Lab automation is a strategy to develop, research, optimize and capitalize on technologies that enable enhanced and efficient procedures in the laboratory. The lab automation market is projected to observe a CAGR of 7 percent from 2014 to 2020. This growth is attributed to availability of laboratory personnel and rising demand for laboratory procedures.
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The crucial factors propelling the lab automation market are increased accuracy & reproductibility, improved drug discovery & clinical diagnostics and miniaturization of lab procedures. However, improper planning of technological developments and interchanging of indefinite data are likely to restrain the growth of the lab automation market.
The lab automation market can be sliced into automations, consumers, applications, equipments and geographies. The market, on the basis of automations, can be categorized into modular automation and total lab automation. Modular automation can be split into pre-analytical and post analytical automation systems.
The consumers market can be divided into academic institutes, pharmaceuticals, research institutes, biotechnology and hospitals & private labs. The lab automation market, on the basis of applications, includes drug discovery, proteomics solutions, genomics solutions and clinical diagnostics.
The equipments lab automation market can be segregated into standalone robots, microplate readers, automated liquid handling, software & informatics and automated storage and retrieval systems. Globally, the lab automation market can be divided into North America, Asia Pacific Europe and ROW (rest of the world).
North America dominated the market in 2013. This was attributed to technological improvements and increasing lab automation applications in drug delivery. Asia Pacific is witnessing constant growth for the lab automation market. This is owing to intensive R&D investments and increasing awareness regarding lab automation.
Information Source: Grand View Research