The Laboratory Automation Systems Market Report By TBRC Expands On Market Size And Forecasting
This automated lab systems market report covers in detail the market growth analysis, trends, and strategies of major players.
LONDON, April 5, 2022 /PRNewswire/ -- The unprecedented outbreak of coronavirus caused a surge in demand for laboratory automation systems for implementation of high-volume testing. The global laboratory automation systems market size is expected to grow from $5.52 billion in 2021 to $5.87 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The global laboratory automation system market is expected to further grow to $6.9 billion in 2026 at a CAGR of 4.1%.
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Laboratory Automation Systems Market Growth Analysis
The rise in sedentary jobs, busy lifestyles and changing consumer preferences are affecting the disease profile of the world population, especially for non-communicable diseases such as cancer, diabetes and cardiovascular diseases. Long working hours, less physical activity, and unhealthy eating and drinking habits are major causes of chronic diseases such as diabetes. According to a report by New Indian Express, in 2021, the prevalence of non-communicable diseases was 116 per 1000 population, a high rise among individuals above 35 years of age. Moreover, the cases of diabetes in India are higher in metro cities, with 35-40% of the population affected by it due to changed lifestyles. Tests to diagnose these diseases include HbA1c tests for monitoring diabetes, biopsies, tumor marker tests, bone scans, MRI and CT scans for diagnosis of various cancers, electrocardiograms, chest X-rays, cardiac CT scans and stress test for detection of cardiovascular diseases. The increase in the prevalence of lifestyle diseases will increase the demand for tests to diagnose these diseases and thus will drive the laboratory automation systems market during the forecast period.
Laboratory Automation Systems Market Trends
Companies are increasingly adopting RFID technology for laboratory automation systems due to its better productivity and product quality, reduced costs for technology, error reduction, faster delivery of samples, and reduced human intervention. The use is also necessitated due to a severe shortage of skilled and trained healthcare professionals for operating the advanced laboratory equipment which requires specialized skillsets. RFID technology is an automatic system of identification similar to bar code technology using a tag and a reader communicating through radiofrequency. Additional functions and actions can automatically be accomplished without human intervention such as using RFID tags attached with patient samples for identification, and smart cards to store patient data under a workstation that monitors the process in the laboratory.
Key Players And Strategies In The Laboratory Automation Systems Industry
The global laboratory automation systems market is concentrated, with a large number of players. The top ten competitors in the market made up to 54.80% of the total market in 2021. The ability of companies in the market to innovate their offerings has allowed the players to gain a competitive advantage over their competitors. Through R&D activities, strategic partnerships, and mergers and acquisitions, these players are able to gain a strong foothold in the market. Abbott Laboratories was the largest competitor with a 7.61% laboratory automation systems market share, followed by Danaher Corporation, Thermo Fisher Scientific, Agilent Technologies, Inc., Tecan Group Ltd., PerkinElmer, Inc., F. Hoffmann-La Roche AG, QIAGEN N.V., Becton Dickinson and Company, and Siemens AG.
Player-adopted strategies in the laboratory automation systems market include acquiring companies in the same business and launching new products.
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