LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global laboratory benchtop automation market to grow at a CAGR of above 6% during the period 2018-2022, according to their latest report.
This market research report segments the global laboratory benchtop automation market into the following applications, including pharmaceutical and biotechnology companies and clinical and reference laboratories and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the increasing product innovations as a key factor contributing to the growth of the global laboratory benchtop automation market:
Increasing product innovations
Technologically advanced products have emerged in the market due to the advances in electrical engineering, information technology, and instrumentation. They are designed for the specific needs of the end-users, which led to an increase in adoption of these products. Some of the prominent innovations in the global laboratory benchtop automation market include compact instrument configuration, extended pipetting ranges, pre-validated and compliant protocols, and newer configurations. Such innovations generated significant demand for benchtop automation products from various end-user segments. Players in the market have launched products which are focusing on improving laboratory productivity by automating repetitive tasks.
According to a senior analyst at Technavio for lab equipment, “Competitors provide numerous benchtop instruments, which automate each step of a life science or molecular testing workflow, including sample preparation, molecular detection, and analysis. Hence, the increasing number of innovations by players is driving the demand for the products. These innovations are automating redundant processes and saving cost and floor space of the end-users. Therefore, these innovations are likely to support the growth of the market during the forecast period.”
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Global laboratory benchtop automation market segmentation
Of the two major end-users, the pharmaceutical and biotechnology companies segment held the largest market share in 2017, accounting for nearly 45% of the market. The market share for this end-user will see a slight decrease by 2022. The fastest growing end-user is clinical and reference laboratories, which will account for around 38% of the total market share by 2022.
The Americas was the leading region for the global laboratory benchtop automation market in 2017, accounting for a market share of around 50%. By 2022, APAC is expected to register the highest growth of nearly 2%.
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