Lab Automation Market to Grow at a CAGR of 6.4% from 2012 to 2017 – New Report by MarketsandMarkets
(PRWEB) August 18, 2013 -- The "Lab Automation Market by Equipment and Software (Automated Liquid Handling and Robotics, Microplate Readers, LIMS and Automated Storage), and Applications (Drug Discovery, Clinical Diagnostics, Genomics, Proteomics) - Trends and Global Forecasts to 2017" analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia and Rest of World.
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This report studies the global lab automation market over the forecast period 2012-2017.
The increasing adoption of automation for applications such as high throughput screening, genomics, proteomic, and pre-analytics will enable the global lab automation market to grow at a CAGR of 6.4% from 2012 to 2017, to cross $4 billion by 2017. Based on equipment and software, automated liquid handling accounts for the major market share, whereas microplate readers are expected to grow at a highest CAGR during the forecast period. In terms of market end users, biotechnology and pharmaceutical companies majorly contributed to the market revenue in 2012.
Market growth is propelled by an increased adoption of the technology due to factors such as increasing need for high throughput screening for early drug discovery, large lab workforce demand and supply gap, and growing demand for automating clinical diagnostics and genomics workflows. However, factors hindering the growth of the market are the upfront cost of lab automation systems and technological issues.
North America will continue to lead the lab automation market over the next five years, in spite of stringent FDA regulations and pre-marketing approvals. This is due to the increasing adoption of lab automation systems by research labs, pharmaceutical and biotechnology companies, clinical diagnostics, clinical research institutes, and contract research organizations.
Factors such as implementation of the Affordable Care Act (ACA) 2010 and economy stimulus programs such as increase in fund allocation to The National Institute of Health (NIH) and National Science Foundation (NSF) are also leading to growth, specifically in the lab informatics market. North America is closely followed by Europe in terms of market share, and vendors and manufacturers will be seen turning towards the region for regulatory reliefs.
Asian markets are expected to grow at the highest CAGR owing to increasing healthcare investments and growing demand for standardization and accreditation.
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