The market is anticipated to reach USD 5.36 billion by 2020, from the current estimate of USD 3.81 billion, with a CAGR of 7.07% during the forecast period 2015 to 2020.The rapid rise in number of clinical and pre-clinical studies across the world has made the need for speed imperative in analysis of samples. In such a condition, the machines have to work 24 hours, day in and day out, and require considerable amount of manpower to ensure proper functioning. This has made automation very important in bioanalytical laboratories. Automation provides a much cheaper and viable alternative, considering the fact that it reduces human error to almost none and provides sustainable long term benefits.
Apart from reducing mundane tasks, the market for laboratory automation is also driven by the need for consistency in quality. The cost of an error, in a scientific paper or developing a drug, is very high; even fairly low error rates can have a profound impact on the conclusions you make downstream. It is believed that, taking out human element helps in achieving more consistency. Great advances have been made in the molding plastics, which has reduced the volumes of reagents used, enabling handling of smaller liquid volumes easy. These advancements have worked in favor of the development of Micro and Nano-liter plates to fit in with the automated liquid handling equipment.
Validation and data quality play a major role in modern life science; legal validation, patents and clinical testing have become crucial. Automation enables a much higher reproducibility and better documentation of data. This allows production of more data points with great ease. It also ensures safety of personnel in the presence of infectious or potentially hazardous material.
Automated plate handlers, with a market share of XX% in 2015, dominated the equipment & software market throughout the forecast period. An automated liquid handler was the second biggest market by equipment & software segment, accounting a share of XX% in 2015. The emerging automated pipetting systems, such as stand-alone systems, bench-top workstations and the multi-channel systems, are gaining much prominence in the global market. This segment is poised to grow with the highest annual growth rate during the forecast period. This is due to the snowballing investments and R&D activities in biotechnology and life sciences for applications in drug discovery, which propel the need for automated liquid handling systems.
North America dominated the lab automation in bioanalysis market by region throughout the forecast period, with a market share of 6.14% in 2015. The region is followed by Europe and Asia-Pacific with a share of XX% and XX% respectively. Asia-Pacific lab automation in bioanalysis market is poised to grow at a highest CAGR of XX% during the forecast period 2015 to 2020.
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