products hinder the market growth. On the other hand, rise in demand for miniaturized process equipment and advancements in technology offer lucrative opportunities in the near future.

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The equipment segment to maintain its dominant share during the forecast period

Based on product, the equipment segment held more than five-sixths of the total share of the global laboratory automation market in 2018, and is expected to maintain its dominant share during the forecast period. Moreover, this segment is expected to register the highest growth rate with a CAGR of 7.2% from 2019 to 2026. This is due to rise in adoption of lab automation equipment in drug discovery & diagnostic laboratories, reduction in production fluctuations, and rise in demand for miniaturized process equipment. The research also analyzes the software and informatics segment.

The clinical diagnostics segment to maintain its dominance throughout the forecast period

Based on application, the clinical diagnostics segment held the highest market share in the global laboratory automation market, contributing to nearly two-fifths of the market in 2018, and is estimated to maintain its dominance during the forecast period. This is attributed to availability of highly-specialized laboratories with advanced automation technology that perform number of analysis with improved efficiency, high quality, lower cost, reliability, and low power consumption in shorter time. However, the genomics solutions segment is expected to register the fastest CAGR of 10.0% from 2019 to 2026. This is due to rise in implementation of laboratory automation in genomics and surge in R&D activities.