New York, Dec. 04, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lab Automation Market by Product, Application, End-User - Global Forecast to 2025" - https://www.reportlinker.com/p05220261/?utm_source=GNW
However, slow adoption of automation among small and medium-sized laboratories owing to the budget constraint are the major factors that are expected to restrain the growth of this market during the forecast period.
The software, by product type, is expected to be the fastest-growing market from 2020 to 2025.
The software segment is categorized as LIMS, ELN, LES, and SDMS.LIMS is the fast-growing software during the forecast period. The growth is attributed to the ability of the systems to increase workflow efficiencies by removing manual data entry and transcription errors. Thus, improving work processes , productivity, traceability, sample turnaround time, data security and accountability, ease of access to data, and regulatory compliance.
The biotechnology and pharmaceutical companies, by end user, is expected to be the largest market from 2020 to 2025.
The biotechnology and pharmaceutical companies segment is expected to grow at the fastest rate during the forecast period. Owing to the increasing pressure on the biotechnology and pharmaceutical companies to rapidly develop drugs has driven demand for automating laboratory processes in this end-user segment. Moreover, the availability of government and corporate funding for biotech and pharma research is also driving the growth of this industry
North America: The largest and the third fastest-growing region in the lab automation market.
North America is expected to dominate the global lab automation market between 2020 and 2025.Increasing diagnostic testing in the region due to the higher penetration of healthcare facilities and growing health awareness. With an increasingly aging population and the rising prevalence of lifestyle diseases, there has been a significant rise in the demand for diagnostics and therapeutics.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 25%, Tier 2- 30%, and Tier 3-45%
• By Designation: C-Level- 12%, Director Level- 24%, and Others- 64%
• By Region: North America- 34%, Europe- 26%,Asia Pacific- 35%,RoW-5%
*Others includes sales managers, engineers, and regional managers.
Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 1 and USD 5 billion, and Tier 3 Company—Revenue < USD 1 billion
The lab automation market is dominated by a few major players that have an extensive regional presence. The leading players in the lab automation market are Thermo Fisher Scientific(US), Agilent Technologies(US),Tecan Group (Switzerland),PerkinElmer Inc. (US)and Danaher Corporation (US).
Study Coverage:
The report defines, describes, and forecasts the lab automation market, by technology, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the lab automation market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for lab automation operations and services, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p05220261/?utm_source=GNW
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The lab automation market is projected to reach USD 5.5 billion by 2025from an estimated USD 4.3billion in 2020, at a CAGR of 5.2%
during the forecast period. The growth of the market is attributed to increasing spending on pharmaceutical R&D, growing food safety concerns, stringent regulation in healthcare. Moreover, the growing proteomics market, rising environmental safety concerns, and high demand in emerging nations offer lucrative opportunities for the market players.
| Source: ReportLinker