The IVD product portfolio includes devices that assist in clinical chemistry & immunoassays, urinalysis, point-of-care testing, and patient self-testing devices. IVDs may be used in a variety of environments, including laboratories, clinics, diagnostic centers, educational institutes, or homes. They are employed for preventive diagnosis, early-stage screening, therapy selection, and monitoring.
There exists a potential for the risk of harming the patient, due to the generation of inaccurate test results, as these results are known to have a 70% impact on the healthcare decisions taken. Thus, any form of inaccuracy could lead to the mismanagement of a patient’s disease or condition. Given this potential risk, as well as the impact on the overall delivery of health care, the governments have assumed a role in the regulation of IVDs through several agencies, including the Food and Drug Administration (FDA), ISO, and the Centers for Medicare & Medicaid Services (CMS).
Digital Transformation of Lab Aids the Market Growth
Technological innovations have improved productivity of clinical labs. With the increasing reliance on technology-based systems and drastic growth of internet-driven processes, the need for automation is increasing. Digital transformation i.e. connecting devices to the internet, ensures remote monitoring, alerts, remote control, and notifications for everything, ranging from temperature to threats.
As manual systems always expose the process to the risk of errors, the implementation of IoT systems helps in collecting the data digitally and accurately, which has been proven to reduce the time by 60%. IoT also provides IVD with the capability to directly interact with the support layer, which allows event capture in an electronic way. Diagnostic devices play an essential role in improvising the healthcare industry. It is estimated that 60% of the medical decisions in the world are made with the support of IVD solutions. Systems with IoT implementation offer server control and monitoring of various sensors, and can be easily configured to handle more hardware interface modules. Sensors loaded onto the devices could help in data collection and communication, with cloud servers and other devices.
Laboratories are the Largest Consumer
Hospitals and private labs are considered as laboratories under the scope of this study. According to the Beth Israel Deaconess Medical Center (BIDMC), microscopes heightened with artificial intelligence (AI) can help clinical microbiologists diagnose potentially deadly blood infections and improve the patient's odds of survival. Analyzers are majorly used in hospitals for blood sampling and tests. For instance, the Lewis County General Hospital purchased the new sample-centric Dimension Vista 500, which offers simplified as well as consolidated sample processing with a unique integration of four technologies. The integration allows simultaneous processing of tests for multiple disease states on a single platform from a single tube, thereby, increasing the hospital’s efficiency and throughput.
Growing adoption of automated hematology instruments, integration of basic flow-cytometry techniques in modern hematology analyzers, and accelerating technological advancements are some of the factors driving the adoption of automated analyzers in hospitals and private labs. Additionally, development of high-sensitivity point-of-care (POC) hematology testing and rising demand for high-throughput hematology analyzers are also fuelling the adoption of hematology analyzers and reagents.
UK to be Dominant Market
It is also expected that there will be an annual increase of 10.34% in the demand for blood and tissue tests over the forecast period, owing to increase in the aging population and increasing incidence of chronic diseases. In 2016, U.K National Health Service (NHS) spent nearly EUR 750 million on IVD products, which is more than 1% of total NHS budget, indicating the importance of IVD devices in laboratory tests. It was also estimated that nearly 70% of the medical decisions are being made using IVD’s.
Furthermore, recent studies from British In-vitro Diagnostics Association (BVDA) suggest that pathology services in the United Kingdom are struggling to cope with the rising demand for samples to be tested, in part, owing to workforce shortfalls. To be able to take advantage of these opportunities and demand, many laboratories and educational institutions are depending on automated solutions for sample testing, which provides major opportunities for automated product companies in the country. With the future of healthcare focused on personalizing medicine in the country and ensuring that the right person gets the right treatment at the right time, innovations in diagnostics are expected to be critical to achieving aimed results.
Key Developments in the Market
- December 2017 - Becton, Dickinson and Company announced its acquisition of C.R Bard technologies, due to which improvement in both the treatment of disease for patients and the process of care provision for health care providers has improved for the company.
- September 2017 – Agilent Technologies announced a platinum sponsorship agreement with LabCentral, a biotech innovation hub, based in Cambridge, Massachusetts. As a platinum sponsor, Agilent would provide LabCentral's shared laboratory workspace with a variety of Agilent technology.
- September 2017 - Abbott announced the launch of Sekisui CP3000 coagulation system, a fully automated analyzer that tests bleeding and clotting function in blood. The CP3000 coagulation system integrates with Abbott’s suite of informatics solutions, which help accelerate efficiency in high test-volume laboratories.
Reasons to Purchase this Report
- Growing need for automation in laboratory scenarios act as a driver to the global Lab Automation market for in-vitro diagnostics scenario
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The type of equipment that is expected to dominate the market is analyzed in detail
- The regions which are expected to witness fastest-growth during the forecast period are analyzed and estimated for growth
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3-month analyst support along with the Market Estimate sheet (in Excel)
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1.1 Scope of the Study
1.2 Executive Summary
2. Research methodology
2.1 Study Assumptions
2.2 Key Study deliverables
2.3 Market definition
2.4 Key Findings of the Study
3. Market Insights
3.1 Market overview
3.2 Indusrty attractiveness- Porter's Five Forces Analysis
3.2.1 Threat of New Entrants
3.2.2 Bargaining Power of Suppliers
3.2.3 Bargaining Power of Consumers
3.2.4 Threat of Substitute Products
3.2.5 Intensity of Competitive Rivalry
3.3 Industry Value Chain
4. Market Dynamics
4.2 Market Drivers
4.2.1 Flexibility and Adaptability of Lab Automation Systems
4.2.2 Digital Transformation for Laboratories with IoT
4.2.3 Stringent Regulations
4.3 Market Restraints
4.3.1 Slow Adoption Rates by Small and Medium Laboratories
4.3.2 Lack of Skilled Laboratory Professionals
4.4 Major Applications For Automation In IVD
4.4.1 Equipment Identification & Presence Check
4.4.2 Automated Tracking
4.4.3 Level Measurement
4.4.4 Dot Matrix & Barcode Reading
5. Global Lab Automation Market for In-Vitro Diagnostics Market - Segmentation
5.1 By Equipment
5.1.1 Automated Plate Handler
5.1.2 Automated Liquid Handler
5.1.3 Robotic Arm
5.1.4 Automated Storage and Retrieval System
5.2 By End User
5.3 By Geography
5.3.1 North america
188.8.131.52 United States
184.108.40.206 United Kingdom
5.3.4 Rest of the World
6. Competitive Intelligence
6.1 Cognex Corporation
6.2 Roche Holding AG
6.3 Thermo Fisher Scientific Inc.
6.4 Danaher Corporation
6.5 Agilent Technologies Inc.
6.6 Abbott Laboratories Inc.
6.7 PerkinElmer Inc.
6.8 Tecan Group Ltd
6.9 Becton Dickinson and Co.
6.10 Siemens Healthcare GmbH
6.11 Bee Robotics Ltd
*List is not Exhaustive
7. Investment Analysis
7.1 Recent mergers and acquisitions
7.2 Investment scenario and opportunities
*List is not Exhaustive
8. Future of Lab Automation for IVD Market
- Cognex Corporation
- Roche Holding AG
- Thermo Fisher Scientific Inc.
- Danaher Corporation
- Agilent Technologies Inc.
- Abbott Laboratories Incorporation
- PerkinElmer Inc.
- Tecan Group Ltd.
- Becton Dickinson and Co.
- Siemens Healthcare GmbH
- Bee Robotics Ltd