The healthcare expenditure has been rising every year for a long time. It was valued to be approximately $7 trillion in 2015 and is anticipated to reach a value of $8.5 trillion by 2020. This increase in the expenditure is the result of the high prevalence of various types of illness, such as infectious diseases, chronic diseases, communicable diseases, autoimmune diseases, etc. The pressure on the healthcare industry has increased considerably due to the increasing rate of geriatric population and the rollout of several significant regulatory changes for cost containment, which is subsequently putting pressure on the healthcare companies to reduce the cost of pharmaceuticals as well as diagnostic tests.
The pharmaceutical has witnessed an increase in the research and development investment since 2010, and thus, the companies have been trying continuously to maintain their profit margins and stay active in the competition. Among various technologies, the emergence of automation technologies has particularly helped the companies to automate vital procedures involved in the R&D activities. The automation technologies helped in increasing the accuracy level and reducing the development costs of the activities. These technologies have also helped in the automation of diagnostics procedure by increasing the accuracy level and reducing the turn-around time as a result of automation replacing labor-intensive repetitive routine laboratory work. According to the latest market intelligence report by BIS Healthcare, titled ‘Global Laboratory Automation Systems Market - Analysis and Forecast (2017-2026)', the global laboratory automation systems market was estimated at $5.05 billion in 2016 and is anticipated to reach $9.55 billion by 2026.
The advent of automation technologies in the diagnostic and R&D procedures has enabled the healthcare companies to meet the regulatory compliance. The increase in demand for genomics and proteomics research-based technologies and diagnostics tests are stimulating a moderate growth in the laboratory automation systems market. The laboratory automation systems generally involve any instrument, software, and components which improve the efficiency of laboratory operations by automating traditional manual laboratory processes.
The product segment of the laboratory automation systems dominated the market in 2016, however, the software segment is now anticipated to grow at the highest CAGR during 2017 and 2026. Among the applications available in the market, the life sciences and biotechnology application specific laboratory automation solutions are witnessing the highest demand in the market. In addition to this, the laboratory automation solutions specific to clinical diagnostics are expected to witness a healthy CAGR in the forecast period 2017-2026. In terms of end-user, the pharmaceutical &bio-pharmaceutical industries and contract research organizations (CRO) are contributing to the largest share of the global laboratory automation systems market at present and are expected to grow at a CAGR of 6.71% from 2017 to 2026.
BIS Research has conducted an extensive research on the global laboratory automation systems market and compiled the observations and insights in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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