Automated Sample Storage Systems Market to a Revenue Opportunity of US,950 Mn
Posted by Sneha Talanakr on August 13th, 2019
Presence of a number of product manufacturers and suppliers has rendered the vendor landscape of the global automated sample storage systems market largely fragmented and competitive, observes Transparency Market Research in a recent report. The market was dominated by Brooks Automation, Inc. in 2016 owing to the company’s expansive product portfolio, strong geographical outreach, and vast investment in research and development activities. Some of the other leading companies in the market are Angelantoni Life Science, Thermo Fisher Scientific, Inc., TTP LabTech, LiCONiC AG, Biotron Healthcare, ASKION, Haier BioMedical (Haier Group), Panasonic Healthcare Co., Ltd., and Tsubakimoto Chain Co.
According to the report, the global market for automated sample storage will exhibit an impressive 15.5% CAGR over the period between 2017 and 2025. The market, valuing at US7 mn in 2017, is estimated to rise to a revenue opportunity of US,950 mn by 2025.
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Of the key application areas served by the automated sample storage systems market covered by the report, the segment of pharmaceuticals accounted for the dominant share in the overall market in 2017. From a geographical standpoint, the market in Europe dominated, valuing at US9.3 mn of the global market in 2017. The Europe market for automated sample storage is anticipated to retain its dominant position over the forecast period as well, trailed by the markets in North America and Asia Pacific.
Increased Support of Governments to Biobanks to Drive Market
The steady expansion of the global pharmaceuticals sector in the past few years has significantly helped the global automated sample storage market pick pace. Demand from the sector accounts for a large share in the revenue of the overall market and an increasing number of pharma companies are shifting to automated solutions so as to boost their throughput and bring down the number of errors that are incurred due to manual handling of critical samples. This scenario is likely to remain one of the key drivers of the market over the report’s forecast period as well.
The market is also benefitting from the increased support of government bodies towards the automation of biobanks. The usage of automation tools in biobanks can lead to benefits such as reduction in errors presented through manual handling of samples, preservation of sample integrity, and energy and cost savings. The rise in funds for the development and effective management of biobanks is expected to provide a massive push to the overall development of the global automated sample storage market.
Lack of Necessary Infrastructure in Emerging Economies to Hold Market Back
Despite mostly promising growth prospects, the global market for automated sample storage systems could be restrained owing to a lack of necessary technologically advanced infrastructure and awareness regarding the vast benefits of automated sample storage systems across developing economies in regions such as Latin America, Asia Pacific, Middle East, and Africa. Nevertheless, the rate of adoption of automated sample storage systems in economies such as China and India is estimated to rise at a promising pace in the near future, with China playing a leading role in the overall development of the market owing to the encouraging support of government to the healthcare industry.
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About the AuthorSneha Talanakr
Joined: April 22nd, 2019
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