Laboratory automation technologies have the strength to transform the way the labs work across the globe. It is a multidisciplinary strategy, which helps in research and development of the laboratory technologies. Laboratory automation also helps in optimization and of these technologies and making better use in the most advanced manner. Lab automation market is growing every year, thanks to the numerous advantages of this technology and adaptability shown by the industries relying on it.
These technologies are popularly used in a majority of lab proceedings. This technology helps the aim of state-of-the-art workflows of the laboratories across the globe. Miniaturization of all the lab proceedings, high reproducibility, and reduction in overall costs, increasing requirement for simplest technologies for crucial lab work and increasing flow of investment in the fields like biotechnology are the biggest reasons behind the tremendous growth in the lab automation market.
Laboratory automation market has great segmentation, which is based on the equipment and software programs used, applications of these techniques and geographical demands on the global platform. According to the market trends from 2012, the total value of this market was $3.1 billion. These figures are estimated to increase at the CAGR of 6.4% until 2017. At this rate, the global laboratory automation market will reach at $4.2 billion by then.
Geographical segmentation of this market provides information about the global trends of consumption, production and demand for these technologies and equipments. Currently, North America is the largest market for these technologies. It is followed by Europe. However, forecasting reports suggest a major shift in the market with new entrants from Asia Pacific, Latin America and Middle East. Rise in research outsourcing by American and European pharmaceutical giants is the strongest reason for this change.
Growing investments in the biotechnology sector, growing demands for standardization and accreditation from the industry, increasing awareness about this technology and reduction in overall costs of the equipments are the driving factors for the laboratory automation market. automated liquid handling and robotics, LIMS and automated storage and microplate readers are the basic equipments used today.
As far as the applications of lab automation are concerned, they are spread across clinical diagnostics, drug discovery, proteomics and genomics. Filling up the huge demand and supply gap is the biggest challenge for the industry, which makes up for huge business opportunities for new entrants. A lot of players from other industries are looking at biotechnology sector as a source of investment, which is working well for lab automation as well.
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