LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global lab bioanalysis automation market predicts a CAGR of around 8% during the period 2017-2021.
The report segments the global lab bioanalysis automation market by product (automated liquid handling systems, microplate readers, and standalone robots) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global lab bioanalysis automation market, according to Technavio researchers:
- Increasing use of automation in healthcare industry: a major market driver
- In terms of revenue, automated liquid handling systems was the biggest contributor to the market
- The Americas was the highest revenue contributor to the global lab bioanalysis automation market with more than 48% share in 2016
- Agilent Technologies, Beckman Coulter, F. Hoffmann-La Roche, and Thermo Fisher Scientific are the leading players in the market
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Market growth analysis
Increasing use of automation in the healthcare industry is one of the major factors driving the global lab bioanalysis automation market. With the healthcare industry continually looking at cost-cutting and improvements in efficiency and throughput, automation of manual tasks can be an important part of the strategy for performance improvement.
The sheer volume of samples in hospitals is huge as this contains routine check-up samples as well as those referred for specific diagnosis. With increasing population and a rise in the number of diseases, efficient procedures that are supported by laboratory automation products would be required throughout the forecast period, translating to market growth.
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Geographical analysis
Technavio researchers anticipate high growth for the global lab bioanalysis automation market in the Americas as there is excellent technology and infrastructure support throughout the region. It is also home to some of the key companies in the market such as Agilent Technologies, Beckman Coulter, and Thermo Fisher Scientific. The US and Canada are the largest revenue contributing countries in the region. In the US, hospitals and diagnostic centers are extensively using laboratory automation products for bioanalysis.
According to Tasneem Ali, a lead analyst at Technavio for research on lab equipment, "The region will experience steady growth throughout the forecast period as the demand for laboratory automation products will be high, especially from pharmaceutical and healthcare companies. These companies are constantly focusing on launching new medicines or therapies for various diseases such as cancer, diabetes, and cardiovascular disorders."
Competitive vendor landscape
The global lab bioanalysis automation market is oligopolistic in nature with four key players Agilent Technologies, Beckman Coulter, F. Hoffmann-La Roche, and Thermo Fisher Scientific dominating the market. These companies compete in terms of product innovation and technological advances with emphasis on developing fruitful distribution partnerships to sell their respective products across the globe. They also place emphasis on R&D and are constantly looking to enhance their respective product portfolios by launching new products and attracting new end-users at trade conferences.
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