Over the years, significant advancements and investments in life science research and growth in industrial-level automation have led to improvements in various systems and processes used in life sciences research and development. Labeling of research specimens has moved from tedious, labor-intensive manual forms to a more automated version that enhances productivity, minimizes the chances of errors, reduces costs, and provides more control over lab workflows. Automatic tube labeling systems are more in vogue today, riding on laboratory automation to provide the desired output with increased efficiency to systematically track samples. This is fueling revenue growth of the global automatic tube labeling system market, according to a new research study by Persistence Market Research (PMR).
According to forecasts presented in the report, the global market for automatic tube labeling systems is projected to reach a valuation of US$ 75.5 Mn by 2026, up from an estimated US$ 52.6 Mn in 2018. This reflects a CAGR of 4.6% during the eight year period from 2018 to 2026. This growth can be attributed to factors such as enhanced labeling accuracy and reduced downtime facilitated by automatic tube labeling. Automatic tube labeling systems save effort and money and also sample diagnosis time. By minimizing human errors that are characteristic of manual labeling, automatic tube labeling systems help increase productivity and enable drug development companies to achieve a higher output.
Increased Regulatory Compliance to Boost Demand for Automatic Tube Labeling Systems
Blood banks, laboratories, and life sciences R&D centers especially in the U.S are mandated to adhere to international standards and guidelines pertaining to the labeling of samples. Pharmaceutical companies for instance, need to follow stringent labeling requirements for product specific labels and barcode standards for specimen shipping and logistics. Incorporation of barcode labeling eliminates the chances of human error in specimen labeling. These stringent regulations pertaining to labeling specimen tubes are acting in favor of the global market for automatic tube labeling, boosting adoption and subsequently revenue growth.
Laboratory Automation to Drive Adoption of Automatic Tube Labeling Systems
Automation continues to pervade clinical laboratories and research centers that are leveraging technology and digitization to reduce the turnaround time in lab test results, improve results accuracy, and maximize staff productivity - consequently achieving cost savings. Further, lack of a skilled workforce in medical laboratories has placed the onus on automatic solutions as a viable and more efficient alternative to manual labor. Labs are deploying advanced instruments and devices, software and tools, and process methodologies to achieve faster and more accurate test results. This increased dependency and shift towards automation is expected to bode well for the growth of the automatic tube labeling system market.
Automation in New Drug Development R&D to Further Fuel Revenue Growth of the Global Automatic Tube Labeling System Market
With the increasing incidence of chronic and life-threatening diseases across the world, pharmaceutical companies are pumping in R&D investments in new drug development to address the growing needs of patients. Automation plays a key role in new drug development, as it allows for enhanced speed, accuracy, and efficiency. Experts engaged in new drug R&D activities leverage automation to eliminate cumbersome time and labor intensive tasks such as manual data entry and tubing management. This increased focus on automation in new drug development processes is expected to boost revenue growth of the global automatic tube labeling system market in the near future.
According to PMR analysis, the emerging markets in the Asia Pacific region are likely to be the new hotbeds of opportunity for key players in the automatic tube labeling system market. A rise in the number of drug R&D centers and laboratories in the developing countries of the APAC such as India and China will drive global demand for automatic tube labeling systems. Several manufacturers of automatic tube labeling systems based in North America and Europe are planning targeted expansion across the Asia Pacific through strategic M&A activities with prominent regional players.
To understand the relative dynamics impacting revenues in the global automatic tube labeling system market, reach out to Persistence Market Research analysts at firstname.lastname@example.org