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Lab Automation Market : Expected to rise with a CAGR of 5% during the forecast period 2019-2026

Laboratory automation is being widely adopted in the healthcare sector due to its several advantages such as reduction in the laboratory cost, elimination in human error, etc. Global lab automation market is expected to rise with a CAGR of 5% during the forecast period 2019-2026.  Lab automation helps in the reduction in tedious tasks such as manual labelling of tubes, packaging, uncapping and capping of tubes, etc. thereby reducing physical strain in hands and fingers. Moreover, laboratory automation nullifies the requirement for human workforce further resulting in high revenue and high productivity. Also, the adoption of various software such as Electronic Laboratory Notebooks (ELN), Laboratory Execution Systems (LES), Laboratory Information Management Systems (LIMS) and Scientific Data Management Systems (SDMS) in lab automation.

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These software helps in tracking the samples (such as blood sample etc.) thereby resulting in the reduction of human error and prevention in misplacing of samples. Lab automation is being widely used in microbiology due to increasing trend of deploying lab automation in clinical pathology laboratories. According to American Society for Microbiology (ASM), lab automation is adopted in clinical microbiology laboratories to facilitate rapid provision of antimicrobial susceptibility and identification test results, substantial cost savings, reduced prevalence of laboratory-acquired infections, etc. Moreover, automated antimicrobial susceptibility testing systems, automated microbial identification, continuous-monitoring blood culture systems etc. are used in microbiology laboratories.

Furthermore, factors such as lack of skilled professionals, quality issues, emergence of 24/7 microbiology laboratories, importance for traceability for laboratory testing etc. has led to increased adoption of lab automation machines such as automated specimen processors, total lab automation solutions etc. in microbiology laboratories. For instance: WASPLab is a microbiology specimen processor manufactured by Copan used in microbiology laboratories for digital microbiology testing and automated incubation. Furthermore, as per American Association for Clinical Chemistry (AACC), standardized microbe identification is used in mass spectrometry, antimicrobial susceptibility testing and blood culture testing have been automated. Furthermore, automation increases accuracy and repeatability as automated machines are programmed to perform a task over and over again. Machines that perform repeated tasks are less likely to make mistakes than an employee. Automation demand is also increasing as it increases safety by performing tasks that are dangerous and prone to injury for humans.

Moreover, rising demand of automation is majorly driven due to increasing labor cost. By automation in industry, safety issues have been addressed for number of employees to perform the specific tasks in dangerous and risk prone areas, which leads to financial saving. For instance, according to United States Department of Commerce, in China the average human labor wage bill during 2000-2015, has increased at a rate of 13.3%. Also, in the U.S., the hourly compensation of manufacturing workers increased at 2.8% annually during 2010-2015. In addition to this, annualized manufacturing wage gains during 2010-2015 in Brazil was 4.1%, 5.2% in the Philippines, 5.9% in South Korea and 6.3% in Poland.  Rising rates in minimum labor wages makes automation more cost-effective.

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Government funding in biotechnology and drug discovery research silver line for market growth

The key factor driving the growth of global lab automation market is the rising government funding for biotechnology and drug discovery research. According to American Chemical Society, advancements in automated high-performance liquid chromatography, mass spectroscopy, ability of lab automation systems to prepare large numbers of pure compounds has led to increased adoption of lab automation in drug discovery. As per National Center for Biotechnology Information (NCBI), in August 2017, there has been development of multidimensional quantitative structure-activity relationship (QSAR) for the discovery of novel drugs and to determine the biochemical properties of hypothetical or existing molecules. Furthermore, as per NCBI, in 2017, the discovery of microarrays, next-generation sequencing, RNA interference (RNAi) and proteomics has led to discovery of new cancer drug targets. Also as per NCBI, in 2016, there has been development of new steroidal and non-steroidal molecules in order to restrict the formation and biological response of dihydrotestosterone (DHT). Moreover, there have been investments done in biotechnology sector such as in proteomics, genomics, etc. According to Québec Network for Personalized Health Care (QNPHC), in 2016, the Government of France had announced to invest $760 million in personalized and genomics program in order to enhance the prevention and diagnosis of common diseases in France. Moreover, as per Michael Smith Foundation for Health Research (MSFHR), in January 2018, Genome Canada, Canadian Institutes of Health Research and other partners have announced investment of approximately $255 million for research on precision health and genomics. Hence, government funding for biotechnology and drug discovery research is expected to positively influence the growth of global lab automation market.

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