Albany, NY -- (SBWIRE) -- 11/24/2017 -- According to Transparency Market Research (TMR), the global automated sample storage systems market was valued at US$617 mn in 2017. Exhibiting a solid 15.5% CAGR, the market is expected to rise to a revenue valuation of US$1,950 mn by 2025.
By end use, the pharmaceuticals sector accounted for the leading share in the global automated sample storage systems market in 2017. Geographically, the global automated sample storage systems market is dominated by Europe, with the regional market accounting for US$209.3 mn in 2017. The Europe market is likely to remain the leading contributor to the global automated sample storage systems market over the 2017-2025 forecast period, followed by North America and Asia Pacific.
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The dominance of Europe in the global automated sample storage systems market is majorly due to the widespread adoption of automation tools in biobanks, which has presented key benefits such as preserving sample integrity, ease of error handling, labor maintenance, and energy cost savings. Increased funding for biobanks is a significant boost for the automated sample storage systems market in Europe. The UK Biobank is one of the largest biobanks in Europe and has already recruited over 500,000 participants. Many other biobanks are also moving toward automation to address the challenge of sample integrity and to cut down the cost of sample storage. This is a major trend in Europe as well as North America, which is likely to drive the automated sample storage systems market at a steady growth rate.
The steady growth of the pharmaceuticals industry in recent years has been a key driver for the global automated sample storage systems market. Pharma industry players account for the dominant share in the revenue of the global automated sample storage systems market and are increasingly preferring automation solutions in order to boost their bottom line. This is likely to remain a key driver for the global automated sample storage systems market in the coming years.
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Lack of awareness and the supporting technological framework for automated sample storage systems in emerging regions such as Asia Pacific, the Middle East, and Africa is a key restraint for the automated sample storage systems market. Leading economies in Asia Pacific and the Middle East are likely to adopt automated sample storage systems at an increasing rate in the near future, with China likely to play a leading role due to its high population and high extent of government support to the healthcare sector. However, most countries in the Middle East, Southeast Asia, and Africa are likely to remain away from the global automated sample storage systems market in the coming years.
The information in this preview comes from a Transparency Market Research report titled 'Automated Sample Storage Systems Market (Product Type: System Units, Reagents and Consumables; Application: Biological Sample Storage, Compound Storage; Capacity: Less Than 100K Samples, 100K - 500K Samples, 500K - 2M Samples, More Than 2M Samples; End User: Pharma and Biotech Companies, Academic Research Labs, Private Biobanks) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 – 2025.'
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