The Laboratory Automation Systems by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s insightful analysis of Laboratory Automation Systems, the market has exhibited robust growth in recent years, projecting an ascent from $5.28 billion in 2024 to a formidable $5.57 billion by the same year, reflecting a noteworthy compound annual growth rate (CAGR) of 5.6%. This growth during the historical period is attributable to factors such as the surge in medical errors, expansion of healthcare facilities, economic upswing in emerging markets, escalated healthcare expenditure, and the rapid proliferation of the elderly population.
Anticipating continued momentum, the laboratory automation systems market is poised to burgeon to $6.86 billion by 2028, sustained by a CAGR of 5.3%. This foresight is underpinned by dynamic factors including rapid technological advancements, a burgeoning aging demographic, the prevalence of chronic diseases, the enduring impact of COVID-19, and the rise in lifestyle diseases. Key trends in this forecast period encompass heightened investment in research and development, strategic collaborations with artificial intelligence entities, partnerships within the market, innovative laboratory automation solutions, integration of RFID technology, prolific new product launches and approvals, and proactive engagement with government initiatives.
Increased demand for microbiology testing and standardization of sample-collection devices for microbiology culture has driven the adoption of automated laboratory systems for culture-based laboratory testing in clinical microbiology. Culture-based microbiology laboratory testing by manual methods is being replaced by automated methods with the help of total laboratory automation. For instance, popular systems such as Becton Dickinson’s Kiestra TLA, Copan’s WASPLab, and others enable total laboratory automation (TLA) for culture-based microbiology testing. The potential to affect laboratory efficiency, turnaround time, and the overall quality of culture-based microbiology testing, is driving the automated laboratory systems market growth.
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The laboratory automation systems market covered in this report is segmented –
1) By Type: Modular Automation, Total Lab Automation
2) By Equipment And Software: Automated Liquid Handling, Microplate Readers, Standalone Robots, Automated Storage, Retrieval
3) By Application: Drug Discovery, Clinical Diagnostics, Genomics Solutions, Proteomics Solutions, Others
4) By End User: Biotechnology And Pharmaceutical Industries, Research Institutes, Hospitals And Private Labs, Academic Institutes
Top 5 Major Players:
- Abbott Laboratories
- Danaher Corporation
- Thermo Fisher Scientific
- Agilent Technologies, Inc.,
- Tecan Group Ltd
A notable evolution in this sector is the escalating adoption of Radio Frequency Identification (RFID) technology by hospital laboratories for laboratory automation systems. This strategic shift is driven by the promise of heightened productivity, enhanced product quality, cost-effectiveness, error reduction, expedited sample delivery, and minimized human intervention. RFID technology, operating on wireless communication between tags and readers, presents a sophisticated alternative to bar code technology. Offering added functionalities and automatic actions without human intervention, RFID systems comprise a tag, transceiver, and data processing unit. In hospital laboratories, RFID tags affixed to patient samples enable identification, while smart cards securely store patient data under a workstation overseeing the laboratory processes. Illustrating this adoption, Mayo Clinic, a healthcare leader, embraced RFID-enabled laboratory automation systems, achieving a commendable 70% reduction in errors, maximized efficiency and patient safety, and an impressive 50% reduction in specimen turnaround time. This transformative integration signifies a paradigm shift towards precision and efficiency in the landscape of laboratory automation systems.
The laboratory automation systems market report table of contents includes:
1. Executive Summary
2. Laboratory Automation Systems Market Characteristics
3. Laboratory Automation Systems Market Trends And Strategies
4. Laboratory Automation Systems Market – Macro Economic Scenario
5. Global Laboratory Automation Systems Market Size and Growth
…..
32. Global Laboratory Automation Systems Market Competitive Benchmarking
33. Global Laboratory Automation Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Laboratory Automation Systems Market
35. Laboratory Automation Systems Market Future Outlook and Potential Analysis
36. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Laboratory Automation Systems Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Laboratory Automation Systems Market, Segmentation By Equipment & Software, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Laboratory Automation Systems Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Abbott Laboratories Financial Performance
Table 76: Danaher Corporation Financial Performance
Table 77: Thermo Fisher Scientific Financial Performance
Table 78: Agilent Technologies, Inc. Financial Performance
Table 79: Tecan Group Ltd. Financial Performance
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