The Automated Sample Storage Systems Market studied was anticipated to grow with a CAGR of more than 12.0% during the forecast period. The major factors attributing to the growth of the market are a rise in the global prevalence of various cancers, immunological disorders, and increasing geriatric population. These factors led to an increased number of research and development activities in life science and pharmaceutical industries resulting in high demand for automated sample storage systems from research laboratories that are likely to fuel the growth of this market.
For instance, the American Cancer Society estimated that In 2019, there would be 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the United States. Furthermore, there are few more factors that play pivotal roles in taking the market to the next level, such as the growth of translational research and personalized medicine, Rising Government Support to Biobanks. Also, an increase in the R&D investment in pharmaceutical with a strong pipeline of products and services fuel the growth of the global market. However, high installation and maintenance costs and the requirement for consecutive electricity would restrain the growth of the market in emerging economies for the forecasted period.
Key Market Trends
The Automated Compound Storage Systems in Product Segment is Expected to Hold the Largest Market Share in the Automated Sample Storage Systems Market
- The automated compound storage systems segment accounted for the largest market share in recent years and expected to do so over the forecast period. This dominance is because of its ability to eliminate or reduce errors and decreased time duration.
- Various companies like Thermo Fisher Scientific, Brooks Automation mainly generate revenue through the automated compound storage systems. Many companies are manufacturing and distributing the devices and providing services for automated sample storage systems resulting in higher availability to the increasing demand.
- Based on sample type, chemical compounds segment dominated the market with the largest share due to the increasing drug discovery activities, resulting in an increased demand for chemical compounds and positively affecting the sample management market growth.
- By type of application, the biobanking segment is expected to exhibit the fastest growth over the forecast period. There has been an increase in the number of organizations involved in the collection and storage of human biomaterials in line with the increasing use of human biomaterials in research as a replacement to animal models. It is anticipated to support market growth.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the overall Automated Sample Storage Systems market, throughout the forecast period. Next to North America, Europe accounts for the highest market revenue. This is due to factors such as the ongoing research and development activities, widespread adoption of automation tools in biobanks and an increase in Government support to Biobanks in the region are fueling the demand for highly advanced laboratory and research solutions.
The Asia Pacific is set to grow at the fastest rate during the forecast period, driven by a steady growth of the pharmaceutical industry in recent years and reduced labor cost. China plays a pivotal role due to its high population and high extent of government support to the healthcare sector. Ongoing research and development activities in the region will fuel market growth in the region.
The Automated Sample Storage Systems market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Biomatrica and IntegenX, Inc are also involved in developing reagents for stabilizing the DNA and RNA to keep them last long under ambient temperature. In August 2019, TTP Labtech introduced Chameleon, an automated system designed to enable the consistent application for next-generation cryo-electron microscopy to protein research and drug discovery. Some of the companies which are currently dominating the market are Brooks Automation, Thermo Fisher Scientific, Hamilton Company, TTP LabTech, and ASKION GmbH.
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