The global lab automation market is poised to reach USD 5105.7 million by 2020 at a CAGR of 6.7 percent. Factors such as miniaturization in the process, progressing drug discovery and clinical diagnostics, higher reproducibility and accuracy, and large gap in workforce demand and supply are driving the growth of this market. Greater productivity and reduction in costs, better personnel safety, and requirement of small volumes of samples and reagents are further driving the growth of the lab automation market from the demand side. Furthermore, the emerging markets of China, India, Brazil, Australia, and Middle-East; increasing base of aging population, wide scope and emerging adoption of microbiology; growing automation needs in various segments; and biobanking applications present significant growth opportunities for market players.
On the basis of geography, the lab automation market is segmented into North America, Europe, Asia, and the rest of the world (RoW). In the past, North America accounted for the largest share of the lab automation market, followed by Europe. However, Asia-Pacific is expected to register a higher growth rate during the forecast period owing to huge investment opportunities in this region. The growth of lab automation market in the Asia-Pacific region will be centered in China, Japan, and India.