by The global Lab Automation Market is experiencing a remarkable surge, fueled by a convergence of factors including stringent healthcare regulations, substantial investments in pharmaceutical company research and development (R&D), and an expansion of healthcare infrastructure, according to a recent market analysis.
R&D Investments and Collaborations Fuel Market Growth
The Lab Automation Markets growth is primarily driven by increased R&D investments in the pharmaceutical and biotechnology sectors. Pharmaceutical companies are pouring substantial resources into research endeavors, aligning with the ever-growing demands of the healthcare sector. Collaborations between pharmaceutical firms and healthcare stakeholders are further stimulating lab automation, potentially exceeding production capacities, thereby propelling the market forward.
In a noteworthy development, Abbott launched STARLIMS Life Sciences Solution 11.1 in July 2019, a laboratory information management system designed to manage complex sample and testing workflows while ensuring data security and integrity. Such innovations are vital for handling clinical samples across various applications, including specialty diagnostics, academic research, and pre-clinical and clinical research.
Biotechnology and Pharmaceutical Companies Spearhead Market Revenue
The biotechnology and pharmaceutical sector is leading the revenue generation in the Lab Automation Market. The robust presence of pharmaceutical companies worldwide and the growing adoption of robotics and laboratory automation technologies have catalyzed this trend. Lab automation has shifted its focus from product manufacturing and quality control to R&D within pharmaceutical companies, further underpinning market growth.
North America Dominates, Asia Pacific Shows Promise
North America is expected to dominate the Lab Automation Market, attributed to its well-established healthcare infrastructure and a favorable reimbursement system. The region boasts the presence of major industry players and stringent FDA regulations, making it highly competitive. The United States, in particular, stands out due to substantial investments in clinical research and a high concentration of contract research organizations (CROs).
Meanwhile, the Asia Pacific market is poised for exponential growth, driven by rising demand for lab automation in emerging economies like China and India. International and regional players are actively investing in these markets, providing access to cutting-edge lab automation solutions, thereby fueling growth.
Competitive Landscape
Key players in the Lab Automation Market include Abbott Laboratories, Agilent Technologies, PerkinElmer, Inc., Thermo Fisher Scientific, Inc., Siemens Healthcare, Danaher Corporation, Becton, Dickinson, and Company, and Transcriptic, Inc.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/lab-automation-market
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This press release first seen on Brilad
COMTEX_441951689/2840/2023-10-16T00:21:08
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.