Jul 29 2019
The "Laboratory Robotics Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The laboratory robotics market is expected to register a CAGR of over 6.72% during the forecast period (2019-2024).
By delegating repetitive applications to robots, they provide consistency in sample preparation and testing which increases the efficiency of the test, this advantage of robots is driving the market studied.
Major Highlights
- Laboratory robotics can be broadly defined as using robotics technology to conduct a scientific study and research experiments in a safe environment without the interference of human hands.
- With the increasing need to ensure the safety of manual workers and the adoption of stringent regulatory protocols in laboratories has initiated businesses to adopt robotic technologies for critical process applications.
- In the recent past, robotics has revolutionized mankind to a great extent. The reason being, once robots are programmed to do a certain task, they continue to do the assigned job at a stretch. They do not get tired or worn out, unlike humans.
- Moreover, robots maintain accuracy and precision and are highly efficient, these factors are driving the adoption of robotics in laboratories around the globe
- But due to the high costs associated with the robotic equipment and also the low priority of automation in small to medium-sized labs is restraining the growth of the market studied.
Key Market Trends
Safety of Both Humans & Property to Drive the Market
- Laboratory experiments involve the usage of hazardous chemicals and substances which are harmful when coming into direct contact with the human body.
- However, a number of precautionary measures are being undertaken in the laboratories to overcome the ill-effects of these chemicals. There are a number of cases where these experiments have caused injuries to researchers, moreover, in some adverse conditions they can also lead to death.
- Considering these factors, the need for laboratory robots has grown significantly. These robots make sure that humans are not exposed to these chemicals directly and, in turn, provide a safer working environment.
- With the increasing sales of medical robots across the globe it is evident that the medical sector is adopting more robots to create a safer workplace and to increase the efficiency of the medical process which is directly boosting the growth of the market studied.
North America Occupies the Largest Market Share
- In the North America region, the increasing technological advancements and investments by the market leaders are driving the market to be the largest laboratory robotics market in the world.
- With the increase in the number of players in this region, the market in this region is witnessing enterprise collaborations and partnerships to achieve a technological breakthrough in the field of robotics which is also boosting the focus toward technology.
- Also, with the increased R&D activities by the biotechnology and pharmaceutical firms in this region, also due to the increased adoption of lab automation by most of the hospitals and clinical diagnostic labs due to the increasing volume of test samples are driving the growth in the lab automation market in North American region.
Competitive Landscape
The laboratory robotics market is competitive owing to the presence of small and large players in the market running their business on national as well as international boundaries. The market appears to be moderately consolidated with the key players adopting strategies like product innovation and mergers and acquisitions.
Some of the key players in the market are PerkinElmer, Inc., Thermo Fisher Scientific, Siemens AG, Tecan Group among others.