Global Lab Automation Software Market Set to Witness a CAGR of 5.23% Over 2019-2024

Dublin, July 25, 2019 (GLOBE NEWSWIRE) -- The "Lab Automation Software Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.

The lab automation software market is expected to register a CAGR of 5.23% over the forecast period (2019-2024).

Key Highlights

• 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.

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.

Topics Covered

1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS
4.1 Market Overview
4.2 Value Chain / Supply Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 TECHNOLOGY SNAPSHOT

6 MARKET DYNAMICS
6.1 Market Drivers
6.1.1 Increasing Research & Development by Pharmaceutical & Biotech Companies
6.1.2 Growing Demand from Drug Discovery & Genomics
6.2 Market Restraints
6.2.1 Higher Initial Setup Costs Can be Expensive for Overall Module

7 MARKET SEGMENTATION
7.1 By Software
7.1.1 Laboratory Information Management System (LIMS)
7.1.2 Laboratory Information System (LIS)
7.1.3 Chromatography Data System (CDS)
7.1.4 Electronic Lab Notebook (ELN)
7.1.5 Scientific Data Management System (SDMS)
7.2 By Field of Application
7.2.1 Drug Discovery
7.2.2 Genomics
7.2.3 Proteomics
7.2.4 Clinical Diagnostics
7.2.5 Other Applications
7.3 Geography
7.3.1 North America
7.3.2 Europe
7.3.3 Asia-Pacific
7.3.4 Rest of the World

8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 Thermo Fisher Scientific
8.1.2 Danaher Corporation
8.1.3 Hudson Robotics
8.1.4 Becton, Dickinson & Company
8.1.5 Synchron Lab Automation
8.1.6 Agilent Technologies
8.1.7 Siemens Healthcare
8.1.8 Tecan Group Ltd.
8.1.9 Perkinelmer Inc.
8.1.10 Bio-Rad Laboratories Inc.
8.1.11 Roche Holding AG
8.1.12 Eppendorf AG
8.1.13 Shimadzu Corporation

9 INVESTMENT ANALYSIS

10 MARKET OPPORTUNITIES AND FUTURE TRENDS

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Related Topics: Laboratory Equipment