PUNE, India, October 10, 2016 /PRNewswire/ --

According to a new market research report "Lab Automation Market by Equipment & Software (Robotic Arm, Microplate Readers, LIMS), Applications (Drug Discovery, Clinical Diagnostics), Type (Modular, Total Lab), & End Users (Biotechnology & Pharmaceuticals, Private Labs) - Global Forecasts to 2021" published by MarketsandMarkets, the global market is projected to reach USD 5.48 Billion by 2021 from USD 3.92 billion in 2016, at a CAGR of 6.9% from 2016 to 2021.

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Browse 186 market data Tables and 50 Figures spread through 230 Pages and in-depth TOC on "Lab Automation Market"

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The report provides a detailed overview of major drivers, restraints, challenges, opportunities, current market trends and strategies impacting the global market along with estimates and forecast of revenue.

Factors such as miniaturization of processes resulting in low reagent costs and high productivity, progressing drug discovery and clinical diagnostics, benefits of lab automation over traditional laboratory settings, government funding for biotech and drug discovery research, and shortage of laboratory professionals are the key drivers for the growth of the global Lab Automation Market. On the other hand, lack of planning for technology development, low priority for lab automation among small and medium-sized laboratories, and indefinite data interchange/communication standards are the major factors that are restraining the growth of the Lab Automation Market.

High potential emerging markets such as China, Japan, and Middle East represents significant growth opportunities for the key players in the Lab Automation Market. Further, the concern for reluctance to move from manual operations towards automation and lack of compatibility between systems across a laboratory may pose challenges to the growth of this market during the forecast period.

The global Lab Automation Market is segmented on the basis of equipment and software, applications, type, end users, and regions. By equipment and software, the market is categorized into automated liquid handling, microplate readers, software & informatics, standalone robots, automated storage & retrieval systems (ASRS), and other equipment & software. The automated liquid handling segment is expected to account for the largest share of the Lab Automation Market in 2016. This large share can be attributed to the high demand for automation in liquid handling.

On the basis of application, the Lab Automation Market is segmented into drug discovery, clinical diagnostics, genomics solutions, proteomics solutions, and other applications. The drug discovery application segment is expected to account for the largest share of the global Lab Automation Market in 2016. This large share can be attributed to the need for high-/ultra-high-throughput screening and reduced time-to-market for drugs.

North America is expected to account for the largest share of the Lab Automation Market in 2016. This region is estimated to account for the largest share of the tangential flow filtration market. In this region the increase in aging population, rising prevalence of lifestyle diseases, economy stimulus programs are driving the growth of the market. However, Asian countries are expected to witness a higher growth rate. Factors such as increasing healthcare investments, large population, improving public health awareness (leading to preventative care and hence more diagnostic tests), and rising demand for standardization and accreditation are creating significant growth for the Lab Automation Market in Asia.

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Major players operating in the Lab Automation Market are Tecan Group Ltd. (Switzerland), PerkinElmer Inc. (U.S.), Thermo Fisher Scientific, Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Danaher Corporation (U.S.).

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