The lab automation software market is expected to register a CAGR of 5.23% over the forecast period (2019)
NEW YORK, June 21, 2019 /PRNewswire/ -- Market Overview
The lab automation software market is expected to register a CAGR of 5.23% over the forecast period (2019 - 2024). Automation is used in a wide variety of life science applications ranging from proteomics to systems biology. Automation of routine laboratory procedures for the use of dedicated workstations and software to program instruments allows associate scientists and technicians to think creatively about the implications of their experimentation and to design useful follow-up projects or develop alternative approaches to their work instead of spending their days performing tasks of tedious repetition.
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- The integration of robotics and automation is rapidly increasing, owing to the enhanced productivity and mitigated operational cost for laboratories. It is likely to boost the market growth over the forecast period.
- The progress in understanding and the discovery of the nature of life, including the polymerase chain reaction (PCR), splice genes, means of sequencing are on the rise, which may propel the market growth.
- The cost to set lab automation module, including software, is on the higher side and discourages small enterprises. This factor is expected to hamper the market growth over the forecast period.
Scope of the Report
Lab automation software automatically detects any faults or defects, and notifies the concerned person to take action. Moreover, it helps in maintaining schedules and lab routines, which can be accessed through the software present for various platforms. Some laboratories have established an integrated end-to-end robotics system that requires software to operate and track maintenance.
Key Market Trends
Laboratory Information Management System Expected to Have Largest Market Share
- The laboratory information management system industry exhibited robust growth over the past five years as laboratories grappled with an increase in sample volumes, partly due to the increased demand for diagnostic testing from the burgeoning elderly population.
- Industry operators have particularly focused on developing software that assists with operational issues, such as data security and regulatory compliance. This market is driven by certain factors, such as the rising pressure to comply with regulations, a growing need to integrate healthcare systems, a shift from legacy systems to commercial off-the-shelf LIMS solutions, and technological advancements in LIMS products.
- Moreover, the funding for tests, such as genome and DNA has led to an increase in the laboratory information and data. Therefore, the rising practice of genome study is favoring the market growth. Associated advantages, such as high precision and elimination of manual data transcription error are also anticipated to provide a boost to the market.
North America Expected to Hold the Largest Market Share
- The United States dominates the North American market and is the major revenue contributor in the region. The large share in this region can be attributed to the growing applications of lab automation in drug development and clinical laboratory functions. The rise in the number of clinical and pre-clinical studies worldwide has made the need for speed in the analysis of samples imperative, making automation one of the key components, contributing toward the growth of the market.
- Strict regulations by the United States government and the FDA, along with the growing demand in the diagnostic market and the increasing usage of the discovery and research labs, owing to the rising presence of various diseases, such as cardiovascular and neurological diseases, in the region, has fuelled the growth of the market in this region.
Competitive Landscape
The lab automation software market is neither highly competitive nor does it have a limited number of players. There are other newer technologies in the pipeline through which routine laboratory processes, such as testing and screening are automated. Automation tools can process concurrent requests in real-time, showing marked improvement in productivity and throughput.
- July 2017 - Thermo Fisher Scientific announced two innovative technologies (ISQ EC Single Quadrupole mass spectrometer, MAbPac RP 1mm columns). These are expected to increase the analytical analysis.
- May 2017 - Seegene partnered with Thermo Fisher Scientific to bring its diagnostic assays to the US market. The agreement witnessed the South Korean molecular diagnostics player file for FDA clearance for its products, which was at the same time as Thermo Fisher sought a regulatory nod to run the diagnostics on its equipment.
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